offer in todays mail

If it's all legit, would they be reporting it as paid in full or settled? That's another thing I'd check. As hard as you've been working to get things paid in full, that would be a shame, huh? :)

well the only thing about this is that its only MBNA on my report and they have the account as charged off. I have no collection agencies on my report. What will suck is if MBNA 'sold' the account. So if I pay the collection agency off, it won't do me any good as far as my report goes, since MBNA is on it and not collection agency. The collection agency doesn't have to agree to report paid charge off since they're not on my report. And if MBNA 'sold' the account, then it will just remain on my report as a charge off. sucks right?

I guess if MBNA hasn't sold the account, then collection agency could get them to report it as paid charge off? I've wondered how this works if only the original creditor is on report and NOT the collection agency. anyone know for sure?

I don't know, because my Arrow account that my uncle co-signed on (Which is my #1 reason for quickly trying to take care of this) isn't on his CR...The charge off for CareCredit is on there, but the CA isn't on there. They're on mine--Possibly because I was the only one to ever use the account.

Which makes me wonder--Would it maybe be easier for me to get CareCredit taken off his account once I pay arrow in full? Because that is the only negative item on his CR..

Hi Shirley;

It may be worth calling them and explaining the situation, maybe they will extend the offer if you explain that you are waiting for a tax refund. Bear in mind you may be required to report it on your 2006 taxes as income (on the amount you didn't pay). If so they will need to send you a 1099 by January 31, 2007. That is one question you should be sure to ask. If you have been paying, and they are now offering a settlement, then it sounds like they want it off their books, so they may be a little more willing to work a deal. Also be sure you get a letter saying the debt has been paid or settled in case it manages to find its way to another CA for collection of the difference. Most likely it will be reported as a paid settlement. Not as good as a Paid or a paid charge off, but better than an open collection.

thanks Clay--I will surely think to ask about all of this when I call them up next week. I don't want to cut my neck but I am so wanting to get out from under this debt. want to make sure its done right though and not come back to haunt me laters.

I've had offers that if I take the settlement, they'll report it as paid in full, not settlement, so you may be able to work that in as well.

Geez Shirley, your debt is always so complicated! LOL! I would like to hear the outcome of this one.

~Mary