Advice About Debt Settlement Status on Your Credit Profile

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Margaret

Joined: 13 Nov 2009
Margaret's page
Posts: 56

6 Magic Points

Subject: Advice About Debt Settlement Status on Your Credit Profile

Mon Nov 16, 2009 4:22 pm

I got an offer to pay my debt on a credit card. They said they will take off 40% of the debt, and consider it Paid In Full. Is it better to go ahead and pay the lesser amount, and have a Paid In Full noted on my credit report? Or should I arrange to make payments on the full amount? I want to do which ever will improve my credit score the most. I don't know if it'd be best to pay in full at a lesser value, or establish a payment history until I pay the entire amount.

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4493

8662 Magic Points

Mon Nov 16, 2009 4:29 pm

Margaret, Have you had this debt validated? You should always ask for debt validation if an account is not still being held by the original lender. If they do validate and the debt is not past the SOL then a settlement is better than paying the whole debt. I would consider asking for a Pay for Delete. This is when you get a statement in writing form the creditor saying that once you pay off this debt they will delete it from your credit report. You can ask them by phone but I would send a PFD letter (samples under letters of credit to the right of your screen) by certified mail and make sure you have it signed before paying off the debt if they agree to this.

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