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i have a charge off on my credit. It's a year old for $5700. I want to settle it but not sure if I should . I had a wreck in the car after having it for 6 month .i was never late .it was filed as a total loss .. The other people insurance only paid 16500.which left me with this balance . no gap insurance .financed thru regional acceptance
Settling doesn't really help your credit. The benfit is that they can't come after you for the debt. Make sure you get it IN WRITING.
Honestly, I'd maybe leave it alone. It'd be worse if they tried to sue you and got a judgment. Why do you want to settle? Getting a mortgage?
Also how much can you settle for? I'd look at doing a pay for delete IN WRITING if anything.
Yes im trying to get a mortgage . With that being on my credit I have
tran 620
EQ 530
EX 611,,,
their willing to settle for 2200 , to delete
@helpme12 wrote:Yes im trying to get a mortgage . With that being on my credit I have
tran 620
EQ 530
EX 611,,,
their willing to settle for 2200 , to delete
Wow if they're willing to settle AND agreed to delete, I'd go for it. That is the best you can possibly hope for.
Just get it in WRITING (preferably on letterhead) that they will delete the whole account and it's negative history in return for x. Also it needs to say that they consider it the debt to be fully satisfied.
Thanks, my only collection account left
at that price, you dont really have a choice but to settle