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NFCU debt settlement question

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Established Member

NFCU debt settlement question

Has anyone settled a debt with NFCU and then had a future with them in any positive manner? Just curious if I settle my debts with them if that means I am cutting all ties for good. I know its likely but hoping that theres hope.

Message 1 of 8
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Senior Contributor

Re: I hope this goes here.


@MrMarlow3 wrote:

Has anyone settled a debt with NFCU and then had a future with them in any positive manner? Just curious if I settle my debts with them if that means I am cutting all ties for good. I know its likely but hoping that theres hope.


Settling is a matter I do not know of. One needs to make NFCU whole on any loss incurred to be able to re-establish a relationship with them. There are success stories here on myFICO in that regards.

Message 2 of 8
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Super Contributor

Re: I hope this goes here.

If you settle for less than full, you're done with them until you pay back the rest. No credit union will work with a member who caused them a loss. 



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 3 of 8
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New Contributor

Re: NFCU debt settlement question

Credit unions have a memory like an elephant and they will not forget a loss. A Credit Union is financed by the members and have no desire to do business with an individual that caused the mmebers a loss and that perosn is jsut a bad investment.

 

Banks have a ifferent mindset and they ar ein it for profit of late fees and etc.

 

So, No, I would never expect a relationship with a CU that you burned unless you paid them back 100% of the loss. Until then, it is a forever burned bridge.




Feb 2020:
Message 4 of 8
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Community Leader
Super Contributor

Re: NFCU debt settlement question

Calling @Creditaddict . Any advice for the poster?


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 5 of 8
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Epic Contributor

Re: NFCU debt settlement question


@MrMarlow3 wrote:

Has anyone settled a debt with NFCU and then had a future with them in any positive manner? Just curious if I settle my debts with them if that means I am cutting all ties for good. I know its likely but hoping that theres hope.


You can have bank accounts but unless you pay in full you can never have credit again.

Message 6 of 8
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Valued Member

Re: NFCU debt settlement question

I would really like to get back in with NFCU myself. My ex let the $3000 card I was an AU on get CO after we split. I had to include it in my BK back in 2016. I would love to get back in with them but I just need to come up with the $3k to do so. 


Message 7 of 8
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Epic Contributor

Re: NFCU debt settlement question

It must've been a joint account authorized users have no financial responsibility and you would not have to file bankruptcy on it

Message 8 of 8
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