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thoughts about settling


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After reading alot on this board and another, I have come to the conclusion that I am going to have to try and settle a CO. Here is my story.

I had a CC with everybodies favorite, C1, many years ago. I ran the balance up to less than 1K. Then fell on hard times and stopped paying on it. The account was closed, but never went to a CA. Then in '03 I get a settlement offer. Half of the original balance on a new card, with the balance being the limit($385). I thought that was great and did it, for two months, then stopped paying on that one also. The last payment I made on that was Jan '04. That account has now been closed and charged off. As well as earning interest, so now my CR shows it at 1,065 and is updating as balance increase.

I still have the statements and the checks from the last payments in '04. If C1 was even going to think about settling with me for less then the current $1,065, do you think I could use my last statements with that $385 balance as a bargaining tool? I could pay off the $385 in one payment, and would, if they delete, or payed as agreed, removing lates. Do you think I would have any luck with that?

Thanks.

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