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@Imperfectfuture wrote:
It sounds good. I would try a phone call first, if not effective, then try to email the executive office. You sure you want to pay the entire balance? Not knock off 300 or 500?
Thanks for the feedback Impterfectfuture. I'm wanting to use snail mail because I'm often too lenient when negotiating matters over the phone (I'm a softy despite being a cop) and I just don't find email as personable. Plus the paper trail always helps should I have something arise latter. I'll pay them what I owe them including their prior fees. Do you think my terms seem pretty straight forward and reasonable? Thanks again!
I was hoping to get some feedback on my letter to USAA before I send it. Is it what I'm asking for probable?
My Name
My address
USAA
9800 Fredericksburg Rd
San Antonio, TX 78288
March 1, 2015
Reference account number:
To whom it concerns,
I returned home from Afghanistan in October of 2010 and opened a credit card with USAA. I was twenty-one and had never had an experience with the amount of money I was making while deployed, as a result I had a very hard time readjusting to a fixed income and irresponsibly turned to my USAA credit card as a temporary fix. I met the credit limit of nine thousand dollars some months later. As a student for the past few years I have been living on a fixed income and have regrettably not fulfilled my obligation of repayment.
It is now time to do the responsible thing and answer for my actions so I may begin to really build my future. I have set up a debt repayment plan for myself and am respectfully asking for leniency from USAA in this matter.
I will pay my entire obligation of $9489 over forty-eight months at $198 per month if USAA will kindly do the following things upon twelve consecutive payments, or an amount exceeding one year’s payments are made:
I very much so hope we can work together and get this account taken care of. If you find my offer agreeable please correspond with me via mail with a written statement saying so. I look forward to working with USAA and getting this matter cleared up for both of us. Thank you very much for your consideration.
Sincerely,
I would recommend leaving out the second paragraph, as it implies that you have made a firm commitment to pay the entire debt.
As an aside, in my opinion, they are not apt to bite at deletion upon your repayment of only half the debt.
What if you default after month 12? Can they reinsert?
@Anonymous wrote:
Should I add the condition that if I miss any payments after month 12 they may reinsert all original remarks?
I would eliminate any reference to its deletion prior to full payment it doesnt work that way and they are not going to agree to it.
USAA is not usually cooperative regarding PFDs or GWs. That being said, my brother defaulted on a sizable chunk of money with USAA. They allowed him to enter into a repayment agreement. Once he completed paying, he was in their good graces again.
Understand this: this is a CO and a very recent one as well. Getting a mtg in 12 - 18 months with this on your CR is unlikely. Even if you have been current on everything for 2 years and you, of course, are VA eligible for a VA loan...no bank is going to fund it without this getting paid off. You may have to double down and see what you can do to get this paid as soon as possible.
I wish you luck in your negotiations....but, you should be more humble than your letter. I comes across as 'demanding'. Just my 0.02...
@Momof5 wrote:USAA is not usually cooperative regarding PFDs or GWs. That being said, my brother defaulted on a sizable chunk of money with USAA. They allowed him to enter into a repayment agreement. Once he completed paying, he was in their good graces again.
Understand this: this is a CO and a very recent one as well. Getting a mtg in 12 - 18 months with this on your CR is unlikely. Even if you have been current on everything for 2 years and you, of course, are VA eligible for a VA loan...no bank is going to fund it without this getting paid off. You may have to double down and see what you can do to get this paid as soon as possible.
I wish you luck in your negotiations....but, you should be more humble than your letter. I comes across as 'demanding'. Just my 0.02...
I appreciate all the input. Upon farther research I have concluded that I have 3 options.
1. Refinance my car and pay off the balance in full if USAA is willing to offer a PFD
2. Offer a settlement with USAA and hope I can get a mortgage with a settlement on the account
3. Enter into a 4 year repayment program with USAA
I am very mortgage minded and am trying to decide what my best bet would be. The local bank knows me and I have family there, it would be no trouble to refinance my car to pay off the loan. Thoughts on each?
I'm still seeking advice. I've read a lot but most of which is contradictory. To save those who aren't familar with what I need advice on from scrolling through here is my situation: I am wanting to get a VA home loan in 1-2 years. I have a USAA credit card that I opened in october 2010 maxed it out at $9000 2 years later and didn't pay a dime on it. The account balance is $9482 and the account is currently in a charge off status. I need to clear this up before I can get a home. I've been suggested to set up a payment plan to pay in full which I would do but I would need more than 1-2 years to do so. Could settlement help me to get my mortgage or should I look for another option?