kcdawg 304

Navy Federal Chage off

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Debt of about 9600 from credit card. About 4 years old haven't been sued yet. I know the sol is another year but i need to buy a house so i need it dealt with. They offered me around 2000 settlement but that been over 3 years ago haven't heard from them since. I want to make a deal but i am concerned if i call them and can't come to a settlement that i can live with that i will awaken them to filing a lawsuit. Advice appreciated,thanks

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5 hours ago, kcdawg 304 said:

I know the sol is another year

If you are in GA the SOL for suit on credit cards is 6 years.  Be certain of when that DOFD is to calculate the SOL expiring.

5 hours ago, kcdawg 304 said:

i need to buy a house so i need it dealt with.

DO NOT app for a mortgage at all until you deal with this.  Settling is about leverage and if they know you are after a mortgage they know you have to deal with this and you lose your leverage.

5 hours ago, kcdawg 304 said:

I want to make a deal but i am concerned if i call them and can't come to a settlement that i can live with that i will awaken them to filing a lawsuit.

Send a written settlement offer.  I would put a letter together stating that after the covid issues over the past year you are finally in a place to settle this and would like to make an offer of $xxxx amount to settle the account in full.  Put all the terms you want in a separate settlement agreement i.e. the remaining balance is disputed, they agree not to sell the account, the will delete the trade line etc.  You agree to pay by money order or certified funds within 21 business days of receipt of the signed settlement agreement and they agree to perform all their duties (deletion) within 30 days of payment.  Put a place on it for an authorized representative to sign and date it and return to you.  Send two copies.  Both already signed by you.  One for them to keep and one for them to return.

I settled 5 debts this way after the 2008 depression.  NONE reached out to negotiate the amount.  They signed and returned.  I paid immediately and they deleted.  

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First, make sure the OC still has the account, and it hasn't been sold off to a JDB.  Checking your credit reports should reveal this.  If sold, the OC's tradeline should state "sold to another lender."   If it has been sold to a JDB, you will have to deal with them, not the OC.

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