Need help with First Premier Bank Charge Off

[Irene_in_So_Cal]

Ok.  So it's almost two years now since I last paid First Premier Bank.  Each month they tacked on outrages fees and I just couldn't catch up and they closed my account.  It was charged off and is reporting the final balance that I seen on the statement.  Well, I got a letter from the collection agency today to pay and they are willing to settle for a lesser amount.  Do I just pay or do I need a letter that this will settle the account as paid in full or something of that nature.  The collection agency isn't reporting as of yet, just first premier under revolving credit.  I'm trying to buy a home in the next two months.  Please help!

Thanks in advance.

[DaBears]

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@Irene_in_So_Cal wrote:

Ok.  So it's almost two years now since I last paid First Premier Bank.  Each month they tacked on outrages fees and I just couldn't catch up and they closed my account.  It was charged off and is reporting the final balance that I seen on the statement.  Well, I got a letter from the collection agency today to pay and they are willing to settle for a lesser amount.  Do I just pay or do I need a letter that this will settle the account as paid in full or something of that nature.  The collection agency isn't reporting as of yet, just first premier under revolving credit.  I'm trying to buy a home in the next two months.  Please help!

Thanks in advance.

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Hi Irene, You might need to pay in full if you are trying to get a mortgage. Under a manual review with the underwriter they like to see collections and C/O's paid in full. If they are willing to settle for a lesser amount ask them if the account will be considered paid in full.

DaBears!!