should i settle

Submitted by Anonymous (not verified) on Wed, 03/10/2010 - 11:11
Forums
Credit repair

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 (not verified)

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

Wed, 03/10/2010 - 11:17 Permalink
Aaron

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

Wed, 03/10/2010 - 11:58 Permalink
cinnamngrl

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

Wed, 03/10/2010 - 12:45 Permalink