Thinking about paying OC

[needhelp]

I have a Chase Card that I haven' paid on in two years. The balance is $18200 dollars. The account was last with NCO in April 2006 and when I DV them they sent me a letter back saying basically they could not validate the debt, they were sending the account back to Chase, and they removed the hit on my credit report.

What would happen if I started paying Chase again? I mean send them a check for say $450.00 and keep making monthly payments. I have not had a collection call in 11 months now on this account. I have a judgement for Citi Bank that I am paying on. If I start paying Chase again out of the blue would I avoid hearing from an attorney in the future?

Thanks for the advise

[someonesomewhere]

I have a Chase Card that I haven' paid on in two years ... What would happen if I started paying Chase again?

Has the SOL expired? If so, then you have nothing to lose by contacting them as they cannot sue.

I would NOT just up and start paying 'em. If anything, I think that might actually increase the likelihood of getting sued.

If you're in a position to repay them, give 'em a call, tell 'em what you can afford, and see where they go with it. If you can make payments, chances are good they will accept. Whether they will reduce the debt by anything, cancel any interest or penalties or fees, that's something else. Might as well try and see about getting the TL negotiated into something good, like all late pays removed and the TL deleted when PIF.

[needhelp]

I have two more years on the SOL....The history, I got rate jacked by Chase in 04 tried for 10 months to get them to lower the interest they would not budge. Went to a debt management company in Dallas and they could not deliver on their promises. They did refund 65% of what I paid. My therory is that in the two years I played the DM game I could have paid off about half of the account, back then it was 12500 dollars. The Citi account was part of the DM plan and I have an agreeded judgement with them. The attorney takes what ever I pay them. I live in Texas so they can't garnish my wages or take property.

I don't mind paying the $19610 that they say I owe but how do I get them to lower the APR since they would not budge before this all started. I want to do this before it goes to a law firm and they are tacking on 5500 in attorney's fees. (That is what happened with the Citi Card) I have noticed that Mann Bracken is now within the last 6 months filing alot of cases in Dallas and I figure I am probably getting close again with a summons.

[someonesomewhere]

Can you afford to pay 'em $450 a month? If so, maybe you wanna call 'em and offer $450 a month, no interest or fees until $10K is PIF, they agree to alter the TL deleting late pays and report it paid and current.

Read this first.

http://www.creditinfocenter.com/debt/settle_debts.shtml

Maybe you really wanna start out at $200 a month, or if you can do lump sum start an offer of $4500 and they delete the TL. You can always raise the offer, just don't look too eager.

[CarolinaBlueEyes]

okay not that I dont appreciate someonesomewhere.. but he is a tad off here..

FIRST of all if you want to settle be aware that you are restarting your SOL.. also if you do settle you get it in writing FIRST and never ever ever give them any banking info.. open another account for this matter

also if the account is with NCO.. dont expect your tradeline to change, no matter what they say or put in writing.. 90% of the time this does NOT happen.. its just reality.. you can dispute it but until its paid off chances are it wont change and even then it make take the actual 7 year drop off to do it.

Its up to you.. but again as i stated you will restart your SOL from day one,

also make NO mistake.. they CAN SUE YOU out of SOL.. its your job to show up in court and make it an affirmative defense if you are out of SOL (which you claim you are not)

So if you want to negotiate do EVERYTHING in writing... NO phone conversations...

[needhelp]

The Chase account is not with NCO, they dropped it 11 months ago. I am guessing that it is back with the OC. I have not had any phone or letters on this account in 11 months. I know if I start paying the SOL starts over I have extra funds and want to pay this off with the Chase before it goes to court.

[CarolinaBlueEyes]

It could be with another CA also.. call chase and find out if they have it.. and make sure to get it in WRITING..

[someonesomewhere]

I agree with CBE to get it in writing before sending off payment. The settlement link provides lots of info on the subject. Paragraphs and paragraphs about some of the things to consider.

Cap One is another OC I've read about filing suit within the last 6 months. The greater the amount, the more likely they will sue.

I'm of the different opinion to initiate the conversation over the phone with the OC, but don't agree to anything and don't offer up any bank accounts over the phone.

It will restart the SOL, but if you negotiate the TL reporting in your settlement agreement, you're covered.

Everyone's situation is different. Are you trying to fly low under the radar until out from under the SOL, or confront the debt head on so you can qualify for a home purchase within the next year.