Can I Settle My Credit Card Debt with Navy Federal Credit Union for Half
I have approx $27,000 in unsecured credit card debt with navy federal credit union. I work in real estate and thus has extreme swings. I also have$45,000 in student loans which I have learned are not able to be settled or discharged in BK. My question is can I settle my navy federal debt for 50%? I have read the credit union in general and Navy Federal in particular is very difficult to work with. please advise?
can i settle debt with navy federal credit union for 50%??
—Michael
I have approx $27,000 in unsecured credit card debt with navy federal credit union. I work in real estate and thus has extreme swings. I also have$45,000 in student loans which I have learned are not able to be settled or discharged in BK. My question is can I settle my navy federal debt for 50%? I have read the credit union in general and Navy Federal in particular is very difficult to work with. please advise?
can i settle debt with navy federal credit union for 50%??
—Michael
- Credit Unions are member owned
- Credit Unions are often smaller banks that do not approach settling debt with one policy fits all scenarios in the way that big banks like Chase, Bank of America, and Citi Bank do.
- Many credit unions do not sell off debt to debt buyers.
- Credit Unions often have established relationships with attorney debt collectors and use their services more than debt collection agencies. In other words – collectors for credit union debts are more likely to sue in order to collect
- Credit Unions cross collateralize the different credit products they offer their members.
There are some more nuanced differences that can impact your ability to settle with a credit union, but the above list is the overall picture.
- Credit Unions are member owned
- Credit Unions are often smaller banks that do not approach settling debt with one policy fits all scenarios in the way that big banks like Chase, Bank of America, and Citi Bank do.
- Many credit unions do not sell off debt to debt buyers.
- Credit Unions often have established relationships with attorney debt collectors and use their services more than debt collection agencies. In other words – collectors for credit union debts are more likely to sue in order to collect
- Credit Unions cross collateralize the different credit products they offer their members.
There are some more nuanced differences that can impact your ability to settle with a credit union, but the above list is the overall picture.
