creditor wants to settle don't know if i should? help

Hi Oak,

I think its a good offer. How much is the debt though? What I would do if I could pay it off is ask for in writing and see if they will budge any lower. If they say no tell them you would possibly accept if they would remove anything negative from your credit report. Make sure they send that to you in writing.

thanks for the reply the debt is just under $12,000 my husband and I have 12 credit cards to settle on...long story of how this happened anyway after researching everything over the past 3 months instead of using a debt settlement company decided to try this on my own so more of the money is going towards our debt payment and not the company. Anyway was very surprised that they came back so quickly to want to settle something especially calling me twice in the same day. they are doing 0% interest and cutting the debt in half so it is $5800 and 3 monthly pymts which would be $1900/month can't swing that so asked them to put it over 5 months she put in the request and we'll see what they say if they say yes then I think I will do it and I will definitely get it in writing.

yes and one more question...I heard that if you do settle with your creditor sometimes they will turn around and sell the rest of your debt and you could be responsible for that. Is this true?

What you want them to do is send you a settlement letter. Make sure that the letter says that the account will be paid in full. Make sure to keep that letter as proof if they do try and sell it.

thank you so much for helping Have you done this before "dfawaz" I heard also that I should make sure that it is signed by their lawyer or "a person that has the authority" or sometimes they can bring you to court and say that it wasn't signed by a person that has the authority. Is this true? can you clarify that for me?

I have had 2 credit cards settled so I have gone through this before. Right now Im actually dealing with a CA Who is giving me way too much of a headache. I have both my Letters that state it is paid in full and Signed by them. Also what I did to make sure was get my credit report to make sure that that it truly was paid in full. It does state that it is paid in full however it says it was paid in full per settlement. If you can deal with them and see if they will get them to remove the CC From your credit report in the negotiations that would be great.

Here is what it says word for word directly from the letter

"We will consider the account settled in full and the balance will be reduced to zero as soon as the final payment clears."