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Revoke vs. Settlement
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Posted by Steven
on February 08, 2002 at 21:33:11:
I was told my someone in the 'hardship department' of a Visa card that if I agreed to be put on their 'hardship program' which would lower my payments and interest rate but close my account, this would be put on my credit report as a rating equivalent to a charge-off (R-something) and be close to a bankruptcy rating. Even though I would be paying my bill in full, they mark it as revoked and looks bad on the report. The person told me a settlement listed as paid, zero balance is actually better than trying to pay monthly. What do you make of this and is it true? How do I get a company to agree to settling on my terms and price (no balance can be sold to a collection agency, my report should be marked paid, zero balance) and is there any other terms I should list when proposing a settlement? If they default on the agreement, and do sell it elsewhere, what rights do I have at that point? I know to send a letter certified mail, return receipt but how do I know who is 'officially responsible' for signing off on this. Please, all help is welcome. Thank you.
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