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GE Money

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Anonymous
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GE Money

Is this a good deal, I was e-mailed by the company...

 

RE: Brandsmart
Account: XXXX XXXX XXXX 6529

Dear XXXX XXXXX,

Congratulations! After a review of your account, you have been approved for a settlement offer.

We are willing to accept $ 763.00 as full settlement
on your account and we will waive the remaining balance!

 

Current Account Balance: $ 1694.81 Settlement Payment: $ 763.00 Balance Waived: $ 931.81 Final Balance*: $ 0.00   *After Settlement
Payment Received
 After we receive your settlement payment we will report your account to the major consumer reporting agencies as "Account paid in full for less then the full balance". This description may vary by consumer reporting agency.

You must call 1-800-399-5166 within 25 days of the date of this letter to take advantage of this offer.

Sincerely,

GE Money
Collections Department
Message 1 of 5
4 REPLIES 4
guiness56
Epic Contributor

Re: GE Money

It is a little less than half of the balance.  What is the DOFD on the account and the SOL?

 

Reporting as settled for less is not a good deal.  It is a very derogatory statement. 

They may also try to come after you for the remaining balance.

Message 2 of 5
Anonymous
Not applicable

Re: GE Money

Thanks for responding...

 Ok the DOFD is 01/09; as for the SOL, I am not sure if it helps I live in Florida. What are my options or what suggestions do you have?  I really didn't think that the settled for less than was a good idea!

Message 3 of 5
Anonymous
Not applicable

Re: GE Money

And because the written off amount ($931) is over $600, I think you'll have to pay income taxes on it.
Message 4 of 5
Anonymous
Not applicable

Re: GE Money

no...this is good with money HOwever you should be trying to do a PAY FOR DELETE
Message 5 of 5
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