Question about credit card settlement?

i received a letter from a credit card company that i owe $1800 dollars to. The interest rate is 28%..i have owed them money since i got the thing when i was 18.im now 24 and the balance has almost doubled..i get charged over the limit fees each month and everything.i cut this card up years ago and never got another one.they sent me a letter kuz i was 2 mths late and they offered a settlement amount of $987.Well i had sent a payment after this letter went out but before i received it.I spoke with a lady 2 days ago that knew this and she said thats fine,they can still do it.So i borrowed the $987 from mom and called today to pay..now im being told they cant do it because my acct is current,wen they told me 2 days ago they could.im so upset and i hav a baby on the way and i want this gone.How can they tell me one day its ok and then wen i actually got the money now i cant do it all of a sudden?i said "well if i just wait and be another two months late,will i get another letter like this?
Answers:
Having worked in the area of finance and the credit industry I will tell you what these people won't. First off, if you come to a settlement and wind up paying less than what is due, it will show up on your credit report, as a settlement, and it is just as bad as a bankruptcy, I know how the creditors look at it. secondly your account will be sold to a secondary agency that purchases your debt pennies on the dollar from your credit card company, and starts adding additional fees to your amount, if this hasn't been done already it soon will be. I will suggest negotiating with the credit card company who you had the original debt with.
Dealing with some agency that purchased your bad debt and paying them back will not help your credit if it has already been charged off. Often times the credit card company has already sold the account, and the collection agency deceives you by saying they are with your credit card company. You need to get a copy of your credit report which you are entitled to free of charge by the fair credit and reporting act. Do not go through a 3rd part since they take a copy of your credit report and sell it on the open market to information managers. Believe it or not Bankruptcy chapter 7 can give you a whole new start look into this the original law before the credit industry financed law that was recently enacted was intended to help the individual. good luck

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You should pay your debt. If you have the $987 that will make a large dent in the interest, late fees and over limit fees you are being charged.

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Here's what you do: Hang on to that letter where they offered a settlement amount of $987.00. Next, find a lawyer in your area that gives free initial consultations. Make an appointment with that lawyer and take that letter in, along with proof of payment. Tell the lawyer the history and details of this account, and be sure to tell him/her about the payment you had already sent in before you received the settlement offer. The lawyer will be able to tell you whether you have a case or not.