topic Re: GE Money in Rebuilding Your Credit

GE Money

Anonymous — Thu, 10 Sep 2009 01:03:45 GMT

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

Re: GE Money

Anonymous — Thu, 10 Sep 2009 10:17:24 GMT

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.

Re: GE Money

Anonymous — Thu, 10 Sep 2009 12:47:20 GMT

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!

Re: GE Money

Anonymous — Sat, 19 Sep 2009 22:06:15 GMT

And because the written off amount ($931) is over $600, I think you'll have to pay income taxes on it.

Re: GE Money

Anonymous — Sat, 19 Sep 2009 22:45:29 GMT

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