thebluedahlia
Junior Member
What is the name of your state? TN
I am in the midst of the ongoing trial of paying off/settling a debt. I have posted about it a few times before and have gotten great advice (thank you DC!). It has taken me a while to get anything going as I could not get anyone who understood what I was saying on the phone. That problem now solved, here's the new one:
The debt is Sears Mastercard, originally $2400, now $4071 due to interest in collections. The lady today told me that this was placed with her agency, Credit Control, to be the final stage before going to my county court system (fair enough). She said that she was working on behalf of Resurgent (first time I have heard of this) and that we were on a tight deadline as it was so delinquent that they only had 48 hours. The settlement offer is $3262.71/40% down ($1304)/remaining balance paid in six monthly payments (around $362 per month). I asked if they could settle for a lower amount if I paid today, say around $1200. She said that they could not that the lowest Sears would settle for is 80% and even at that she had to submit the settlement terms in writing for their approval. Here's the catch-I have talked with Sears a few times in the past year and they claim that they no longer own this debt nor do they know anything about it! If that is true, then why would this company need Sears' "agreement" to the settlement terms?? Sounded a little fishy to me. I was under the impression that they might jump at the chance to get money and would settle for what I could pay today, which would be about $1200-$1500.
The problem with her proposed settlement plan is that I was able to secure a loan for the amount I have; I do not think I could conceivably take on an additional $362 a month in payments in addition to this new loan pymt and my other bills. Should she be able to span that remaining balance over a longer period of time, then I might be a little more comfortable agreeing to it.
Your suggestions are greatly appreciated! What is the name of your state?
I am in the midst of the ongoing trial of paying off/settling a debt. I have posted about it a few times before and have gotten great advice (thank you DC!). It has taken me a while to get anything going as I could not get anyone who understood what I was saying on the phone. That problem now solved, here's the new one:
The debt is Sears Mastercard, originally $2400, now $4071 due to interest in collections. The lady today told me that this was placed with her agency, Credit Control, to be the final stage before going to my county court system (fair enough). She said that she was working on behalf of Resurgent (first time I have heard of this) and that we were on a tight deadline as it was so delinquent that they only had 48 hours. The settlement offer is $3262.71/40% down ($1304)/remaining balance paid in six monthly payments (around $362 per month). I asked if they could settle for a lower amount if I paid today, say around $1200. She said that they could not that the lowest Sears would settle for is 80% and even at that she had to submit the settlement terms in writing for their approval. Here's the catch-I have talked with Sears a few times in the past year and they claim that they no longer own this debt nor do they know anything about it! If that is true, then why would this company need Sears' "agreement" to the settlement terms?? Sounded a little fishy to me. I was under the impression that they might jump at the chance to get money and would settle for what I could pay today, which would be about $1200-$1500.
The problem with her proposed settlement plan is that I was able to secure a loan for the amount I have; I do not think I could conceivably take on an additional $362 a month in payments in addition to this new loan pymt and my other bills. Should she be able to span that remaining balance over a longer period of time, then I might be a little more comfortable agreeing to it.
Your suggestions are greatly appreciated! What is the name of your state?