Comments on: how much should i offer to settle a debt? http://howtogobankrupt.org/how-much-should-i-offer-to-settle-a-debt.htm Mon, 06 Feb 2012 00:00:45 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Reena http://howtogobankrupt.org/how-much-should-i-offer-to-settle-a-debt.htm/comment-page-1#comment-5399 Reena Sun, 07 Feb 2010 03:00:10 +0000 http://howtogobankrupt.org/how-much-should-i-offer-to-settle-a-debt.htm#comment-5399 The whole $5200 is on your credit report... it looks like "they" didn't care about the fact that originally there was 3 of you on the lease. At this point you could probably offer about 30% to settle the debt. Get everything in writing before you send them a Money Order for the agreed amount. The whole $5200 is on your credit report… it looks like "they" didn’t care about the fact that originally there was 3 of you on the lease.

At this point you could probably offer about 30% to settle the debt.
Get everything in writing before you send them a Money Order for the agreed amount.

]]> By: yourmom123321 http://howtogobankrupt.org/how-much-should-i-offer-to-settle-a-debt.htm/comment-page-1#comment-5400 yourmom123321 Sun, 07 Feb 2010 03:00:10 +0000 http://howtogobankrupt.org/how-much-should-i-offer-to-settle-a-debt.htm#comment-5400 13222 13222

]]> By: CatDad http://howtogobankrupt.org/how-much-should-i-offer-to-settle-a-debt.htm/comment-page-1#comment-5401 CatDad Sun, 07 Feb 2010 03:00:10 +0000 http://howtogobankrupt.org/how-much-should-i-offer-to-settle-a-debt.htm#comment-5401 This will come off your credit report anyway in 2 years as 7 years is the max. amount if can stay...Unless there is an urgent reason to pay this debt off, like: 1) You are applying for a new mortgage, loan or apartment and the creditor is insisting that all defaulted items be paid off 2) There is a confirmed lawsuit pending on the debt ....then it’s often best to take a "Don't Ask/Don't Tell" approach...just sit tight and let the charge-off fall off your credit report naturally. Paying off an old debt like this won't necessarily remove it from your credit report. They might update it to "Paid" but that's all. ================== If you decide to pay anyway: - Get all terms of any settlement deal you reach with debt collectors IN WRITING BEFORE you give them your money. This letter should state the settlement amount and that the account will be “paid in full” upon receipt of this amount from you. Keep the letter in a safe place. Never accept settlement deals over the phone that are not backed up in written terms. If you don’t, the debt collectors will deny that any settlement was ever made once they get your “settlement” money and will come back demanding more money from you. - NEVER give out your checking account/bank routing numbers to debt collectors for making electronic debit payments. This is like giving the keys to your front door to a burglar. Once they have this info they can attempt to withdraw any amount from your checking account at any time. Pay only via USPS money orders. This will come off your credit report anyway in 2 years as 7 years is the max. amount if can stay…Unless there is an urgent reason to pay this debt off, like:

1) You are applying for a new mortgage, loan or apartment and the creditor is insisting that all defaulted items be paid off
2) There is a confirmed lawsuit pending on the debt

….then it’s often best to take a "Don’t Ask/Don’t Tell" approach…just sit tight and let the charge-off fall off your credit report naturally.

Paying off an old debt like this won’t necessarily remove it from your credit report. They might update it to "Paid" but that’s all.
==================
If you decide to pay anyway:
- Get all terms of any settlement deal you reach with debt collectors IN WRITING BEFORE you give them your money. This letter should state the settlement amount and that the account will be “paid in full” upon receipt of this amount from you. Keep the letter in a safe place. Never accept settlement deals over the phone that are not backed up in written terms. If you don’t, the debt collectors will deny that any settlement was ever made once they get your “settlement” money and will come back demanding more money from you.
- NEVER give out your checking account/bank routing numbers to debt collectors for making electronic debit payments. This is like giving the keys to your front door to a burglar. Once they have this info they can attempt to withdraw any amount from your checking account at any time. Pay only via USPS money orders.

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