I had lost my Job and was unable to pay my CC bill. I did contact them, but as so many others they would not lower or stop my interest. The account was charged off in NOv and is now being handled by a Law Firm. The amount is $ 7500 , which at least $ 2500 being interest. My question, how can I stop them to still acrue interest, what is the lowest pay off I can ask for (they told me before orig creditor would only take 90%), which is only 10% then the orig. amount. Any other tips how to pay off the account without them filing a judgement etc. I live in MD by the way. Thanks for your advise.

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Originally Posted by joshualeah

I had lost my Job and was unable to pay my CC bill. I did contact them, but as so many others they would not lower or stop my interest. The account was charged off in NOv and is now being handled by a Law Firm. The amount is $ 7500 , which at least $ 2500 being interest. My question, how can I stop them to still acrue interest, what is the lowest pay off I can ask for (they told me before orig creditor would only take 90%), which is only 10% then the orig. amount. Any other tips how to pay off the account without them filing a judgement etc. I live in MD by the way. Thanks for your advise.

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If you can come up with cash i.e. $3500 offer it to them. If they agree, have them send you a letter stating that account is paid in full as agreed. After you receive the letter you should immediately send the payment in full.. DO NOT GIVE THEM PAYMENT BY GIVING THEM YOUR BANK ACCOUNT NUMBER, They will drain your account. If this does not work, they may file a civil action seeking a judgement. If they do, file an answer with the court either through an attorney or possibly do it yourself denying you owe the amount they are suing you for.. This will stall for a time they getting a judgement and attaching your bank account or your paycheck. Usually they will settle for around 50-65% of what you.
By stalling, this will give you some time to come with money to settle the debt. AGAIN, DO NOT GIVE THEM YOUR BANK ACCOUNT NUMBER AND PERMISSION FOR THEM TO TAKE PAYMENT FROM YOUR ACCOUNT!! I AM NOT A PROFESSIONAL AND AM OFFERING THIS AS A POSSIBLE WAY TO SETTLE YOUR DEBT AS AN INDIVIDUAL OPINION. THANKS, HAVE A GREAT DAY!

ASk for verification of the debt, if they don't respond as required they must not have a valid claim against you. Ask for the original contract proving they have a claim. You can try to settle with them, but they most likely will not.

Beware of the courts in Maryland they will not protect your rights, the black robes are nothing but bankers in my opinion, and I live in Maryland.

Quote:

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Originally Posted by joshualeah

I had lost my Job and was unable to pay my CC bill. I did contact them, but as so many others they would not lower or stop my interest. The account was charged off in NOv and is now being handled by a Law Firm. The amount is $ 7500 , which at least $ 2500 being interest. My question, how can I stop them to still acrue interest, what is the lowest pay off I can ask for (they told me before orig creditor would only take 90%), which is only 10% then the orig. amount. Any other tips how to pay off the account without them filing a judgement etc. I live in MD by the way. Thanks for your advise.

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After some time has passed you may have success with a settlement. Of course this really depends on the company you are dealing with. Make sure any agreements are in writing. Although it has been sent to a collection agency it will be passed around if they are unable to collect. Good Luck