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08-28-2014, 07:22 AM #1
Are you aware some debts get settled for 50% owed?
I just read that f you have some large credit card debt, say $10,000, a debt collection agency will offer a settlement agreement with you to pay inside of 3 months. Usually, at 70% to start, then it can be negotiated down to 50% but after they send you a intent to sue letter. Please correct me if I am wrong but this is what I've seen from Capital One and Discover.
A lot of people become unemployed for a while longer than they expect so they get behind. Fortunately, an agreement is worked out. With some debt collectors you should work out they agree to remove it from the credit bureaus upon finalizing the payment.
09-21-2014, 04:41 PM #2
Yes, I have heard of debt settlement but it does not show up on your credit report as paid in full. Don't they put some other notation like settlement, or something?
09-26-2014, 11:00 AM #3
Sometimes you can ask to pay it on an agreed amount and also get in writing that they will report to the bureau it is paid in full. It is rarer but it doesn't hurt to ask for that.
01-19-2016, 11:02 AM #4
Whether it it shows as settlement, it will eventually go off your report. Even if you don't pay.
And for those who don't pay, there is a statute of limitations. After that expires, you have no legal obligation to even pay your debts.
I wonder how many people use these legal protections to weasel out of debts they never intended to pay?