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Re: Settle outside of court?


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Posted by LadynRed (199.91.33.254) on January 23, 2003 at 13:09:11:

In Reply to: Re: Settle outside of court? posted by Mary on January 22, 2003 at 13:47:35:

First of all, they can't clear anyones credit except yours unless your fiance's name was also on the loan.

I would be very wary of anything a CA puts in writing. Make SURE that you get all the terms in writing BEFORE you pay, otherwise they are more likely to renege on the whole deal and leave your credit screwed. You want the collection agency to completely DELETE any and all entries THEY have made and you want the original creditor's tradeline updated to 'paid as agreed' or a the very least 'paid' - anything less is poison. If they say they can't do that, they're full of it - they put it on there, they can take it off or change it. You also want to make sure that the any remaining balance is NOT SOLD to another CA - and they WILL do this. You want a 1099-C issued to close out the debt. You'll have to claim it as taxable income on your taxes later.




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