Hi. Not to butt in ...I just wanted to add to the good advice...I have worked for every Main Credit Card except Discover...I'm currently in card collections too..now what happens (for most cards) is once your account is 4 months behind it gets suspended or closed. Then once it gets to the last dat of that 7th month...it either stays as an "in-&ouse" write off...or goes out to those agressive 3rd party collections...but at this point there is not any more late fees or intrest accruing on your accounts!!! But each collector...(like me for instance!) But I'm not the FAKE lawer calling with court threats!
Buy the way representing like an atterny who threatens legal action over a debt like. Credit card is aginst the Fair Debt Collections Practice Act...it is ILLEGAL! But many crooked 3rd party collection company's actually get away with this because the NAME of the collection company....just their NAME is something like...."The Law OFFiCE of Jones, Salas, and Burk!..." its not even a law office! Or they may use the term " our FIRM". Its crap and they can't. Make u pay one dime. ....what I sugest for you...look at the dates of these debts.....then look at the amounts....pay them in full!!
From MOST RESENT to OLDEST! That way your old debit that's been on your credit for 5 or 6 years...its about to go away on its own....but your new issues starting with last WEEK then last month then back more....if you pay them one buy one IN FULL! You saved your current credit items paid off your items for the past ....let's say...2-5Years....then your old stuff will roll off...you need to pay in full and ask them to take off some of the late fees! Once an account is past that 7th delinquant it is wasting the time of the company and not making them anymore money! So most of the time they still try to get the full Bal but are actually able to waive up to one late fee per month that you got hit with! Look at it like this a late fee of 35.00 on a 300.00 crapy credit card over the 7 month time frame I mentioned earlier would show that you OWED 545.00....the collector will always follow the same aproach that we are trained! TRAINED to do...1st ask for the BIF (balance in full). Unless you just got a big check, died, filed for bankruptcy, or got into a Consumer Credit Counseling...then you don't have that much...2nd.
We try to break up that full bal in to 2 payments...most of the time that don't work either. So we then try 3 payments which. Using the 545.00 amout looks like. 3 payments of 182.00 looks ok could do it...but maybe not you may be out of work and getting a tax check so you figure you will try and catch up....you are upset with that 545 amount because you only. Truly charges 150 and paid an activation fee of 100.00 and a one time processing fee of 50.00...so you tell me howunfair that is...you didn't spend all of that...then I remind you that we called you many many times to see if we could work out a hardship plan or offer a way to get you caught up....BUT YOU DIDN'T WANT TO RETURN THE CALL...cause you didn't have any money...so you ask me for a settlement!!!! THAT is SOOOOO bad!
A settlement shows the credit beur that YOU Had a 545.00 owed debt! And didn't pay it all...you paid a percentage of the FULL 545.00 ...we always start high...90 % would be 490.50...hey looks like I took a little chunk of you debit...maybe you want to try and convience me to make it even lower...so I look at either 85% or just skip down to 80% so it appears a lot came off...80% would be 436!! Or 75% 408.75...see that seems way down so you take it...now you just agreed to not pay the full debt. And it gets reported ...you will not ever get credit from that crapy card company again cause you really kind of still owe...However...Get those fees reversed instead! I had said earlier up to 1 per month that you were late...that could be 35X how long you have been behind...say 7 months...that is. 545-245=300!! And that's not a pmnt plan and definaly not a settelment...BALANCE PAID IN FULL! You credit can be restored with that company....but you just have to convience your collector to waive fees! Tell them a settlement is not an option!
But as I said before...start with you most current and go back...don't start making small pmnts with an old debt..you actually end up keeping listed as past due for longeron you credit report....10 closed past due accounts on payment plans like 19.00 a month for a year adds up to228 for that 6ear plus you still go back to reg pmnts a chance to RE-fall past due...see 545.00 - 228....is still a bal of over 300...you didn't even cut that in half! And that was just on card of say 10...I'm sure they wouldn't be exactly the same...the balances and rates will very...but if all 10 are like this "exsample" then you just payed around 200 a month to still be in debt with the same companies...But if you applied that 200 to one account. For 2 months and got a few late fees waived...then Paid in full on you credit report.
On account is done with and by the years end you plucked at least 5 pastdue delinqant accounts and theyshow PAID IN FULL! I'm sorry I wrote you a book.....really....I had a death in the fam...and just can't sleep right now...so this gave me something to do....I truly hope you just print this and take a calcuelator and look at how credit companies present making you a deal and giving you a break.....then look at how it CAN be done! Waive late fees! No Settelment ever! Pay one account off at a time because after 7th month of late no more fees are being added! This is what I know with credit Cards! Not other bill types...funny...ill tell you now 18 years of card services for several major credit card companies and I DO NOT WANT ONE OF THOSE everagain! Let me know what you think...
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