Kay Jewelers

[aimlesswanderer]

Hello from a newbie,

 

I was unemployed last year for almost half a year, and let a Kay Jeweler's account go delinquent after November. First off, I take full responsibility for this, and it should never have gotten this far.

 

However, it was a $2500 debt that, with interest, is higher. Today, I received a credit monitoring alert that it went into chargeoff status.

 

I have not received any communication from them (and don't expect any until the mid-end of the week?), but...

 

What are the odds of a settlement offer from them? I want to pay it, but need to make payments. At this point, this is my only delinquent account, so I guess I'll take the credit hit as a tough life lesson...but my concern is a garnishment/court action - that is what I DON'T want, obviously.

 

Thoughts?

 

Thanks

 

[Remo]

Did it stay with the OC or go to a CA?

[aimlesswanderer]

So far it only shows as a OC (new, so assuming it means original creditor?)

 

It all changed this morning. I've read others who were sent offers, so hoping this is standard....ugh. Mad at myself.

[aimlesswanderer]

It all changed this morning, so it is still with the OC (assuming origimale creditor?)

 

I've read other stories where they've offered it, so hoping...

 

Thanks, folks. Wealth of info on here.

[shifter]

do you have the money to pay it? I would call them and tell them you were unemployed, but now you're back on your feet and see if they will remove it from your credit report if you pay it in full.

 

most OCs will not do this, but Sterling has always been really nice to me, so I would try.

 

if you settle, you're almost guaranteed to be stuck with it on your CRs for 7 years.

 

since this is your only derog, it's well worth $1k not to deal with that.

[aimlesswanderer]

Thanks - I've read horror stories about Sterling, so I wasn't sure what to expect. Good life lesson, I guess...