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Do I settle with the CA or OC?


ezalee
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I had another thread in "collections" that explains my situation. Synopsis: A family member used credit cards in my wife's name. That is the past, my wife will not claim fraud, so we need to settle. Here is a layout of the debt:

1 Discover card ~$1500 120 days past due

1 MBNA card ~$4500 charged off in 2005, now at a CA with a balance of $6000.

1 WAMU/PROV card ~$3000 charged off last month.

How do I go about settling these? Should I still call Discover since it has not been charged off yet? I assume the other two I should deal with the CAs? I've been reading this forum for a couple hours, but there is so much info. Any help I can get is extremely appreciated! Thanks.

BTW, I'm more interested in paying these off and her not getting sued rather than helping her credit. Luckily my credit is good, we will have to keep everything in my name for a while.

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Update: I called all 3 places last night. I think I read calling is bad, but I'm impatient and I want to take care of these. Here is how they went.

1 Discover card ~$1500 120 days past due Discover said they do not settle and they said her account is up to date since a payment was made 2 weeks ago (by her mother). It is however, over the limit, but they said there is nothing they can do but have her pay the card in full.

1 MBNA card ~$4500 charged off in 2005, now at a CA with a balance of $6000. They offered to settle for 70% of the $6000. They said they would email me a letter (I gave them a yahoo! email) with the full settlement amount and details. I haven't gotten an email yet. They now have my cell phone number, but not my wife's. The CA is TrueLogic.

1 WAMU/PROV card ~$3000 charged off last month. The CA offered to settle for 60%. They are supposed to fax me the settlement letter today, and I will pay in full. They want a check by phone, I know that is dangerous, but am I okay if I get the settlement letter first?

Thanks again, I have the money to pay these off and I just want to take care of these things. The last thing I want is to involve any courts.

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1 MBNA card ~$4500 charged off in 2005, now at a CA with a balance of $6000. They offered to settle for 70% of the $6000. They said they would email me a letter (I gave them a yahoo! email) with the full settlement amount and details. I haven't gotten an email yet. They now have my cell phone number, but not my wife's. The CA is TrueLogic.

NEW UPDATE: They sent me a letter saying that they would settle for 70% if the funds were received by tomorrow and clear the bank. I said I don't feel comfortable with the verbage, b/c it could be considered a default if it doesnt clear in time. She said to send a wire, is that safe? Anyways, I said I could not, but I would overnight a money order if they change the verbage to Friday. She said it would be 90% if I paid Friday. I basically said she is not trying to help and she has no deal. She said, "okay we will begin further collection action against your wife". Did I piss them off and is she screwed?

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  • 2 months later...

Well, a few comments... my opinion.

As another said, do not do check by phone. Don't wire, either. You called them and initiated the payback. Mail doesn't take that long. You offered to pay $2100 of $3000 with WaMu. If it ends up at 90%, what's another $400? Sounds like you have to money to pay these off. You're may be the victim, yet you (your wire) have claimed responsibility by refusing to press charges. Life sucks, and sometimes it costs us dearly. Be happy that it's only costing you money and not your life nor limb from an unlucky run-in with a drunk driver.

How did $4500 turn into $6000 in one year? That's 33% interest. Pretty sure that's illegal in any state.

Why not claim fraud? Surely you wouldn't have to turn in your family member... just simply say "not mine, right?" Shoot, I was ripped off on eBay, purchasing a $200 gift cert with my debit card, never to receive, and Bank of the West made it rather painless to claim fraud and get 100% money back, probably at their expense.

Mail doesn't take that long. Insist that they send the settlement offer through the mail, not email. Email can EASILY be faked and may not stand up in court.

But, it's really up to you.

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This is sort of a spin off of your original thread but how did you get MBNA to talk to you if it is charged off? What number did you use? I have tried to contact them about my charged off account and they either disconnect me or connect me to the collection agency when I give my account number.

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