negotiating credit cards I have a couple questions.

[Anonymous]

I want to make sure I am doing the best thing: 

I am negotiating a couple   credit cards.  One is 3 months late, the collector is willing to settle for 33%, should I demand that the line item be deleted?

     Should I try to get the card settled for 25%.  Does the collector truly have the power to control that it is marked settled, paid or deleted?

When you look at my finances I am actually negative, so I believe I am judgment proof.  The collector is threatening to charge off the card, even if they charge it off while I am willing to settle then they try to sue me and find that I am judgment proof, I believe they will not be able to get a judgment.  Iam I correct?

I  can borrow the money to settle, but I dont want to settle if it is going to look that bad on my credit anyway. Thanks for your help. 

[AndySoCal]

Here is a link to an article below you might find interesting

http://www.creditcards.com/credit-card-news/debt-settlement-choose-credit-score-1265.php

The bottom line is you need to do what makes the best financial sense for you now. Is the account in collections or just late on your credit report ?

[Jazzzy]

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@Anonymous wrote:

I want to make sure I am doing the best thing: 

I am negotiating a couple   credit cards.  One is 3 months late, the collector is willing to settle for 33%, should I demand that the line item be deleted?

     Should I try to get the card settled for 25%.  Does the collector truly have the power to control that it is marked settled, paid or deleted?

When you look at my finances I am actually negative, so I believe I am judgment proof.  The collector is threatening to charge off the card, even if they charge it off while I am willing to settle then they try to sue me and find that I am judgment proof, I believe they will not be able to get a judgment.  Iam I correct?

I  can borrow the money to settle, but I dont want to settle if it is going to look that bad on my credit anyway. Thanks for your help. 

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Being "judgment proof" does not mean that they can't get a judgment. They can certainly still get a judgment against you that will remain on your credit report and damage your credit.

The term "judgment proof" simply means that you have no assets to pay the judgment.

The best situation would be to try to negotiate a pay for delete.