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    Encoder's Avatar
    Encoder Posts: 2, Reputation: 1
    New Member
     
    #1

    Dec 31, 2006, 06:52 PM
    Need to Settle Charged off credit card.
    Ok a little about my situation,

    I once upon a time had a visa credit card with Providian National Bank,
    But due to some unforeseen circumstances I could not pay the card payments.
    I had to choose between the credit card payment and my home so I neglected the visa payments. This is something that I knew I would have to deal with in the future. Well the future has arrived! Providian has written the debt off as a charge off, and it shows upon my credit report as that. It was turned over to a collection agency, First Resolution Investment Corporation. Now I have just received a court summons the day after Christmas. I am not at the point of being able to pay the entire amount, but could probably pay a 75% settlement. I would like to know if there is a way to stop the judgment from happening and how to approach writing a settlement offer letter. Also who to write it to, Providian, First Resolution, or to the Lawyer firm that had the papers served. This is all new to me and I would like to try and settle this without getting the lawyers involved. If you also have advice on how to word an offer letter it would greatly be appreciated.
    Thanks for any and all HELP.
    { Encoder }

    :confused:
    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
    Ultra Member
     
    #2

    Dec 31, 2006, 06:59 PM
    How old is this debt?

    Don't jump at the first offer from them, they will try to get as much as possible.

    Are you dealing with Providian or a collection agency?

    If collection agency ask them for the original contract you sign, they must have it to proceed.
    Encoder's Avatar
    Encoder Posts: 2, Reputation: 1
    New Member
     
    #3

    Dec 31, 2006, 07:15 PM
    Well the charge off date was 10/31/03.
    In the summons it states current statement date as 06/28/05.
    As of the moment I am not dealing with anyone that was part of my question is there a way to stop this from going to court by trying to settle and who to settle with?
    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
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    #4

    Dec 31, 2006, 07:21 PM
    You can make you own offer to settle with them before they take you to court. They most likely won't listen to any offer you make.

    Whatever you do always do it in writing, no verbal agreements, they will not live up to them.

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