Tried to Settle But

iVillage Member
Registered: 01-02-2008
Tried to Settle But
2
Sat, 04-14-2012 - 10:22am

I tried so hard to settle an HSBC CC acct. with collections.. I wrote all kinds of stuff up and sent it.. I offered a settlement and they wouldnt take it.. I did the best I could .. In the end they sold it to another collections agency. Now its up to 15,000. It was originally 10,000 and I had a fraudulent charge of 3,000 in which I was getting charged off but HSBC nomatter how times or letters they didnt fix it. I will def. try again..

Now I am going to have to start over.. and I am at wits end and have no idea what to do.

Community Leader
Registered: 01-03-2004
Sat, 04-14-2012 - 10:18pm

Free,

Based only on what's in your post, here's my questions to you:

1)Did you file a police report regarding the fraudulent charges on the card?

2)Did you give a copy of this police report to both the credit card AND the credit reporting agencies?

3)Did you close this card after the fraudulent charges?

Two cents:

1)Always file a police report AND send this via certified mail to both the creditors and the credit reporting agencies if it happens. Verbal notification is worth the air it's spoken into - nothing.

2)Communicate with creditors via certified mail. Not fax. Not First Class. They can say they didn't get the fax or the letter. A registered letter gives you a return receipt. Keep copies of EVERYTHING you send them and they send you. Never throw anything away.

3)If you settle a debt of more than $800 with a creditor you will pay income taxes on the settled amount the following tax year. Yup, the IRS will consider that unpaid balance to be income.

4)Don't stop communicating with your creditor or you will get taken to court. It's better to decide what you can afford to pay them each month and send that amount to them without fail so you develop a payment pattern for your account. No matter how little you can pay, they'll cash the check. Again, certified mail.

What kind of job are you looking for? And, "anything" doesn't count. Be specific. The road to income begins by knowing what you want to do, and then finding the employers who can hire you. If you want my help with that you are welcome to send me a message so I can. No charge.

Good luck.

iVillage Member
Registered: 01-02-2008
Sat, 04-14-2012 - 10:28pm

Hi;

No I didnt file a police report ..because the bank sent me some paperwork and told me to fill it out and they would file it.. and they said they would take it off and there was paperwork on it.. The next collection agency had it on the new report. I so want to be nasty with that bank now..

yes; I know about the income tax thing as I have learned from here. (thank you)

I would love to settle and send money but the first collections wouldnt budge at all ..Not one inch.. I am hoping this new one will settle for something ... will be doing this on Monday...

No; I never throw anything away.. I have all of the paperwork in folder and on inboxes on email..

Thank you ..