Confused on settlement
Date: Mon, 07/20/2009 - 08:27
I keep reading about people settling with various credit agencies for an agreed upon lower amount. For example they owe a card $6,000 but agree to settle for $4,000.
If a creditor agrees to a lower amount, is that new amount required to be paid in full at one time? Or does a similar payment plan such as monthly payment still occur?
If a creditor agrees to a lower amount, is that new amount required to be paid in full at one time? Or does a similar payment plan such as monthly payment still occur?
Typically creditor expects a lump sum settlement but I have work
Typically creditor expects a lump sum settlement but I have worked out settlements that are 3-6 payments to settle a debt. It just depends on what the terms are that you negotiate.
