Re: whychat question regarding negotating

Posted by Drew (24.59.27.46) on January 04, 2004 at 23:35:53:

In Reply to: whychat question regarding negotating posted by Burton on January 04, 2004 at 18:34:45:

It depends on how you settle it and negotiate it. If you pay in full, you have a better chance of getting them to delete the tradeline but many won't do so. If you settle for any part of the amount, they will write settle on the update account and sell the remaining balance to another collection agency who will insert their tradeline on your credit report. So you might end up with several credit collection accounts on your credit report.

From a credit point of view, you will not help your credit one bit by paying or not paying once the account has been charged off and it has gone into collections.

The only time that it is best to settle is when you are facing a lawsuit and they have the goods to win the case. Then it is best to settle because you are in statute of limitations and if they win and get a judgment, the judgment will go on your report.

Otherwise it is bankruptcy.

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