Merrick Bank update

[sharizap]

Ok this is interesting. I posted a couple of questions about Merrick Bank and just got a new development.

Last week, before I found this site and was trying to slog through this process on my own, I contacted a handful of our creditors and started trying to negotiate settlements. One of them was Merrick Bank, and the rep was very nice, very helpful, etc. The original debt is $2800(ish) and she offered me a settlement of $1975 over the phone. I told her I'd get back to her. Meanwhile I discovered this site, learned a LOT, and decided to change my approach. Kind of forgot that I'd contacted Merrick. She's been calling and leaving messages here, and I've been trying to figure out what we should do next:

DV? (I don't have any info on the account other than what shows on the CR- which doesn't even include the DOFD. I don't know how much of that amount is added interest, fees, etc.)

Just continue to negotiate over the phone? Maybe try to get a pfd?

*sigh*

So... my husband just handed me a letter from them with a different settlement offer, in which they are "willing to forgive" 50% of the current debt, for $1410. Now, this looks like a good deal to me, but should I still respond with a DV first? It says it's valid for a "limited time"...... actually, as I'm reading more carefully, it's dated Feb. 2 and the offer was good till March 31.

*breathe*

My dh and I are going to have to have a conversation about opening mail and letting me know about this stuff. (there's a judgement action pending because of a similar issue- something he chose to ignore. Grrrr.)

Ok, so that changes things a little, still... should I go ahead with the dv and try to get a better deal, or at least the 50% deal they offered in this letter? Clearly they're willing to negotiate a little and I suspect that the offer the rep on the phone made was a "starting offer."

I think I just answered my own question.

[thomassl]

You need to try to determine how old the debt is? Pennsylvania has a 4 yr. SOL so if you haven't paid on this account in the past 4 yrs, there's no need to pay it now. Also, any settlement which leaves a balance of $600 or more, you will be sent a form 1099 for tax purposes to include the balance as income. If Merrick Bank is the original creditor, you do not DV original creditors...only collection agencies and JDB's.

[sharizap]

Pennsylvania has a 4 yr. SOL

According to the info on this website,http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml the SOL for revolving/open ended accounts is 6 years. Since this is a CC debt, wouldn't that apply? Or am I reading that wrong?

If it's 4 years, then the judgement issue that we've been dealing with would have been out of SOL. But I think, since the default judgement has already been rendered with no defense from us, we're "s.o.l."

[sharizap]

you do not DV original creditors...only collection agencies and JDB's

How do I request the account info from the OC then? This is an old(ish) debt-I'd like to see how the total is computed. (original amount, interest, etc.) How do I get that info without a DV?

[Renai3]

How do I request the account info from the OC then? This is an old(ish) debt-I'd like to see how the total is computed. (original amount, interest, etc.) How do I get that info without a DV?

This is about settling with oc, so there's good info here:

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

Hope this helps,

Renai

[sharizap]

This is about settling with oc, so there's good info here:

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

Yep, I've read that one. What's confusing is that there are some suggestions there that conflict pretty heavily with advice given in the forum. Such as: it's ok to negotiate by phone, it's fine if they won't give you anything in writing, and it's perfectly ok to pay by check or cc over the phone. I posted a separate thread with these questions and I don't think anyone's replied yet.

[Renai3]

Yep, I've read that one. What's confusing is that there are some suggestions there that conflict pretty heavily with advice given in the forum. Such as: it's ok to negotiate by phone, it's fine if they won't give you anything in writing, and it's perfectly ok to pay by check or cc over the phone. I posted a separate thread with these questions and I don't think anyone's replied yet.

From what I understand, an oc is very different from a ca, so they are dealt with differently.

You originally made the contract with the oc, and they are generally easier to deal with and willing to make payment arrangements with you. I'm assuming you don't need to get specific arrangements in writing with them because 1) they won't give it to you and 2) you basically have it in writing in the contract you signed in the first place.

When dealing with a ca, you do not talk to them on the phone or move without getting something in writing, because they are sleeze bags and lie, intimidate, cheat, etc. You need something in writing with them, because you have no original contract with them to pay them anything. And everything you say to them is just that - hearsay.

If I'm off base, someone please correct me.

Renai