Settlement question

[furkidz3]

I received a settlement offer from WAMU for a cc of which I have a balance of $ 2900.

I got way behind on paying and according to my credit reports the acct has been closed, with several 30 day lates showing currently.

The settlement offer is for 35% of the total amt due ($ 1015). I have to respond by Jan 6th.

I get paid and will have this money on Jan 10. Should I call them and arrange this for the 10th (since I don't want to miss the date on the letter) or should I PFD them CMRRR by the 6th and see what their response is? Then try a GW letter after that to get the lates removed? If they do delete it after paying, will the lates still somehow remain on my credit reports even if the acct has been deleted?

I sure don't want to screw this opportunity up, since it may not come my way again.

Thanks.

[SmartCookie]

I'd send a PFD ASAP.  Never count on GW but of course leave that as a last resort.

I can pretty much guarantee you though that this settlement offer will not officially 'expire'.  They will probably extend it again if you don't take it and then ask them for it.  But still, definitely work with offers while they are hot.

[Anonymous]

A PFD will delete the TL. You want it in writting!!!  What is the DOFD and your SOL??

[SmartCookie]

Come to think of it, before jumping on a PFD letter...

When was this account opened and how many lates (and what kind) are there?  Are all of these lates within the past 24 months?  You could always seriously modify a PFD to request the account status being changed to 'closed by consumer' and them wiping all lates reported since the time of account closing and then some.

Judging by the way you described it, I'd say the PFD is still going to be the best option... but if you've got a really old account that needs to be factored in.  When you spoke with them, did they say if they could re-open the account and make payment arrangements?

To answer another of your questions... no, if a TL is deleted there will be absolutely no reference to it... all the lates go with it.

[furkidz3]

Thanks HappyDays and Smartcookie for your responses.

I live in Texas so my SOL  is 4yrs. This cc acct I opened in April 2006 and the DOLA is July 2007 (from my credit report from Oct )

I have 7  30day lates listed since Nov 2006.

I have not called them as of yet since I have been working 16hr shifts the last couple of days. I am off work tomorrow, the 2nd and will call them then, if that is what you guys think I should do.

I definitely want to work with them. And since they are not a CA, I think it is safe to talk to them over the phone and work out a deal.

[furkidz3]

Okay, so I called WAMU today in response to their settlement offer and the representative said the payment had to be in their office no later than the 9th. I will have the money in my acct on the 10th. Should I still first send a PFD letter? Express mail, overnight or should I send in a personal check hoping it clears on the 10th? Then GW them?

I am panicking a little now. Like Smartcookie said, does this offer really "expire" on the 9th?

What do you guys think? Should I call them back and ask to speak to a supervisor or someone who can extend the offer?

Help!!

[SmartCookie]

---

furkidz3 wrote:

Okay, so I called WAMU today in response to their settlement offer and the representative said the payment had to be in their office no later than the 9th. I will have the money in my acct on the 10th. Should I still first send a PFD letter? Express mail, overnight or should I send in a personal check hoping it clears on the 10th? Then GW them?

I am panicking a little now. Like Smartcookie said, does this offer really "expire" on the 9th?

What do you guys think? Should I call them back and ask to speak to a supervisor or someone who can extend the offer?

Help!!

---

With the 7 30 days lates so recent... I would PFD only.  I personally have not found WaMu to be very helpful (they won't give DH a stupid rewards program until he is 'offered' it, account in perfectly good standing etc and they will not budge even though they were advised the card will not be used until the program is on it).

Anyhoo... 

I would not bet on GW with them and the lates are too many and to recent to not have something certain.  FICO08 will weigh those lates heavily it seems.

Don't let the offer worry you... get a PFD letter out this week and relax. Ball is in your court still and you can always increase the settlement amount as desired all the way up to PIF for the PFD.  You have all the negotiating power at this point.

[furkidz3]

Thank you, thank you, Smartcookie.

I feel better now. I will write out my PFD letter today, post it here for suggestions, corrections, etc. and type it up tomorrow at work. I do not have a working printer at home at the moment. Then I will send it out first thing on Monday morning. Should I send it CMRRR or just regular mail? I would mail it on Friday but I am working again Friday, Saturday and Sunday (from 630am til 8pm) If I can send it regular mail, I can send it on Saturday.

Message Edited by furkidz3 on 01-03-2008 11:04 AM

[SmartCookie]

I would CMRRR... as well as it documenting the beginning of the response timeframe you are offering them, I think they take it more seriously.

Going back to the settlement deadline... they do that so that you panic and pay ASAP before you think it over too much or pay other bills with the money.

Glad you thought it over.