Re: Playing the game
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Posted by Linda on December 17, 2001 at 16:51:43:
In Reply to: Re: Playing the game posted by Chris on December 17, 2001 at 15:13:55:
You negotiate with the creditor to pay a portion of the amount owed, they agree to "Write off" the remainder. However, as I said, they will most likely sell the debt for the remainder to a collection agency, who after a while will sell it to another CA, and so on ad infinitum. It's credit hell. Usually the original creditor will report the account settled for less than was owed (charge off) a credit card would be R9 - that's really bad on your report. Then each collection agency will most liekly report a collection. This can go on for 7 years from the original date of delinquency (the date you originally stopped paying +180 days). Theoritically, that is. As each collection agency tries to collect this, some may try to re-age the debt - you will have a constant battle on your hands. Why are you settling? how old is the debt? What state are you in? You may have other options. Linda
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