| Author |
Message |
|
Options 
Bookmark online
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
|
|
|
|
|
Tue Jan 13, 2009 10:03 pm
|
|
|
Donald, Usually debt settlement is about 50-70% of the amount owed. They may settle for as low as five thousand but I am not too sure on the $1500. If the debt was really old and well past the statute of limitations you may be able to pay it off for that. One other reason they may accept a smaller amount is if they do not have the original contract and could not validate the debt. The only thing is I would not suggest paying a debt that was not validated.
As for removing it from your report entirely...if it is the original creditor they could but if it is already bought up by a debt collector then the only listing that would be removed would be theirs and not the original creditors. |
|
|
sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
|
|
Subject: credit
|
|
|
Wed Jan 14, 2009 3:01 am
|
|
|
| Never REALLY thought of that, FIREYONE. I mean, I DO get letters, from CA's, on debts that are a few years old. Asking for a fraction of the amount that is ORIGINALLY owed. But..I see your point when you say you should never attempt to pay on a debt if it can't be Validated by the CA. |
|
|
Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
|
|
|
|
|
Wed Jan 14, 2009 7:52 am
|
|
|
Hi Donald
No credit card company or collection agency will agree to settle for 15% of the outstanding debt amount. If you want to go for debt settlement, the credit card company may be willing to settle for 60% to 80% of the outstanding debt. This means that if you have a debt of 10000, you may need to pay 6000 to 8000, in order to avoid charge off. However, after pay off the debt, the status will only show as "paid" and will stay in your credit report for seven years.
_________________
All the Best 
Justin |
|
|
Doc
Joined: 02 Dec 2008
Doc's page
Posts: 184
Location: McKinney, TX
1127 Magic Points
|
|
|
|
|
Wed Jan 14, 2009 11:33 am
|
|
|
Couple of things......
1) Never pay a debt that is with a third party.
2) Never pay one that isn't validated. You have no contract with them, and they can seldom even prove that they are entitled in a court of law.
3) Settling a debt for less than the amount owed will reflect that way on your report, and that statement on your report is more damaging than "Paid In Full". Better having it closed, regardless, but I thought you should know the difference...
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site... I don't wanna sell you anything, I just wanna increase my traffic, and push my site up in the search engine rankings...
http://www.omegacreditrepair.com |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
|
|
|
|
|
Wed Jan 14, 2009 1:46 pm
|
|
|
| Whom is considered the third party in debt collections. I am thinking the first party is the original creditor, second the first collection agency is third any collection agency after that or is it the first party the debtor..second..the credit card company..then the third being the debt collection company? I keep seeing where you respond and just trying to figure out for sure what the correct order is. |
|
|
Christi
Guest
|
|
Subject: credit
|
|
|
Sat Aug 08, 2009 3:07 am
|
|
|
Can a status of a credit card show...paid as agreed and "written off"?
I have been trying to clean up my report for a couple of year now. I had 12 and now only have 3....although one of the 12 was paid off....Chase shows up as a new account using an account that was paid off. I duisputed it and was told by experien that it is a legit account. I have proff that it is paid but yet they will do nothing about it. |
|
|
bunni
Guest
|
|
|
|
|
Sat Aug 29, 2009 11:58 pm
|
|
|
| if i filed for chapter 13 bankruptcy in 10/2008, the individual accts on my credit report included in my bankruptcy be removed?? |
|
|
adm78
Guest
|
|
Subject: default
|
|
|
Tue Sep 29, 2009 5:55 pm
|
|
|
| I have recently applied for a home shopping catologue and was refused due to adverse credit that was on my file. Due to this i have requested my credit file from both experian and equifax to see what this default was connected with. When i viewed my reports i found that the default was connected to the same creditor. However this agreement was taken out by an ex-partner in my name and without my knowledge. The account was settled in 2006 but still remains on my file- apparently for another 3 years. What would be the best way to address this problem and is there any way of getting it removed from my report. Any advise would be appreciated |
|
|
karen Cross
Guest
|
|
Subject: remove outed info from credit report
|
|
|
Fri Jul 02, 2010 4:15 pm
|
|
|
| recieved my credit report and there is very old outdated info in my report would like to remove it and improve y score. |
|
|
Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
|
|
Subject: credit report
|
|
|
Sat Jul 03, 2010 11:25 am
|
|
|
Hi Karen,
You need to provide more information, so that the members may be able to help you in repairing your credit . Can you tell:
1. What informations are these?
2. How old are these informations?
3. Are these wrong listings, or negative informations?
Thanks,
Aaron
_________________
Keep in touch |
|
|
arvizd
Guest
|
|
Subject: Bankruptcy or Debt settlements
|
|
|
Fri Jun 24, 2011 10:38 pm
|
|
|
Hello,
Currently my husband and I owe approximately $80,000 in debt. My husband works part time and I work full time. We have been paying most of the credit cards on time except Citibank and Chase. One of the accounts was referred to a third party agency. The original balance is $9200 and are negotiating to $4200. Not sure what to do because we either are thinking of letting go all the debts meaning don't pay them until they settle with us or just file BK. Reality is we owe alot and I am also trying to save a for a fertility treatment which in California we pay the entire amount another $15,000. I am feeling stressed and trying to figure out what is best. Alliance is the thrid party collection agency. Not sure which looks worse on credit. Thannk |
|
|
Emmly
Guest
|
|
Subject: uFezDefFaTYt
|
|
|
Tue Jul 05, 2011 12:10 pm
|
|
|
| What a joy to find such clear thinking. Thanks for posintg! |
|
|
Easter
Guest
|
|
Subject: JgNDFYbyttXCdAstEA
|
|
|
Fri Jul 08, 2011 2:28 am
|
|
|
| Hey, youre the goto eprxet. Thanks for hanging out here. |
|
|
Previous 1, 2