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beautifuldiva · Oct 5, 2006, 04:57 PM

OK... this question may have already been asked, but forgive me I am new to this site and also I would like an opinion on my own situation not someone else's... lol

Ok so I have a credit card debt of $684.00 and has now been turned over to collections. Now I have heard some people say I should just settle and some have said that I should pay it out. The Finance Company said that if I gave them 284.00 that they would turn it back to Capital One and finish making my payments... But last I talked to them, they said that if I waited until the 16th of October they would settle with me... But I'm not sure what I should do since I am still young and need to depend on my credit for my future like when buying a car or renting an apartment... or anything like that..

Please help! What would be the best thing for me to do?:confused:

ScottGem · Oct 5, 2006, 06:23 PM

If you want to protect your credit rating, pay your debts.

beautifuldiva · Oct 5, 2006, 06:36 PM

K thanks.. its not that I didn't want to pay on it at all.. its just that most of all those charges were late fees and interest on those late fees... I do not have that sort of money to just be paying out for no reason because I had heard that because it has gone to collections... it would make no difference anymore and that why should I be out anymore money if it will not help my credit.. that is all. Also I heard that even if I paid it out it would still stay in collections and would not be turned over back into capital one and not restore my credit... so I was just unsure if settling was the best answer or not in the long run

ScottGem · Oct 6, 2006, 06:28 AM

Late fees and interest are part of your debt. When you signed for the card, you agreed to pay interest and late fees where applicable. Therefore, they are part of your debt and there is a very good reason to pay them.

If there is a financial hardship that prevented you from making even just the minimum payments on this account, then you can try to get them to freeze the amount while you pay it off.

mcb1 · Oct 6, 2006, 02:58 PM

My advice would be to give them $284.00 which sounds like whatever the minimum payments + whatever you maybe overlimit by has accumulated to, once this is paid the account will return to normal in a sense.

Then if I was in your shoes I would proberbly destroy the card if you haven't already and pay at least your minimum payments when the statements come in, the worst that's going to happen then is your going to pay a little bit of interest,

If you decide not to pay then this may have a severe impact on your future credit. Even try and get another credit card and transfer the balance to them maybe if your lucky on a 0% introductory rate.

beautifuldiva · Oct 6, 2006, 03:14 PM

K thanks u guys!

gertie young · Jul 7, 2007, 07:52 AM

Originally Posted by beautifuldiva

OK... this question may have already been asked, but forgive me I am new to this site and also I would like an opinion on my own situation not someone elses... lol

Ok so I have a credit card debt of $684.00 and has now been turned over to collections. Now I have heard some people say I should just settle and some have said that i should pay it out. The Finance Company said that if i gave them 284.00 that they would turn it back to Capital One and finish makin my payments... But last I talked to them, they said that if I waited untill the 16th of October they would settle with me... But I'm not sure what i should do since I am still young and need to depend on my credit for my future like when buying a car or renting an apartment... or anything like that..

Please help! What would be the best thing for me to do?:confused:

What should I do

ScottGem · Jul 7, 2007, 03:19 PM

Originally Posted by gertie young

What should i do

What should you do about what? If you have a question please start your own thread and post a detailed question.

atmMatrix · Jul 9, 2007, 11:55 AM

YOu see the question is not answered. The person is asking if there is apoint to pay off the amount since it has already gone to collections and now there is no point since his credit is already ruined. The main basis of his desire to pay off the debt is probably to save his credit rating, but he is not sure if by paying the debt, will he able to restore the credit rating. Any takes on this question?

ScottGem · Jul 9, 2007, 12:24 PM

Originally Posted by atmMatrix

YOu see the question is not answered.

I think what you are missing is that the Original post was made in October of 2006. And answered within days. Then yesterday a new person revived the thread with a question that wasn't explained.

ScottGem · Jul 10, 2007, 10:30 AM

It is not a good idea to piggyback your own question on someone else's thread. Especially when it has little to do with the thread. So I've requested your question be moved to its own thread.

To answer your question that depends on state law. Generally the max is 25%.