Re: Credit Card Advice
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Posted by scott williams (65.25.98.67) on October 22, 2002 at 23:33:56:
In Reply to: Credit Card Advice posted by Blue Sky on October 22, 2002 at 22:14:22:
Remember first of all you are gonna have to pay taxes on the settled part especially when it sounds like the amounts are large. Then make sure you get everything in writing that the 50% will settle the bill in full and the remainder will not longer be collected on or sold. The CA who is refusing a written settlement is gonna screw you totally. They will collect the 50% and sell the remaining 50% to another CA. That CA will think you are a sucker and really come after you. Meanwhile, your credit from all these settled ccs will be destroyed for 7 years. My settled cc from 5 years ago still haunts me. Send them a certified letter in writing asking them for a letter stating the deal. If they are in a 1 party consent state then call them and tape the phone call or they will make you regret it. A couple years down the line some scumbag agency like camco or rma will come knocking.
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