should i settle

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music
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Subject: should i settle

Wed Mar 10, 2010 11:11 am

I owe 80 k to a credit card company. The company is offering to settle for 20% of the debt. Half of the debt is personal half of it has been accrued for business purpose.

Along with this I am going to get a 1099c on the debt. According to the IRS calculations I won't have to pay the taxes, because of being insolvent.

What should I do? Should I agree to the settlement?

ralph
Guest

Subject: settle

Wed Mar 10, 2010 11:17 am

Hello,

I think you should agree to the settlement. You are getting quite a good settlement offer, thus, it's better to go for it. Moreover, you are getting 1099c on the debt. This will forgive your debt. In addition, you won't have to pay the taxes too.

Thanks,

Ralph

Aaron

Joined: 08 Feb 2010
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Posts: 2675

48566 Magic Points

Subject: settle or not to settle

Wed Mar 10, 2010 11:58 am

Hi music,

The company is offering you a good settlement offer. Thus, you can agree to this settlement offer. However, before agreeing, you should be aware of the results. You should get the settlement in writing. Don't start making the payments without the written copy of the settlement offer. Send a certified mail requesting a return receipt to the company, requesting them to provide you with the copy of the settlement.

Hope this helps.

Regards,

Aaron
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cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455

6339 Magic Points

Wed Mar 10, 2010 12:45 pm

what credit card? when was the last payment made? it sounds like a good deal, if they are on the level
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