Need Advice HSBC Settlement Offer

[I'm Drowning]

I have a 45% settlement offer on an 11K balance with HSBC. 154 days past due. Still with OC but in their collections dept (GC Services). I can do the settlement amount but they tell me they can not negotiate the credit report line. They are stating that it will be reported as "Paid in Full for less than Balance Owed". Hope I got that wording right. I was also assured (verbally) that this would completely settle the account and it would not be sold for future collection attempts. They gave me 10 days and state that they will not offer any future settlement options. I have not accepted the offer at this time.

Should I try for a better line or is that one "ok". I know it's not "good" but can I reasonably expect to get a better line? I did ask for the caller's supervisor and got a floor manager who informed me that they do not report to the credit bureas therefore could not negotiate what the line would read. HSBC simply transferrs me to GC services if I try to call them directly.

Advice?

[shan2themax]

I have a 45% settlement offer on an 11K balance with HSBC. 154 days past due. Still with OC but in their collections dept (GC Services). I can do the settlement amount but they tell me they can not negotiate the credit report line. They are stating that it will be reported as "Paid in Full for less than Balance Owed". Hope I got that wording right. I was also assured (verbally) that this would completely settle the account and it would not be sold for future collection attempts. They gave me 10 days and state that they will not offer any future settlement options. I have not accepted the offer at this time.

Should I try for a better line or is that one "ok". I know it's not "good" but can I reasonably expect to get a better line? I did ask for the caller's supervisor and got a floor manager who informed me that they do not report to the credit bureas therefore could not negotiate what the line would read. HSBC simply transferrs me to GC services if I try to call them directly.

Advice?

do not do anything without getting it in writing.... I can't express that to you enough.... more than likely, the OC will send a different CA to collect the remainder of the debt... try to deal with HSBC, I dont know how good they are to deal with... or if you can (search HSBC on here), but I do know that if you dont have it in writing it never happened.

A side note to GC services.... a have a neighbor who works for them... trust me they will say anything to get the money... she doesnt make commission.. but... what she does do.. is take her frustration in life out on other people.... she told a woman who had had emergency brain surgery that she should have had a POA in order to take care of things for her while she was in a coma!

[I'm Drowning]

Well, I was going by advice on this forum that when dealing with the OC there was no need to get things in writing. I guess a better question is "Am I still dealing with the OC"? The account has not charged off. I'm confused!

[tls032]

First, GC services is not the OC. They are a collection agency that has the account placed with them.

For HSBC, a 45% settlement is a fair settlement at this stage in the game. If the debt was older, say 2 years, then my opinion would change.

If you can pay, and want to....have them fax you the offer in writting and then overnight them (with a tracking number) your payoff. Remember the 1099 issues.

Keep everything for your records.

As far as the trade line deletion...good luck. GC does not report to the bureaus and is only a contigency collector for HSBC at this stage. You would need to convince HSBC to remove the listing...which will likely not happen. In my experience, they will not do it. I know more abou the settlement end so maybe someone has diff info on the line deletion with HSBC?

[I'm Drowning]

Thank you so much for clearing that up for me!