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Contacting Paypal credit/ synchrony bank to settle


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I have a charged-off PayPal credit balance of $1,819. It was opened 2016 and first went delinquent in September 2019. Except for some phone calls when I first stopped paying (that I ignored) they have not contacted me. According to my credit report, the account is still with the original creditor.

I am getting some other old accounts taken care of (largely thanks to the wonderful advice here) and I would love to get this one over with as well. Depending on how settlement goes in another case I should hopefully have some funds to settle this account. I am wondering about the best way to proceed.

Should I proactively offer a settlement or wait for them to contact me? If I contact first, is there a recommended starting point of the balance I should offer, I think I saw elsewhere in the forum about 30% as a starting offer? I can't go much higher than 50% right now.

I would rather not sit around and wait to get sued, I don't have the time during business hours to deal with arbitration and to be honest I'm not really confident that I understand the process well enough to navigate it properly.

The other issue is my account number; because it was PayPal credit not an actual card I don't actually have the account number except for the partial number that appears on my credit report. So I am not positive the best way to identify myself other than just name and address and this partial number in my contact with them.

I strongly prefer to do all of this in writing as I am pretty awkward on the phone and not confident at all in my verbal negotiation skills. There is an address on my credit report and I am thinking of starting there. Any thoughts or advice much appreciated. 


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  • 2 weeks later...

Your not in a good position to negotiate, Your at the mercy of what they want to offer you.  On the plus side they may be willing to go down to 50%.  I have two O.C. accounts and both have offered 50% balance.  (Webank and Merrick)  All my three Synchrony accounts were quickly sold.  My Paypal was sold, I settled for 25% using arbitration. 

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