avaldemon

Trouble doing debt settlement.

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Hello!

I decided it was time to settle my debt. However, with so many banks going *poof* over the years, I am not sure how do I contact creditors regarding my debt.

I have few cards that were at the time Provedian/WaMu but since WaMu was bought by Chase, they are Chase now. However, the credit card number on my card does not match the one in my credit report. And the same problem with METRIS credit card, which is now owned by HSBC. My credit report doesn't show how much I owe, and in fact it is telling me that my credit score is 689. It shows that out of 7 in negative standing only 2 are in collection and are open, all the rest are closed.

If I call Chase and HSBC and try to settle over the phone, will it work? Is it better? Can't write a letter since the numbers are all messed up. Don't want to create confusion. Just want to be finally done with it.

Will greatly appreciate any advice!

I am sorry if it is a bit confusing. :/

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Always do it in writing... creditors have short memories when you deal with them on phone.

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1: Dispute with the bureaus and at the same time send a 623 letter to the creditors.

2: If the card numbers don't match dispute as Not Yours. Don't elaborate.

3: When you send the 623 to the creditors don't tell them the card numbers are different. Just tell them you want proof of the accounts and use the incorrect numbers they reported on your credit files.

Wait a few weeks and see what happens. Let us know what they do or if they come off the credit reports.

Make sure you send your letters certified mail return receipt requested.

Don't speak to ANYONE on the phone.

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Chase has been forced to halt credit card lawsuits. I had one with them and like you said, *poof*, it was dismissed without prejudice.

I would suggest, before calling anyone, make a budget of what you can afford to pay everyone maximum. Then, offer in writing, a lower amount by about 15-20%. Then when they counter, you can still have some room to wiggle. Go in low, you have nothing to lose.

I settled two credit cards for 40-50%, but they wouldn't even work with me until I was late. Which also meant tons of annoying calls. I just created ring tones for them so I knew I could ignore them. Then when I was 3 months behind, they wanted to talk about settling. Just be prepared, not everyone will settle. Chase may, since they don't have much of a leg to stand on right now with the lawsuits (unless something has changed recently). Be honest and open with all of them...and try to remain unemotional. It never helps.

Good luck.

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When did you last pay the orginal creditor? You may be beyond the applicable SOL-it's an affirmative defense in the event you're ever sued.

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