Date: Thu, 07/31/2008 14:59
If an account goes to collections and IF the CA allows a payment plan, how is that reflected on your credit report during the time it's being repaid?
For example, I have a card that if it goes to collections will take 3-4 years to pay off completely (without settlement). Is this just as bad for my credit report as settling? I am debating between heading to collections on my own, settlement with a company, or a dmp plan. I have a DMP already lined up with a company that is rated B+ by the BBB.
If a card is in collections and being repaid, are you still charged interest?