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Well, yesterday I got offer 39% with is 12 payment of $800 a month ,whipe out $15,283.96 is this a good deal? I got in writing
should I reject this offer or take it and pay as agree?
Only you can decide on whether or not to accept. As previous members have pointed out, there are some negative - the reporting of "settled for less than full" and the fact that you will likely receive a 1099-C and the amount forgiven will be taxed as income.
However, from strict "paying off debt" standpoint, that is a fantastic offer. Not only are they willing to accept a very low settlement amount (39% is very low!), they are allowing you to satisfy it with payments, which is rare. Usually settlements require you to pay the settlement amount in full immediately.
Is it a good deal? You charged 25k worth of whatever and you're getting 61% off. How is that not a good deal?
ctnbpl wrote:Well, yesterday I got offer 39% with is 12 payment of $800 a month ,whipe out $15,283.96 is this a good deal? I got in writing
should I reject this offer or take it and pay as agree?
Well, on 1099-c I thing about geting Insolvent... so taxes is not imporant aspect as of this time
With regards to reporting- the good part it not on my credit report, the full tradeline was removed " accidently" and is not on my credit report
my average fico ( transunion,Equifax) 763 with has improved well.. was working hard to get this taking care,
Is that possible that Citi may " reinstate" this account to reflect " paid settlement if it not appear on my credit report any more?
Also how can I get Experian Fico Score? anyone?
with regards to charge $25k.. not I have not charge those amount.. may be 9K and the rest are penealty, interest, over the limit.. and 29.99 % default rate.. so that why I don't know if I get a good deal beacuse I have to pay full 100% of principal even more 110% of principal for what I have really charge
Consider it partial payment for all of the other amounts you've gotten out of that you were also responsible for.
@ctnbpl wrote:Well, on 1099-c I thing about geting Insolvent... so taxes is not imporant aspect as of this time
With regards to reporting- the good part it not on my credit report, the full tradeline was removed " accidently" and is not on my credit report
my average fico ( transunion,Equifax) 763 with has improved well.. was working hard to get this taking care,
Is that possible that Citi may " reinstate" this account to reflect " paid settlement if it not appear on my credit report any more?
Also how can I get Experian Fico Score? anyone?
with regards to charge $25k.. not I have not charge those amount.. may be 9K and the rest are penealty, interest, over the limit.. and 29.99 % default rate.. so that why I don't know if I get a good deal beacuse I have to pay full 100% of principal even more 110% of principal for what I have really charge
No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
@ctnbpl wrote:Well, on 1099-c I thing about geting Insolvent... so taxes is not imporant aspect as of this time
With regards to reporting- the good part it not on my credit report, the full tradeline was removed " accidently" and is not on my credit report
my average fico ( transunion,Equifax) 763 with has improved well.. was working hard to get this taking care,
Is that possible that Citi may " reinstate" this account to reflect " paid settlement if it not appear on my credit report any more?
Also how can I get Experian Fico Score? anyone?
with regards to charge $25k.. not I have not charge those amount.. may be 9K and the rest are penealty, interest, over the limit.. and 29.99 % default rate.. so that why I don't know if I get a good deal beacuse I have to pay full 100% of principal even more 110% of principal for what I have really charge No one is trying to be judgmental here, but I think you're missing the point. While maybe you didn't purchase actual items to create the full $25K, the debt it still your financial responsibility. When you default on a CC, all of the fees, interest, etc becomes you debt because you agreed to the terms of the CC. If you were sued by Citi within the SOL, a judge would likely enter a judgment against you for the full $25K., possibly garnsih your wages, etc So how the 25K came to be isn't terribly relevant because it's still your legit debt. Therefore, financially, you're getting an amazing deal here because you're saving 61% from what you legally owed Citi.