Old Household Bank Charge Off--What Should Lando Do??????????

[Anonymous]

Guys, a couple of weeks ago, I received a letter from the collection agency who is handling my old Household/HSBC account (I have acquired two HSBC cards despite the CO).  It was for a card with a 300 dollar limit that balloned to over 1500 dollars due to my poor credit management (I dont know the exact figure because I dont have the paperwork in front of me right now).  They want to settle for an amount that is about 75% of the balance that I owe.  What should I do?  Should I counteroffer to settle for a lesser amount? Should I pay it off and ask for it to be removed from my reports.  I checked my Experian report yesterday and the only CC CO that I have on there is from Household.  And I know that I will never be able to get an HSBC AMEX someday with that CO on there.

Message Edited by landocalrissian on 04-03-2008 12:33 PM

[Anonymous]

I'd put this on the GC board, and list the dates, dofd, dola, SOL in your state, etc

If it's past SOL imo bargain and don't pay NEAR that much.

[Anonymous]

land,   what is the DOFD/DOLA  and your SOL?

Look at your CR and see when the CO is going to drop.

simple SOL

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

All CC  are called open accounts.

If you are within SOL  they can file a lawsuit.....they can after BUT  your defence would be past SOL!

knowing your DOFD/DOLA will help us determine if you should DV  PFD  or accept their offer.

Dates are very important!!!!

Message Edited by HappyDays on 04-03-2008 01:33 PM