Daniels & Norell

[late to the game]

I hope you can help me out. I have called lawyers and credit counseling agencies and I can't get an answer. I have many accounts and the one from Sears/Citibank has caused my credit score to drop over 100 points. In Oct 09, I got a letter from Sears informing that they are closing my account and decided to bump my interest up to 30% from 12.9%. I called and couldn't get them to reopen my account. I foolishly did not pay and was hit with late charges and interest which added another $1000 to my balance. Eventually, they sold my account to Daniels & Norelli.

I want to settle this but in a way where my credit score will go back up.

They offered me a settlement with a 50% discount. My question is: Is it better to pay the full amount or take their offer. Also which is the right way to handle this so my credit score goes up? This is the only blemish on my credit report and I really want it to disappear. Is there a way for that also? Or I am being naive?

Thanks

[chane]

How old is the account? Is it past your states SOL?

If not, you will probably want to try a pay for delete.

[late to the game]

The account was closed in Oct 2009 and but i received statements until 10/20/10. I received a letter dated 11/17/10 from Daniels and Norelli that the account was sold to CACH, LLC. I live in NJ and I am not sure what the SOL is.

If I go for a pay for delete, should I offer to pay the full amount (which includes interest and late charges) that they are requesting or for a lower amount?

Thanks.

[chane]

It doesn't hurt to request a lower amount, if they won't do it, they will let you know. Negotiate it like you would anything else.