wannasettle
New Member
Hello! I am currently on a monthly payment plan with a New York State collection agency. The plan was formalized through a settlement stipulation that prevented a summary judgment. I have been making the payments on schedule, no problems.
The original charged-off credit card debt that appears on my credit report is $7,000. The payment plan totals $9,000 over a period of years, with added interest. I have paid $1,000 to date.
I have now come into a sum of money and would like to do a lump-sum settlement. Obviously, the less I have to pay the better. I have been offered as low as $5,000 in the past from other collection agencies (back when I didn't have the money to pay a lump settlement, of course).
Is the current agency likely to insist on a high amount or are they typically willing to take less? Would I be better off to go back to the original creditor, settle with them and have them fire the collection agency? Advice please!
-- wannasettle
The original charged-off credit card debt that appears on my credit report is $7,000. The payment plan totals $9,000 over a period of years, with added interest. I have paid $1,000 to date.
I have now come into a sum of money and would like to do a lump-sum settlement. Obviously, the less I have to pay the better. I have been offered as low as $5,000 in the past from other collection agencies (back when I didn't have the money to pay a lump settlement, of course).
Is the current agency likely to insist on a high amount or are they typically willing to take less? Would I be better off to go back to the original creditor, settle with them and have them fire the collection agency? Advice please!
-- wannasettle
