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If they offered 50% thats a good deal since they can still use the courts to sue to get it all. Doubtful they will go lower.
I've never had luck getting more than 50% for anything that new. I'd take it and run with it, or see if they'll do a payment plan.
In my opinion, I would consider a counter-offer that seeks their agreement not to report settled for less rather than seeking a lower % in your settlement offer.
Whatever % they agree to, if it involves acceptance of less than 100% of the debt, they have the option of additionally reporting the special comment of settled for less to the CRA. That informs others that the debt was discharged for less than its full amount, which means the owner took a loss in having dealt with you.
That is never a favorable comment in any subsequent manual review of your credit report, as lendors dont like to extend credit if it will not be repaid in full.
I would counter with their offered settlement %, but add the provision that they agree not to report any referecne to settled for less to the CRA, which will then make your credit report appear the same as if you had paid the debt in full.
@RobertEG wrote:In my opinion, I would consider a counter-offer that seeks their agreement not to report settled for less rather than seeking a lower % in your settlement offer.
Whatever % they agree to, if it involves acceptance of less than 100% of the debt, they have the option of additionally reporting the special comment of settled for less to the CRA. That informs others that the debt was discharged for less than its full amount, which means the owner took a loss in having dealt with you.
That is never a favorable comment in any subsequent manual review of your credit report, as lendors dont like to extend credit if it will not be repaid in full.
I would counter with their offered settlement %, but add the provision that they agree not to report any referecne to settled for less to the CRA, which will then make your credit report appear the same as if you had paid the debt in full.
Great advice RobertEG.