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Got a offer to settle from OC


Coachway
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If this isn't in the right forum please move, moderators.  Thank you.

 

I had an account with Navy Federal Credit Union that went into default.  They sent me a letter saying basically they wont seek a judgement if I remit payment in full within 15 days.  Also says they would accept a lump sum payment of about 40% of total due.

 

I cant pay full amount, but I might be able to get the 40% together with tax returns, etc.  How should I proceed?  And what guarantees are there that if I decided to pay the 40%, they don't just still come after me for the remaining amount?

 

Can I negotiate a lower amount?  Or get them to delete negative tradelines from my CR as a condition of paying?

 

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You can ask for anything and everything you want. Listing it as satisfied as paid in full is a good start.

 

GET EVERYTHING IN WRITING before you pay anything.

 

I assume this debt is still within the statute of limitations? If it is not, they could pay you $1000 for threatening a law suit on a time barred debt. Food for thought.

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Yes it still within the statute of limitations.  Do I call the number they have listed on the letter?  Would that just put me through to a low level collections person?  Should I ask to speak with anyone in particular?

 

What if they balk at my requests?  Would having spoken to them reset the SOL or anything? 

 

I want to make things right, because I had good business with them for over a decade.  I just fell on hard times and I couldn't afford to keep paying. Even now, while I can probably do something, it would be a struggle. I'm not just trying to be cheap here or anything.

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Send your counter proposal in writing.

 

do not tell them you are waiting on an IRS refund.

 

Give them a window of time that works for you to settle for the 40% if with your refund you'll be able to cover without hurting yoursef.

 

Do all of it in writing certified mail.

 

Let them respond by mail only. Tell them in your letter you prefer not to be contacted by phone.

 

The reason for this is that what is said on the phone is worthless in terms of execution.

 

It's understandable that you feel bad but you need to put your emotions on the back burner for now.

 

This is business. You are not alone in this problem and they are not unconditioned to dealing with folks who are hurting.

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Do NOT talk to them via phone.. you put it all in writing and don't expect them to clean up your CR.. no matter what they say.

 

You counter in writing and if they balk, they balk.. you are out nothing but time, but never ever EVER have a convo over the phone.. it means less then zero, they will say whatever they have to.

 

Also DO NOT agree to have a bank account debited for this.. they may insist.. if that is your only recourse then setup a second account for this debt alone, more then once collectors have taken more then they should.

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I'm with the others. The phone is useless. Everything in writing, CMRR. If they started at 40% I would counter for less but that's just me. You can certainly ask for delete but don't be surprised if they tell you they "aren't allowed to do that." Do make sure you have in writing that whatever you negotiate they will consider the account paid in full and agree not to pursue or sell any remaining balance.

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There are some good debt settlement negotiation letters on this site.

Find a few and Franken-stich one together that suits your case, if settling is what you want to do.

 

Without more information it's kinda hard to assess enough to give you good advice.

 

Typically we don't advocate settling here. But it depends on you.

Dealing with the OC has it's pros and cons vs dealing with a CA.

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