topic Re: Advice in settling with Merrick Bank in Rebuilding Your Credit

Advice in settling with Merrick Bank

Snapok — Mon, 22 Jul 2024 22:55:26 GMT

Hello! I am new here and joined to ask for advice. I have been past due with Merrick for over 120 days now. They keep sending me settlement offers. First is was 40% off my total balance. Now they went down to 55% off. My question is should i wait longer to see if they shave off even more and send me an even better settlement deal? What are your thoughts. My credit score is not of concern anymore. I would prefer not to have any collections of course but I also need the best deal financially as I don't have a lot of money to spare. Thanks for your advice

Re: Advice in settling with Merrick Bank

pizzadude — Mon, 22 Jul 2024 23:14:04 GMT

Moved to rebuilding your credit.

Re: Advice in settling with Merrick Bank

ptatohed — Tue, 23 Jul 2024 06:46:13 GMT

Financially, the best deal is not to pay it at all. Especially if you don't care about your credit. If you do prefer to pay it off, give them a call and ask for their best offer. Tell them what % you can afford to pay and see what they say.

Re: Advice in settling with Merrick Bank

twilliam1313 — Tue, 23 Jul 2024 12:45:50 GMT

I actually just settled with Merrick about 2-3 months ago on a charged off card and they settled for 15% of the total of what i owed so i paid $235 instead of the full $1568 that I owed

Re: Advice in settling with Merrick Bank

CreditCuriosity — Tue, 23 Jul 2024 12:57:51 GMT

@ptatohed wrote:
Financially, the best deal is not to pay it at all. Especially if you don't care about your credit. If you do prefer to pay it off, give them a call and ask for their best offer. Tell them what % you can afford to pay and see what they say.

Only problem with this logic is they can sue so has more to do than just a persons credit.

Re: Advice in settling with Merrick Bank

Snapok — Tue, 23 Jul 2024 14:46:32 GMT

Hi can I ask how you get Merrick bank to settle for 15% of the balance? That's very low. I keep asking them if they can settle for less than their offer but they won't budge.