well, this is starting to get a little more interesting. They initially offered a settlement of 950, that was then reduced to 882 and now they have offered $665 to settle the account and it will reflect as "settled" on my credit report. In order to defer the taxes on this "gift" I can pay half now and half next month.
All of this came about while trying to get the accessory fees(late and interest) reduced to get as close to the principal amount owed of $1486 as well as a "paid in full" reported to the credit bureau.
The settlement is hard to pass up and I know they will reduce that further which basically becomes a tax free loan until next year if I take it but I still stand to bare the burden of the possible negative impact the terms "settled" might have eventhough my account is almost 180 days delinquent.
The real kicker is that I am prepared to pay them up to 1500 or 1600 in order to get that "paid in full" reported yet they would rather take a $1300 loss and are pushing for the settlement instead of waiving more accessories fees and giving me the reported terms I am requesting.
They are calling me back shortly with a new proposal and the clock is ticking down until it goes to collection so hopefully we'll reach an amicable agreement by tomorrow morning.
any thoughts, strategies or advice?
