I have a home depot account that hasn't been pd in over a year with a balance close to 5k. It is currently with a collection agency that will not accept a settlement. I have recently recovered a settlement in a lawsuit, and have offered a settlement to citibank and the collection agency of 2k which is over 40% of the balance. The collection company told me I could pay installments of 25 per month or send the balance in full. No settlement. Just got off the phone woth citibank...same story, and the citibank rep would not send me to a supervisor or manager. Any suggestions?
You need it in writing. Call them back and say you want to pay the 2k as payment in full. In other words, you are getting them to agree to REDUCE your balance due. Credit bureaus hate that. Also, paying the 2,000 WILL NOT improve your credit, so you have to also get in writing that they will remove the past due account from your credit report. Credit bureaus really hate that! I really hope this works out for you. It serves these banks right for giving credit to people who they know cant pay.
I have a similar situation doesn't look like they are going to take anything less than what is owed. They are not even allowing me monthly payment option, just to pay in full. Good luck!
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