Re: Who to negotiate settlements with?
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Posted by Why Chat (209.240.198.61) on March 31, 2003 at 20:34:22:
In Reply to: Re: Who to negotiate settlements with? posted by scott on March 31, 2003 at 20:04:12:
You are being VERY foolish.
If you do what you claim to want to do, all you will accoomplish is to throw BORROWED $$ (from a relative who trusts you)down a rat hole. Your credit is trashed, trying to "settle" with collection agents who own the accounts is like trying to play patti-cake with a tarantula. Even if you WERE able to settle with 1 or 2 of your OC's, you would be getting a 1099c for the unpaid balances, and have to pay taxes on that as income for 2003. You would still have any accounts that have already been sold to a CA, and if you "settle" with them, they may report your account as a "paid" collection, but they will sell the balance to another CA, who will put a NEW collection account on your reports for ANOTHER 7 years. It is true that the data on your BK CH7 stays on your report for 10 years, BUT, the underlying accounts included in BK will still come off in the 7 years from their 1st delinquency (late date) You will have better credit in 2 years with a CH7 BK, then with trying to "settle" and you won't have the added problem of borrowing $$ from relatives.
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