Re: Question about settlement offers

Posted by Kjeldorian (64.83.213.229) on July 19, 2003 at 09:28:55:

In Reply to: Re: Question about settlement offers posted by Taziblue on July 18, 2003 at 13:11:47:

A settlement is an offer by the creditor to accept a payment of a lesser amount in lieu of the full balance. Meaning you are allowed to pay a percentage of what you owe and your credit report will read that you have a zero balance and the account was legally settled in full, for less than the original balance.

Paying the settlement is a great choice. I am sure the creditor knows the SOL in your state. If you try to wait it out, the creditor may seek a judgement against you for the full amount, plus additional fees, and then you won't have a choice.

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