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GE Money Bank/Walmart card threatening collections

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Hi Everyone!
Received a letter from GE money bank/walmart card that if they do not receive payment by next due date my acct. will be sent to collections. Would this be considered a charg off? Also, should I try calling them to settle the account before it is sent to collections, or just try to settle with the collection agency?

Hi joclucsylv,

Welcome to the Community!

There is a possibility of them not charging it off that soon and just hiring an outside collection agency based on amount collected. And GE Money Bank I believe is notorious for doing just that.

You may be able to settle by then, it is impossible to do anything but guess though. Some creditors settle fast, some drag you through the mud first. So, it depends on the Collection Agency they decide to use whether its better to deal with the original creditor or not.

You can peruse the "Do It Yourself" section above which will give you a fairly comprehensive pathway, or How To Settle Your Debts and Get on With Your Life.

Hope this helps.

Sub: #1 posted on Tue, 04/07/2009 - 13:45

Chrys Henderson Chrys Henderson

(Posts: 2532 | Credits: 173.73)

Hello [URL=" 158991"]joclucsylv[/URL], read your post. I have a similar situation. I have a rather sizable account and I have never missed a payment over maybe 7-8 years. About 8 months ago I came to realization that I did not have enough money to go around. So I contacted the 3 primary accounts that I had. Sears (Citicorp) **the best, BestBuy/Gottschalks (HSBC) **the worst and Walmart (GE Money Bank) ** almost the worst. Sears(Citicorp) set up a very favorable program for me right away, no problem. Walmart(Ge Money Bank) set up a six month program, it was acceptable but I wanted a permanent program. Six months later I am going though the same thing and they are inflexable, so this time I told them no more six month programs I want a permenant program. They refused and I told them to go to hell and send me to collection. The same with HSBC I told them the same thing only 8 months ago. NO FLEXABILITY. I am retired and on SS/Disability and that is permanent. My expense are pretty fixed. What can they do. Screw up my credit score ect. I don't charge anything.

I will send a letter to each credit collector to stop calling and use only letters and then after 4 years the debt is uncollectable and after I beleive 7 years I write to the credit reporting agencies and demand that they remove those debts. Done

Sub: #2 posted on Sat, 03/26/2011 - 01:30

rja1945 rja1945

(Posts: 1 | Credits: 2.3)

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