Credit Union Hired Carson Smithfield - Not Budging on Accepting Lower Amount for Settled in Full

[MIOMH]

Credit Union charged off my account but retain ownership.  They hired Carson Smithfield collection agency for retrieval.  I contacted them to agree on a settlement for lesser than the full amount to settled in full/zero balance but they won't accept.  Does anyone know any negotiating strategies that I would get the outcome I'm looking for?

Thank you.

[WhoCares1000]

Credit unions are of the same category as Discover, Capital One, and Amex. They do not sell the accounts, have arb clauses, and have the records needed to win a lawsuit. Also, they are not as willing to settle AND will chase you to the ends of the earth.

You best bet would be to wait until they sue you and try to offer a settlement but it will be close to the full amount if they accept one. Simply put, they have the negotiating power and you really have none. The other option might be BK.

[MIOMH]

13 minutes ago, WhoCares1000 said:

Credit unions are of the same category as Discover, Capital One, and Amex. They do not sell the accounts, have arb clauses, and have the records needed to win a lawsuit. Also, they are not as willing to settle AND will chase you to the ends of the earth.

You best bet would be to wait until they sue you and try to offer a settlement but it will be close to the full amount if they accept one. Simply put, they have the negotiating power and you really have none. The other option might be BK.

Thanks for the input, I greatly appreciate it.  No need to go that drastic as in BK for $9k.

[Bulldoger]

You can run to become a officer of the credit union board. Get some voting power and then submit offer for settlement. Sounds crazy but we have a credit union at work. It is run by employees, a co-worker did exactly above and also approve another loan for herself to pay settlement. 

[MIOMH]

7 minutes ago, Bulldoger said:

You can run to become a officer of the credit union board. Get some voting power and then submit offer for settlement. Sounds crazy but we have a credit union at work. It is run by employees, a co-worker did exactly above and also approve another loan for herself to pay settlement. 

lol...it does sounds crazy but as soon as I read it I started Googling about it.  Thanks for laugh.

[Bulldoger]

2 minutes ago, MIOMH said:

lol...it does sounds crazy but as soon as I read it I started Googling about it.  Thanks for laugh.

Being a board member is a non paying position, their has to be incentives to get the positions filled. 

[MIOMH]

One would think the incentive would be the debt forgiven instead of settlement offer.

[Bulldoger]

Don't know if that would pass an audit. Sure she only got late fees forgiven.