Have past due credit cards with boa they have offered to settle after i pay can they still try to co

they sent me a letter saying after i send the payment my account will be considered settled and i will not be obligated to pay the remaining balance

Have past due credit cards with boa they have offered to settle after i pay can they still try to collect?

They will settle alright and depending on the derogatory information reported, your credit will NOT improve...regardless of your payment.

How old is the account?

What is the listing, i.e. charge-off?

If it%26#039;s one of the following, it%26#039;s bad regardless of how much you%26#039;ve paid to %26quot;settle%26quot;:

Experian (formerly TRW) Credit Report

any item marked with an asterisk and/or any inquiry

Trans Union Credit Report

any item rated higher than I1, M1, or R1.

paid profit and loss

write-off, paid charge off, settled, settled for less than full balance, or included in bankruptcy

any collection amount, whether paid or not.

any court account, including a lien, judgment, bankruptcy chapters 11, 7, or 13, divorce, satisfied lien, or satisfied judgment.

any item showing one or more thirty, sixty, or ninety day late payments in the column to the far right (mortgage lenders often treat a 180-day late as a foreclosure鈥ad, bad, bad)

any inquiry.

Equifax Credit Report

any item rated higher than I1, M1, or R1 (such as R2 or I9).

any item proceeded by a %26quot;%26gt;%26gt;%26gt;%26gt;%26quot; icon.

any item listed as repossession, foreclosure, profit and loss write-off-charge-off, paid profit and loss write-off, paid charge off, settled, settled for less than full balance, or included in bankruptcy.

any collection amount, whether paid or not.

any court account, including a lien, judgment, bankruptcy chapters 11, 7, or 13, divorce, satisfied lien, or satisfied judgment.

any item showing one or more thirty, sixty, or ninety day late payments in the column to the far right.

any inquiry.

Yes, unless you negotiate a term (i.e. DELETION or scaled down %26quot;paid in full%26quot; listing) the Creditor can sell your bad debt to a JDB and allow the debt collector to try to collect.

Advice: before negotiating or settling, dispute the listing with the Credit Reporting Agencies reporting the bad listing. The Fair Credit Reporting Act clearly states that your reports must be 100% accurate or the listing must be deleted.

Do you know how EASY it is to get deletions for the .1% inaccuracy?

Don%26#039;t get me wrong, I%26#039;m not suggesting you use the FCRA to hammer a legitimate creditor to whom you owe money.

However, our customers easily find errors with their derogatory credit listings and score deletions. No out-of-pocket money and no remaining bad credit listing.

If only you really knew how easy it is to remove bad credit.

Good luck,

Mike

Have past due credit cards with boa they have offered to settle after i pay can they still try to collect?

loan

If these are major credit cards, you shouldn%26#039;t have any trouble with them. I have had some charge-offs with major credit cards because my ex didn%26#039;t pay them even after he%26#039;d agreed to, and they didn%26#039;t try to collect from me.

I suggest you save these letters and make copies of the checks or money orders you send them, put the whole thing together in a file drawer, and if they do send bills, just send them a copy of your copy of the letter and so on. That should end the whole thing.|||I would ask for them to send you a settlement offer/letter in writing and then when you send the payment that they agreed to...on the memo line of the check write %26quot;agreed settlement in full%26quot;.