Author Topic: Received Debt Settlement Letter should I accept?  (Read 1272 times)

Online Luvisrael

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Received Debt Settlement Letter should I accept?
« on: September 16, 2018, 01:22:28 PM »
Anyone have any tips and advice for this? How will this affect my credit etc. TIA!

Offline ckmk47

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Re: Received Debt Settlement Letter should I accept?
« Reply #1 on: September 16, 2018, 02:24:31 PM »
Anyone have any tips and advice for this? How will this affect my credit etc. TIA!
Any debt 'forgiven' will count against you on your credit rating.
On the other hand, if you can't make your payments, getting rid of some debt can be a big help.
Good luck.

Offline chbochur

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Re: Received Debt Settlement Letter should I accept?
« Reply #2 on: September 16, 2018, 04:06:08 PM »
Anyone have any tips and advice for this? How will this affect my credit etc. TIA!
Speak to someone who does credit repair. I believe it's best not to settle with them cause then you can't fix that on your credit report.

Online ExGingi

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Re: Received Debt Settlement Letter should I accept?
« Reply #3 on: September 16, 2018, 04:29:01 PM »
Anyone have any tips and advice for this? How will this affect my credit etc. TIA!

Settling debt will affect your credit. However, sometimes that's not too bad of an outcome if you have a significant amount of debt forgiven.

Impossible to give advice without the full picture. However, if you are inclined to settle, just look at the offer you got as a starting bargaining point.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online Luvisrael

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Re: Received Debt Settlement Letter should I accept?
« Reply #4 on: September 16, 2018, 04:34:30 PM »
Speak to someone who does credit repair. I believe it's best not to settle with them cause then you can't fix that on your credit report.
do u know who I can speak to? Never dabbled in this before...

Offline chbochur

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Re: Received Debt Settlement Letter should I accept?
« Reply #5 on: September 16, 2018, 04:37:28 PM »
do u know who I can speak to? Never dabbled in this before...
Pm sent

Offline ChaimMoskowitz

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Re: Received Debt Settlement Letter should I accept?
« Reply #6 on: September 16, 2018, 07:30:00 PM »
As part of the settlement will they agree to remove the negative from your CR?
I just found a new supply of forks!

Offline S209

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Re: Received Debt Settlement Letter should I accept?
« Reply #7 on: September 17, 2018, 01:31:14 AM »
You can often negotiate certain things, such as the way they report to the credit bureaus. Most things are negotiable. Still, very important- make sure you get from them in writing that all outstanding debt is now considered paid in full and is no longer collectible by them or any other entity, ever. Otherwise, they can still make a claim against you for the remainder after they receive your partial payment..
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Online Luvisrael

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Re: Received Debt Settlement Letter should I accept?
« Reply #8 on: September 17, 2018, 05:36:53 AM »
Thanks everyone

Offline incendia

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Re: Received Debt Settlement Letter should I accept?
« Reply #9 on: September 18, 2018, 03:44:55 PM »
How old is the debt? If its older than a certain amount ( I think 7 years in NY) then they cant collect. but if you they trick you into repaying even a small amount the clock resets

Online Luvisrael

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Re: Received Debt Settlement Letter should I accept?
« Reply #10 on: September 19, 2018, 10:19:08 PM »
To clarify, itís about a balance on credit cards.