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Need some help


OutOfTheFryingPan
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Hi,

I talked to FUSA today. They said that the $8900 I owe will be charged off on April 8th. They offered me a $7100 settlement. I told them I know they can go lower. They also offered me a payment plan with %10 interest. With the payments being $158 a month. If I make a payment on this will they go another 6 months before charging off? Just trying to buy some time until I may be able to come up with settlement money.

Thanks!

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<blockquote>Originally posted by OutOfTheFryingPan

Hi,

I talked to FUSA today. They said that the $8900 I owe will be charged off on April 8th. They offered me a $7100 settlement. I told them I know they can go lower. They also offered me a payment plan with %10 interest. With the payments being $158 a month. If I make a payment on this will they go another 6 months before charging off? Just trying to buy some time until I may be able to come up with settlement money.

Thanks!

</blockquote>

80% isn't bad on that large of an amount, but be carefull of a lawsuit from them if you don't make some type of payment arangements.

Were I you, I would try hard to make the payments for x months and then do the settlement when you've got the cash on hand. I'd also try to work in a payment plan with 0 interest, one OC just did this for us.

I believe that you need to get about 6 months of current payment history back before you do a settlement, just to help your score that much more. Also check with them that if you pay the settlement amount that they will NOT report it as PAID IN SETTLEMENT, but paid in full or paid as agreed.

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The only way the WON'T charge it off is if you get the account totally current before 4/8. If you can't do that, even with that payment, it will be charged-off. FUSA is horrid to deal with. They've had a raft of class-action suits against them for their miserable practices.

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I believe that the only effective way to deal with such situations is with a contractual agreement in writing that calls for them to re-instate the account and re-age the debt as well. Your letter suggesting such an action will need to stipulate that unless the contract is hand signed by an officer of the company authorized to make such agreements before the due date of the expected payment no further payments will be forthcoming.

Doing that at first is not a wise way to go about it however. One really needs to have at least some verbal agreement to re-instate the account or consider such re-instatement and then make at least one or two payments on the account before submitting such a demand otherwise they have no reason to believe that you would complete the agreement.

When dealing with open ended contracts one really needs to have the account brought down to just below the card limits before attempting the tactic. Payments also always need to be well above the minimum monthly payment.

In the case of a low limit card from say Penneys or Target or whatever let us say that the debt has climbed to maybe a hundred or two above the set credit limit. One would need to make an arrangement to pay say $50 per month and maintain those payments even though the minimum demanded payment may have dropped to as little as $10 or $15 until the card is brought to just under the credit limits before dropping the demand on them. That way they have something to lose by refusing the demand. If they refuse at the point where the card is below limits then back up your statement that no further payments will be made until you receive the hand signed agreement.

And if no answer is received within about 15 days before the next payment is due one should resend the demand reminding them that unless it is received no further payments will be made under any conditions.

Be ready to back it up no matter what.

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