before my son was born i had opened a credit card at a furniture company and got a new bedroom set and living room set that we desperately needed. The original total was $2500.
after he was born of course money was tight and we fell behind on payments. that was 2.5 years ago. i havn't made a payment in a few years and i knew it was in collections. with fees the total of the credit card was $3209. i had gotten a letter a few months ago, to settle it for $1300 and decided to wait on my taxes and make the full payment. i finally got my taxes this weekend ($2500), and it was too late. i got a call from another collection agency this morning saying that after Feb 15th the account was being sent out for legal proessing in the court. with court fees i was looking at $7467, but they said they'd waive the court fees if i could pay the $3209 by the end of the month.
so i let the lady know that theres no way i could pay that by the end of the month. but i could pay half of it. she told me i could make a payment for half today and then she was *sure* that they would give me longer to pay the other half. so i told her i'd have to think about it because i didn't want to end up getting assed out and paying half today and then still being taken to court since i couldn't get the other half by the end of the month.
so she calls me back a few mins later, and says that they took into account hardship, and offered me $1900 to settle the entire card. so i took it. i gave them $1600 today and i'll pay the other $300 by the end of the month.
it sucks...but i'm relieved i no longer have to deal with the card and that i won't have to go to court or anything. but my SO & one of my friends (both who are VERY financially irresponsible...normally i'm very good at paying bills ontime, but this was 1 credi card that fell to side) are saying i did the wrong thing and i shouldn't have paid them and let them take me to court so i could get payments of like $25-$50 a month. i'd rather pay it off now and not have to worry about a court date and paying every month. am i right?
did i get taken?
collections rarely takes someone to court on such a small amount, it isn't worth their time and hassle. but they will claim they are doing that to try and scare someone in to paying up. I don't think you got taken at all though. You are paying $1900 for a spending on your part of 3209. You are getting a huge break.
ok, they told me beacause with the court cost it'd be over $5000 and that's why they would take me to court
but i was thinking i didn't come out too bad either. i mean even without the fees the original card was $2500 so i still came out paying less than that even
Quoting couponluv72:
collections rarely takes someone to court on such a small amount, it isn't worth their time and hassle. but they will claim they are doing that to try and scare someone in to paying up. I don't think you got taken at all though. You are paying $1900 for a spending on your part of 3209. You are getting a huge break.
it was too far gone for low paymewnts... when they start takling cuourt they're playing anymore. You didn't get taken as long as you have confirmation of payment.
they took my check info to set the 2 payments up, and then let me know that they'd send me a letter saying everything was settled and the card was paid in full once the 2nd payment was made. everything was on a recorded line...so i think i'm fine there
Quoting Aslen:
it was too far gone for low paymewnts... when they start takling cuourt they're playing anymore. You didn't get taken as long as you have confirmation of payment.
oh yea...i'm never getting a credit card again!
Quoting Anonymous:
Hopefully you learned from this too! Store credit is great if you are doing it to build credit and have the money saved to pay in full. We recently bought new furniture but did it a piece at a time because we could afford it that way and not have to worry about falling behind on payments.
Then you shuold be fine. like a PP said, you actually SAVED $$ doing it the way you did, plus a lot less headaches.
Quoting Anonymous:they took my check info to set the 2 payments up, and then let me know that they'd send me a letter saying everything was settled and the card was paid in full once the 2nd payment was made. everything was on a recorded line...so i think i'm fine there
Quoting Aslen:
it was too far gone for low paymewnts... when they start takling cuourt they're playing anymore. You didn't get taken as long as you have confirmation of payment.
Happy Memorial Day.
