does anyone have a credit one bank credit card they didnt pay? April 11, 2010
Posted by Banking in : Credit , trackbackhope asked:
I have a credit one bank credit card i havent paid. It finally went to collections. Its $868.00. I have tried to pay some on it, But they will not work with me. what will they do if I dont pay it?
to calman21, how much did you owe them?
Comments»
I think If it’s gone to collections, the company should work with you. Some may do monthly payments taken from your checking account or if you can pay a lump sum of a smaller amount. Since this is on your credit report, it can make it harder to get other credit cards, rent an apartment, get a car loan, etc….
I went through the same thing with them the interest and hidden fees were insane and i had just became disabled they sent me one bill never called me and havnt heard from them again it never went on my credit score and that was a year and a half ago
I think If your account is now in collections, they are not going to accept small payments that drag out for years. Making small payments without a written settlement agreement is a bad idea. You are only restarting the Statute of Limitations (SOL), the time frame to bring lawsuit.
Many collection agencies are going to small claims court for much smaller balances. If they go to court and win a judgment, they can then garnish your wages, attach your bank account and lien your property.
You might be able to work out a settlement for less than the full balance. If the debt is over 3 years old, offer 25%; 2 or 3 years old, offer 50%; less than 2, offer 75%. Lump sum gets the best deal. Payment plans have to be short term. Get a written agreement and do not give the collector direct access to your bank account.