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I wasnt able to find any good threads on this.My mom recieved one for her balance of around 400,
Anyone have any expereince on this?
Will they remove the other account or will it just say settled.
Is it worth it?
It's a dicey situtation. By doing this, they will reset the SOL of the debt, seeing as it will be a new agreement. How old is the debt?
its only three or 4 years. What do you mean it resets the sol?..I was just curious if the old account will be removed or will i then just have one bad account and one good one.
Finally something i can answer.
First Premier is willing to provide a new credit card card account with the balance of the old card charged to it so they get their original payment.
Before you agree to do this, have your mom call and verify with them that they will remove the old collection account from the credit report and ask them to send it to you in writing. Basically they are just getting you to pay off the old debt and suckering you back into paying all those outrageous First Premier fees.
If they won't remove it from the credit report then don't take the card. It's sort of like a pay for delete.
I have seen this kind of thing go bad but i have also seen it end up good.