Should I pay the 60% or keep paying on the debt for a year.

[Anonymous]

I was just offered a settlement on one of my overdue credit cards to pay 60% of the card. Should I take this settlement or should I just go ahead and pay the $100.00 a month like I was planning too for a year? I'm not sure which option will help my credit score more. Can anyone tell me?

[Anonymous]

What is the DOFD on this account.

The time in which it can remain on your CR is approx 7 years from DOFD.  SOL may be affected by making payments (DOLA) but not the drop date

[Anonymous]

I'm not totally understanding what your asking. But it hasn't been 7 years more like 4 years.

[Anonymous]

DOFD = the date of first default      DOLA is date of last payment

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

Message Edited by HappyDays on 01-17-2009 12:38 PM

[SCF]

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@Anonymous wrote:
I'm not totally understanding what your asking. But it hasn't been 7 years more like 4 years.

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Here's some reading for you DM: DOLA, DOFD, SOL

Also, to get you started, DOFD stands for "Date of First Delinquincy" which is the date of the first missed payment that eventually caused your account to go bad.  The DOLA is "Date of Last Activity" and it can be updated when you make payments, which may affect the SOL "Statute of Limitations" for your debt.  Basically, if you're within the SOL you can be sued, if not, they no longer have a legal way of forcing you to pay the debt.  The negative listing will stay on your account for 7 years from the DOFD.

Enough FICO-ese for you yet?  I swear we have our own language around here.

[Anonymous]

I have no info on the DOFD but the DOLA is May, 2006.

[Anonymous]

If this is a CO from a CC  is the OC reporting?  That is where you would find the DOFD.

SOL

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

Abbrevs that we use

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=584&jump=true

[Anonymous]

It is a CO from a CC and the OC is not reporting (I don't think). There wa still no info on the DOFD though. Thanks for that abbreviations list.

** Nevermind I found my answer for what I need to do. Thanks Anyway.

Message Edited by Dmlloyd on 01-17-2009 01:51 PM

[Anonymous]

I know you got your solution for this case, but for others reading, when it is better for you to settle, don't pay the offered 60%, Counter offer 30% or 40%.

I owed a bunch of late cards back in 2000, sold my house for good profit and offered all my creditors to settle for no more than 50%. Most accepted, one did not. The one that did not never got anything at all from me.

[jg33]

Just some info I heard about settments that may be true.   (and a a fact on special payment plans vs CCCS)

You must file the discounted portion of the settlement as income on your taxes. Plus you may have to repay that amount once taking out a loan in the future (within 7 years) .      So depending on the amount of the settlement, it may not be worth it.   I would consider special payment plans on CC's.  Some offer no late fees and an interest reduction anywhere from 25% off of the current rate. I  have even heard of them offering 0% and no late fees for a few years. Depending on situattion.     

 Consumer Credit Management or CCCS  cant actually always get you the better deal then what the actual Creditor can offer you if you take a SPP (special payment plan) / Finacial Hardship.