topic Re: NFCU settlement? in Rebuilding Your Credit

NFCU settlement?

Anonymous — Tue, 16 Mar 2021 03:55:18 GMT

Has anyone had any success with NFCU after settlement of debt for less than owed? Customer service representative states that after debt has been settled (for less) it's still possible to do business again. After unfortunate situation debating if settleing debt as I would like to keep NFCU in good side.

Re: NFCU settlement?

AllZero — Tue, 16 Mar 2021 03:57:05 GMT

@Anonymous wrote:
Has anyone had any success with NFCU after settlement of debt for less than owed? Customer service representative states that after debt has been settled (for less) it's still possible to do business again. After unfortunate situation debating if settleing debt as I would like to keep NFCU in good side.

@Anonymous If you want credit or loan products, then you will have to make them whole on the loss incurred.

If you settle, you may be able to have a checking, savings account.

Re: NFCU settlement?

Brian_Earl_Spilner — Tue, 16 Mar 2021 03:59:01 GMT

@AllZero wrote:
@Anonymous wrote:
Has anyone had any success with NFCU after settlement of debt for less than owed? Customer service representative states that after debt has been settled (for less) it's still possible to do business again. After unfortunate situation debating if settleing debt as I would like to keep NFCU in good side.
@Anonymous If you want credit or loan products, then you will have to make them whole on the loss incurred.

If you settle, you may be able to have a checking, savings account.

This. They won't give you any credit products because of the loss they suffered. You would have to make them whole.

Re: NFCU settlement?

Anonymous — Tue, 16 Mar 2021 04:04:40 GMT

I still have checking and savings even without settlement, that's why I asked if anybody had success before. Wondering if rep was telling truth or just wanted to get payment.

Re: NFCU settlement?

AllZero — Tue, 16 Mar 2021 04:05:52 GMT

@Anonymous wrote:
I still have checking and savings even without settlement, that's why I asked if anybody had success before. Wondering if rep was telling truth or just wanted to get payment.

Do you want credit or loan products with NFCU again?

Re: NFCU settlement?

Amex_or_bust — Tue, 16 Mar 2021 04:07:59 GMT

I settled with Navy for less originally (about 35% I think) but the posters above are correct. They only allow checking and savings if you currently have it open. Last week I paid the remaning amount back and will be able to apply for credit/loans again.

Re: NFCU settlement?

Anonymous — Tue, 16 Mar 2021 04:08:22 GMT

Not now but in the future yes, that's what I stated to the rep and she stated that I could. So I was wondering if anyone by chance had a similar situation

Re: NFCU settlement?

Amex_or_bust — Tue, 16 Mar 2021 04:11:25 GMT

As long as you pay everything back even if years pass in between like with me they will take you back. It may only be with a secured card at first but you are back in.

Re: NFCU settlement?

OmarGB9 — Tue, 16 Mar 2021 06:21:52 GMT

All the DPs I've ever seen indicate you need to pay them back in full, even if it's years later, in order to qualify for credit products again. The CSR was wrong, or simply misinformed.