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Old 06-03-2009, 11:55 PM   #1 (permalink)
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BEWARE, BEWARE... They will still try to cheat you!!

So, last month, DH & I contacted and agreed upon a specific amount (~50%) to settle and have a Credit Card considered paid and settled with a Credit Company. Thank goodness we have kept the letters of reached agreement for settlement! Why?... because I just opened the statement that came and it showed the what would've been the remaining balance of the credit card!!

Words that I will not/ can not typed were said in our house! Dave Ramsey has always said what snakes the credit card companies are and here is more proof... they agree upon a settlement amount, you pay it, thinking it is posted on your account and such, and then they send you a bill with what would be your remaining balance and showing your "payment" of such a large amount as if it's just the monthly payment you are making!

Please keep any paperwork related to settlements or accounts paid in full FOREVER!!! you will need it for proof!! (and sooner than you may think!!) Don't forget to write down names of people you've spoken with as well!

Now, to make the series of calls to get this taken care of!!! Hopefully it will only be a "1 month goof"....
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Old 06-04-2009, 07:50 AM   #2 (permalink)
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Old 06-04-2009, 08:50 AM   #3 (permalink)
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Old 06-04-2009, 09:01 AM   #4 (permalink)
 
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Also check you credit repot and make sure they "zero" the balance there. We went through this where we settled several cards and they never zerod out the blance on the credit report. If it's not done, put in a "dispute" with the credit reporting agencies to get it fixed.
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Old 06-04-2009, 09:03 AM   #5 (permalink)
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Sound advice. Sorry you had such a bad experience
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Old 06-04-2009, 09:50 AM   #6 (permalink)
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Old 06-04-2009, 09:58 AM   #7 (permalink)
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If I'm not mistaken you will also be taxed on the balance that was "forgiven". I know it's a huge headache but living credit card free feels SO GOOD!!! You should be proud that you have taken care of your credit card
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Old 06-04-2009, 02:58 PM   #8 (permalink)
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Did not know this... may have to check my Dave Ramsey Workbook on that one....
Good advise on checking reports for zero balance...
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Old 06-05-2009, 09:07 PM   #9 (permalink)
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Old 06-05-2009, 09:15 PM   #10 (permalink)
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Old 06-07-2009, 10:49 PM   #11 (permalink)
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I don't understand. You can contact a credit card company and say you will only pay 50%, and they say it is ok?
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Old 06-08-2009, 06:48 AM   #12 (permalink)
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Originally Posted by Cheriemek View Post
I don't understand. You can contact a credit card company and say you will only pay 50%, and they say it is ok?
Its an alternative to bankruptcy...you can negotiate a settlement on credit card debt, the longer a debt has accrued the more likely credit card companies are to settle. Usually once a settlement has been aggreed upon, they leave it at that. They dont try to collect the balance...

to OP-
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Old 06-08-2009, 07:23 AM   #13 (permalink)
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Old 06-09-2009, 12:05 PM   #14 (permalink)
 
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