Debt Settlement - banks cross checking - Canada

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RE: banks cross checking

Postby average_joe » Sun Feb 07, 2010 07:50:02 AM

Who are the creditors you’re trying to settle with?
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RE: banks cross checking

Postby montyloree » Sun Feb 07, 2010 06:58:33 AM

IMO... I don't think the banks/credit card companies would talk to each other... the best thing to do is try..
Ultimately if credit card company is going to give you a settlement, they'll want some form of income/asset report...

If you're truthfully reporting then you should be good to go
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RE: banks cross checking

Postby riverviewbrian » Sun Feb 07, 2010 06:46:19 AM

Well if one gets 35% and all I can afford to offer the other now is 25% it might matter to the CC company thats only being offered 25%.maybe they reject on that basis?
I know its possible, anything is, but what are the probabilities of them talking to one another about settlements not about reporting how many days in arrears at the credit bureau.
I gave most of my effort to the cc at 35% because they also hold my mortgage and I wanted to be onside with them more than the other.
In my mind thats why it matters.
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RE: banks cross checking

Postby montyloree » Sun Feb 07, 2010 05:49:26 AM

hey riverviewbrain,

that's entirely possible.. there is a 30 day or so time delay in reporting to the credit bureaus...

If you're illiquid, why would the banks cross checking matter?
If you can only legitimately afford 25%... why would it matter?

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banks cross checking

Postby riverviewbrian » Sun Feb 07, 2010 05:24:50 AM

want to settle a couple of cc debts, I have talked to one and we settled on 35%.
I want to offer the other company 25%.
My question is do they cross check with one another? they must know about the other debt from the credit file I assume.
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