I am trying to help my wife pay off some credit cards. She has one card with an $8000 balance which reports her over 30 days only once this was just last month as she did not bother making a payment knowing I was going to pay it off.
This account is only in her name and not reported under my credit report
Question is since it has been reported negatively will it make any difference if I accept the companys offer to settle it 90% of the balance? The debt is not into collection or anything like that yet only that it was over 30 days once.
I was also told by the company that she would receive a 1099 for the settlement amount and would have to report that as income on her taxes for the year. Is this true?
Message Edited by kenneymcc on
04-04-2007 08:58 AM