Coachway Posted January 28, 2013 Report Share Posted January 28, 2013 Have a charge off with NFCU.They sent a letter offering to settle for a lump sum of 40%. I don't have that much, but could possibly do around 30%. Called them, told them I'd send them a lump sum of about 30% if they'd remove negative tradelines. They said they couldn't do that.Then I said okay, I'll settle at 30% if you put Paid in Full. They said they couldn't, could only put Paid in Full if I paid at least 50%. So it looks like my option is to settle at 30% or ignore it and wait for the judgement. I've had great accounts with them for years. Multiple loans, never defaulted. Nearly 15 years good standing account history. If I settle for less than full, isn't that still a huge ugly black mark on my credit report? Is it beneficial for me to accept that offer? Link to comment Share on other sites More sharing options...
Coachway Posted January 28, 2013 Author Report Share Posted January 28, 2013 Also, if I accept this offer, what do I need to get from them? I know I want to get something in writing, but do I just tell them to send me a letter saying they'll accept the 30% and considering settled, then mail them certified funds? What do I mail to the three credit reporting agencies at that point? Link to comment Share on other sites More sharing options...
admin Posted January 28, 2013 Report Share Posted January 28, 2013 Original creditors usually don't do pay for deletes. Settling for less than owed is a black mark, but not as black as a charge off. Link to comment Share on other sites More sharing options...
Coachway Posted January 28, 2013 Author Report Share Posted January 28, 2013 thank you. I guess I'll call them back and tell them to send me a letter stating they'll consider it settled for the 30%. Once I get that, I'll pay. Anything specific I need to ask for in writing? Link to comment Share on other sites More sharing options...
TomnTex Posted January 28, 2013 Report Share Posted January 28, 2013 Yes, ask that they not sell off the balance to a JDB etc. You can expect a 1099-C on the bal. though. A few other things I can't think of right now. Link to comment Share on other sites More sharing options...
Coachway Posted February 4, 2013 Author Report Share Posted February 4, 2013 Paid this at the end of last week. Thanks for the help all. Link to comment Share on other sites More sharing options...
admin Posted February 4, 2013 Report Share Posted February 4, 2013 You're welcome. Link to comment Share on other sites More sharing options...
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