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CC Settlements

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Anonymous
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CC Settlements

Hi i am new to this board and I am just looking for some information that i haven't been able to find yet.  I am about 28000 in debt to CC and a PL.  I am about to start settleing with the CC companies.  I keep reading about the PFD's.  I sorta get it but could i use that before i settle?  Also will that come back as not a charge off. 
 
I talked to one CC company and they said that it would be on there for 8-10 years.  Is there anything around that?
 
Lastly is there anything else i should do before i settle?
 
Any and All help is appreciated.  Thank you for your time in advance.
Message 1 of 5
4 REPLIES 4
Anonymous
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Re: CC Settlements

Please any help or information would be appreciated.  I am not in collections yet i just cant make the payments anymore.  Can you use a PFD in my circumstance?
Message 2 of 5
Anonymous
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Re: CC Settlements

Are the already reported as charge offs on your reports...if you want them gone you can offer a PFD...usually that is when you PIF...but settlements can work too...or your best bet might be to see of they will reinstate your accounts..and take off all the negative notations...and it's not going to be 8-10 years...it's going to be 7-7.5 years from DOFD...which is probably earlier than what you think...if they are already charge offs...
Message 3 of 5
Anonymous
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Re: CC Settlements

No i am currently current will all the bills.   I just took a pay cut and wont be able to afford them.  So i am trying to settle before they go deliquent.  Didnt know if a PFD would help me there.
Message 4 of 5
Anonymous
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Re: CC Settlements

If there are all current...there is no reason to do a PFD...when you PFD..it's normally a bad thing like a collection or something...do you have that protection on your CC's...that will make the monthly payment for you...in a situation like this...I think you should try or get them to close the accounts...and make payment arrangements with them..what you think you can afford...and make an agreement that they will not report to the CRA as a charge off...GOOD LUCK!
Message 5 of 5
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