debt settlement for .25 cents on the dollar
Date: Sun, 07/23/2006 - 12:08
We recently agreed to settle a debt for .25 cents on the dollar. Can the credit card company sell the balance at some time in the future and we be dealing with future collection activity? thanks for replies.
I really do not know if your creditor would sell the amount in f
I really do not know if your creditor would sell the amount in future or not, they may or may not. However, if the amount forgiven is quite high, they might sell it to a debt buyer.
I would suggest you to ask for written document than once you pay $... the account #.... would be reported as paid in full and closed by consumer. Hope someone else would put more info here.
BTW, another point I must say. If the for given amount is more than $600, by filling 1099C form you can stop further collection activities on this account. You may like to see a tax consultant.
