theGman Posted September 28, 2010 Report Share Posted September 28, 2010 I have been unemployed for 18 months, with clean credit until these problems, and will need graduate study loans next year.- A Bank of America Account can charge-off by end of September. They are willing to settle for 30% by Thursday 9/30.- A discover account charged off at the end of August. They are offering a 60% settlement spread over 18 monthsI can borrow about $5k. However, money is real tight right now and I would rather not waste it.How do I get the best possible outcome? Please help. Link to comment Share on other sites More sharing options...
cinnamngrl Posted October 1, 2010 Report Share Posted October 1, 2010 how will it be reported? Link to comment Share on other sites More sharing options...
creditidol Posted October 5, 2010 Report Share Posted October 5, 2010 Dont pay any debts untill you exhaust all your remedies. Do a validation letter and check for any and all violations they have--THEY ALL HAVE AT LEAST 2 Link to comment Share on other sites More sharing options...
creditidol Posted October 5, 2010 Report Share Posted October 5, 2010 They will remain as bad credit on you even after paying them, and them posting every month is worse than you letting them go to a charge off and them selling it to deal with it.... Link to comment Share on other sites More sharing options...
willingtocope Posted October 5, 2010 Report Share Posted October 5, 2010 They will remain as bad credit on you even after paying them, and them posting every month is worse than you letting them go to a charge off and them selling it to deal with it.... Wrong. Work out a payment with the OC if you can. "Settled for less than the full amount" hurts less than the alternatives. Never pay a CA...period...even if they delete their TL, the OC will still be there. And never pay a JDB unless ordered by a court. Link to comment Share on other sites More sharing options...
cinnamngrl Posted October 5, 2010 Report Share Posted October 5, 2010 Wrong. Work out a payment with the OC if you can. "Settled for less than the full amount" hurts less than the alternatives. Never pay a CA...period...even if they delete their TL, the OC will still be there. And never pay a JDB unless ordered by a court.paying in full = settled no one has ever shown me a real score difference. but as far as who you pay, I don't agree. if the OC sold it you can't pay them. the OC won't settle for less and they won't delete. yeah if if the CA deletes the OC is still there-- but come back and I will show you ways of dealing with it. A consumer needs to focus on what is best for them. sometimes you pay the oc and sometimes you pay a CA or JDB. don't be emotional about it. Link to comment Share on other sites More sharing options...
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