Should I still try to work with my credit card company or wait until it is sold to a collection agency?

Question

Hi! I need some advice. I currently came to a settled amount to pay my credit card company because I've lost my job and I'm no 90 days late. Well, the day that we came to the agreement my file got handed over to their "pre-legal" department, which I found out is a third party legal servicing company that will not honor my previous agreement with the credit card company. Is this "pre-legal department" the collection agency and has my debt been sold? If this is not the collection agency and my debt has not been sold should I just wait until it is sold to negotiate and pay a lump sum? What should I do? Thanks :)

Answer 1

I would pay the original agreement. You don't want your credit score to suffer.

Answer 2

If it's the "credit card company's Pre-legal department" then it is NOT a collection agency.  If you settled on an agreement on your debt with the credit card company, I would just pay that immediately and you should be fine.  Most credit card companies are willing to work with you on negotiating an agreeable debt settlement BEFORE sending it to the collection agencies.  If you still have questions or doubts, call your credit card company back and make sure you're both on the same page.  That's what their reps are there for.