Need Advice
Date: Sun, 07/27/2008 - 18:17
My advice would be to let your son deal with this. Time to grow
My advice would be to let your son deal with this. Time to grow up and live with the consequences of poor choices. Regardless of if he pays any or none, his credit rating will still be effected for up to 7.5 years. Settling a $6000+ debt for $1200 will get him a "settled for less" notation on his credit report and a 1099C for the difference, or they will sell off the balance to a JDB and he'll have to go thru this all over again. Very unlikely that you can get any agreement for reporting or how the balance is handled for that for a 20% settlement. IMHO
Are you positive that you are only an AU and not a joint account holder? AU=no financial responsibility whatsoever. I would contact the creditor and remind them of that. Also, check you r reports to insure taht no derogatory info is hitting your reports.
Check your reports. When my DW and I went thru our financial cr
Check your reports. When my DW and I went thru our financial crises 5 years ago, every acct that I was an AU on impacted my CR's until I disputed them off.
I have checked the reports so I am good. Is there a way to stop
I have checked the reports so I am good. Is there a way to stop them from selling it after he settles with them? Whats the point of settling if the balance is going to come back to haunt him.
That would depend on whether or not he is able to negotiate that
That would depend on whether or not he is able to negotiate that as part of the settlement. If he could get to the 50-60% range he would have more bargaining power but since he is looking to settle for about 20% he has no leverage. 75% would be as high as I personally would be willing to go if the debt was still w/in SOL, which it looks like this is. Remember though, that they could just sue for the whole amount.
be sure to tell them that you want it in writing from them that
be sure to tell them that you want it in writing from them that the account has been "paid" and that the matter is considered closed--that way, if they sell it to some junk buyer in five years, all he would need to do is send them a copy of that letter to cover his ass.
Guest, have you had this experience? Were you able to get a "pai
Guest, have you had this experience? Were you able to get a "paid" with such a small settlement amount? Nascar, do you have first hand experience with this as well?
I settled an account years ago for around 25% with no aggreement
I settled an account years ago for around 25% with no aggreement in writing. Several years later, I had a JDB come after me for the remainder. When I reviewed my reports, they had reprted it as "settled for Less"
In another last year, after several attempts to negotioate a settlement on my DW's Discover for 65%, the balance would not be resold but reporting was "settled in Full". Also, I have successfully negotiated 2 PFD's for medical collections. YMMV
On the one that was sold to the JDB's did you end up having to p
On the one that was sold to the JDB's did you end up having to pay the balance?
It was beyond SOL at that point and federal reporting period exp
It was beyond SOL at that point and federal reporting period expired in Oct 07. It was sold to RJM who dunned me earlier this month so I sent them a FOAD letter.