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 Posted: Wed Jan 23, 2008 6:16 pm Subject: Is this unreasanable |
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I have a debt to a department store of $366 which includes over $250 in fees. Do you all find it unreasonable to request a settlement of 166 (basically the entire principal and interest with out the fees?)
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lfg8764
Joined: 11 Sep 2007
Posts: 2
Debtcc Points: 84
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| Posted: Wed Jan 23, 2008 6:21 pm Subject: |
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The problem with a settlement is that it will show on your reports as "settled for less than the full amount" if it's already reported. I'm a big fan of "pay for deletes" , you will usually have to settle for a little more money to get the PFD. I'd probably start offering $200 in a PFD letter if it were me.
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LoneGunman
Joined: 14 Jan 2008
Posts: 226
Debtcc Points: 1631
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| Posted: Wed Jan 23, 2008 8:16 pm Subject: |
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I agree with longunman...I did that with a credit card and it is noted on my credit report as "settled for less than full amount"...I think I sc$$wed myself by doing that. Follow their advice and don't settle for anything else than a PIF notation.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2761
Debtcc Points: 24789
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| Posted: Wed Jan 23, 2008 9:22 pm Subject: |
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Sounds like the debt is old to have this much fees. Settle if they will. Putting dents in your credit over 166 is careless.
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