Re: What Does Settlement do?
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Posted by Linda (65.120.51.158) on April 08, 2002 at 12:04:29:
In Reply to: What Does Settlement do? posted by Debt Free on April 08, 2002 at 03:06:14:
There is a letter for this at http://briefcase.yahoo.com/serenitybreeze however, it doesn't work very well with original creditors, because their subscriber agreement with the credit bureaus includes a provision that they not negotiate deletion (or anything else) for payment. You can send that letter, and wait for a response. The response will most likely be that it is against federal law to report a settled account as paid in full. It isn't, but I doubt that they will come around to your point of view. If you settle with them, without this agreement (all of it) they will report your account as settled for less than the full amount, and then they will sell the charged-off amount (what you didn't pay) to a collection agency and the real fun will begin. What CCC is this? Have you asked if they have a "hardship" program? If there is a good reason for your default some of them have a decent program which would be better than bk. If you don't have a good reason, they won't do it at all. Otherwise, consider either just letting it all charge off, and then dealing with it, or filing bk (if you qualify). Linda
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