Credit Card Settlement Offer
Find a Conversation
Credit Card Settlement Offer
| Sun, 01-15-2006 - 11:21am |
As I have posted so many times before - I had to file BK in October but my husband couldn't - he has had all of his credit cards put as charged off - we received a notice today from a collection agency in Houston, TX on behalf of Discover offering us a settlement of $2,688.48 due by 1-23-06 (the amount they say we owe is $4,136.13 - I guess that includes all the late fees and interest). There is no way that we can come up with even $200.00 much less $2,688.48. We can't even pay the light bill or phone bill or purchase gas. Should we contact the collection agency? If so should we do it in writing - because I sure don't want them to trace anyone else's phone number and start bothering them and we don't have our own phone. Also what would really be the point in even contacting them if we don't have anything to offer. I kind of wish that my husband could just sign up with CCC - but do they even help with cards that are already turned over? And the last time we tried to do CCC they said we didn't make enough money - that was one of the reasons I had to file BK. I guess this isn't even making sense and I am going on and on and on....but all of this mess is worrying me to death --- and most people have some sort of relief (even if it isn't the right kind) after filing BK - but I don't have any at all because of all these things in his name and the fact that the monthly bills are so far behind (utilities and all). We are so afraid they are going to repossess his vehicle also because it is two months behind. I just want to cry.

Oh my goodness, this is so deja vue for me. We were in a very similiar situation 9 years ago. It's so stressful, I totally feel your pain, go ahead and cry, it might help release some of your stress.
If it were me, I would just concentrate on the bills you need to pay to live, once your able to do that then worry about the credit. I made the mistake of putting creditors 1st and we ended up losing our phone, cell phone, cable (I know not a necessity), our only vehicle was repossessed and 2 days shy of losing power. I finally figured it out that we need to take care of our personal neccesities before we could take care of our bad credit.
Next I would make sure you only contact creditors in writing, not only for your documentation but you also don't want them hounding others. I would send a letter asking for verification from them that this is actually your debt. You don't want to pay anything to them until they can show you that. Once that's done, I would let them know how much you can pay and leave it at that. NEVER, let them deterimine your payments.
Take a deep breath!
Cristin
I don't know if I really believe your bank. Once we had a lien put on our account by the IRS - I honestly didn't know about it until I went to get $$ out of the bank and there was no $$$$$$$$$!!!! No body from the bank gave me any warning. So -------- I really would get another account set up and fast.
Megan
Gal -
Please read my new long-ish post that I just had on your previous thread.
This collections company is not working on behalf of Discover. They are a company who bought this debt for pennies on the dollar from Discover. Do not pay them a penny. They are bullying you in the hopes you will pay.
Discover will not take you to court because any judge would laugh them out. They chose to give you an unsecured loan, they took that risk. They lost on that risk.
Beach