CSCHANGES

Arrow Financial Services Doesn't Want To Settle...

Recommended Posts

I Had A First Premier Bank Card That Was So-called Purchased By Arrow. My Limit Was $250 But Charged-off At $364. Arrow Says I Owe Them $500. I Dv'd Them And They Sent My Old C.c. Statements Where It Charged Off And Now Every Single Month They Are Adding On $5 To The Balance.

When I Tried To Settle With Them They Wanted Me To Pay $400. I Told Them That I Can And Will Settle To Pay Them $250. Which Is The Original Credit Line Given To Me. And They Won't Accept It. I Even Offered To Pay The $364. Still The Answer Was No.

What Should I Do?

Share this post


Link to post
Share on other sites

No creditor or collector or JDB has an obligation to "settle" a debt for less than the amount owed; they often will but they have no legal obligation to do so.

While I can understand that you don't "feel" you owe more than the original credit line, if you look at the application you siged, I'm sure you'll find that the bank could legally charge you for all sorts of things that increasd the balance owed (late fees, over limit fees, etc)...it may not be "moral" but it is legal and to put it bluntly, you signed up for the trip.

As to the additional intereste being chagned by the JDB/CA I would suggest that whether they can do that is a matter of the original CC agreement and your state's laws.

Bottom line is, while you may ultimatley get a better deal than they've offered so far, you probalby aren't going to get out of this for the $250.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.