Re: Debt Negotiation

Posted by Linda on January 27, 2002 at 00:14:26:

In Reply to: Re: Debt Negotiation posted by Paul on January 26, 2002 at 23:58:31:

They are selling you a service. They are probably on commission. It will show R9, charged off, 0 balance. That's not good, it's bad. That will stay on your report for 7 years. It is 0 balance because it has been charged to P&L.

The collections go on and on because each time you chase one collection agency off, they will sell it to another one. Even after the statute of limitations is up, they will still be trying to collect. Dinging your credit report with inquiries (called "poisoning" your file).

I'm not saying don't do it, but you should be aware of all the implications. It is not what they make it sound like.

You will always owe the money you didn't pay, the debt is never cancelled unless you pay it or bankrupt it. That doesn't mean they can make you pay it, but they will keep trying.

Linda

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