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Re: Credit Card Settlements Good or Bad???
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Posted by Why Chat on February 18, 2002 at 09:56:06:
In Reply to: Credit Card Settlements Good or Bad??? posted by Lynn on February 18, 2002 at 02:20:19:
If you are beyond the statute of limitations for your State fo being sued,you can make a settlement arrangement without the risk of them rselling your unpaid debt to another collection company.Generally speaking,unless you are VERY careful and knowledgeable you should pay to have a lawyer do the negotiations,and obtain a COMPLETE release. Yo will still have added 7 years to the "bad debt" report on your CRA's.The debts (if it is done right) will be marked as "paid in full".However the dates are a giveaway,plus, since at that point technically they are no longer "adverse" information,they may stay on LONGER than an additional 7 years.
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