Ready to settle, but not sure how to start

[Lady_B]

I've been lurking for a little while now, but I'm a little confused and a lot overwhelmed on where to start for my situation.

I have three credit card accounts left over from my ex-marriage that are showing as closed and charged off (Chase: ~$7500, BoA: ~$5500, Amex: $10k). I've received calls and letters from CAs for all of them, but I'm only now just taking action because I just have not had any money to work with. The only tradelines on my credit reports are from the OCs, not the CAs. Also, the judgement (mentioned below) has never appeared on my reports, either.

Amex found a judgement against me in May 2011 (I was trying to find free legal assistance, and instead of doing research to help myself I got bogged down trying to find a professional who would talk to me...). I have been judgement-proof up until a couple of months ago, so I figured I should try to tackle that one first.

NCO Financial is the CA currently trying to collect on this account. Last August they had sent a settlement offer letter for a bit less than 50%, but I couldn't come up with that at the time and I hadn't heard much from them since, other than voicemails. Earlier this week I tried calling Amex to find out if they had sold or assigned the debt to NCO or not, but they wouldn't put me through to the charge-off department and told me I had to speak to NCO. So, I called them. The rep assigned to me wouldn't talk settlement unless I'd give him info about my take-home and my employer, and tried to sell me on paying in full in order to regain an Amex card (which I'll admit, hit me in the feels - I had excellent credit, and hate the thought of never having an Amex again). I asked about having the tradeline removed and he said the whole "we're required to report" thing.

Basically, I'm a bit lost on how to proceed. I really want to get these three debts settled before the end of the year. I can't afford to pay them in full, but I could probably come up with 50%. I also want to make sure I don't mess anything up and hurt myself worse. Help?

Thank you!

[DaBears]

Hi Lady_B and welcome to the forums!! The collections are within the SOL?? If so you should somehow make payment arrangments so you don't get sued.

[Lady_B]

Everything went to hell in the middle of 2010 so yes, within the SOL as far as I know?

I want to make payment arrangements - do you mean I should try to PIF? I've gotten settlement offers in the past (no idea how legit or binding those were, but it's been a while and I couldn't even think of affording them at the time) from CAs for all three, wouldn't it be possible to settle? And who would I settle with? These three tradelines are reported by the OCs - if I negotiate a settlement with a CA, will they (the CA) suddenly start reporting and wouldn't that be bad?

And I've already been sued by Amex (despite the judgement not appearing on my reports), and I really want to get that fixed. I'm sorry if I sound clueless, but I've been reading a lot here for a while now and I'm just really confused and scared.