I called Cap1 about 2 accounts I have that CO in 2015. They can't take any payments because they have 2 CAs working to collect. They still own the debt a d neither agency has ever reported on my CR. I've received a settlement offer from both. 1 has a balance of 1688 and I can't settle for 597 and the other is 716 and settle for 286.
I could settle them both now. I could pay the bigger one in full, but I'd have to wait on the other. They're both affecting my UTI on Experian.
If I do settle does that affect your potential for a car loan or mortgage? And would the CA then report the steeltment even though they're not reporting anything now? Or would that be left up to Cap1 since they own the debt?
The possibility does exist that the CAs could update the paid accounts and report them to the CA. Have they indicated a willingness to PFD if the balance is paid in full; if not, then are they agreeable to report a zero balance without any notations about settled for less than the full amount? Whether or not they report would be a conversation that you would have to address with them. As for the larger account, the settlement amount would cause the CA to send a 1099-C which you would have to report as income to the IRS. Having settled accounts has not prevented me from obtaining loans and CCs; as for a mortgage, the lender would more than likely require that you take care of your obligations anyway.
Thanks Kay. I haven't called the CA yet. I'm about to. Since they're not reporting should I ask them not to if I pay in full? I guess I could pay the larger one off and the pay the other in full later. They're both with different CAs . One is Client services and the other is ARS National
I haven't dealt with either company, but you could always do a search in the forums to see if you can pull up any information on how they responds to customer requests. Good luck....and keep us updated.
I guess I'll call and pay the big one in full and work on the other next month to pay it in full.
Good job. Sounds like you're on your way.