Paid As Agreed VS. Settled as Agreed
Date: Thu, 05/08/2008 - 18:08
I got a aettlement offer from one of my cards. It is 25% of what I owe. The settlement is really really good. The lowest I will probably get.
They want to settle with settled as agreed on my credit report.
Is there anything I can do or something I could say to get them to say paid as agreed.
Any ideas or guidance would be great.
Xray
Hi xray, It's kind of like buying a used car -- it will take
Hi xray,
It's kind of like buying a used car -- it will take a lot of haggling on your end to get them to settle AND report paid as agreed.
Please don't be offended when I say this (after all, I am here from a creditor's standpoint): but my company philosphy when dealing with my own customers is that you cannot "have your cake and eat it too". I often agree to remove my tradeline if the customer pays in full; but if the customer wants to settle then I will report as such to the bureaus.
Xray If you settle for less than the full amount legally the CA
Xray If you settle for less than the full amount legally the CA can send the IRS and you a 1099 and you will be required to declare the forgiven amount as income on your taxes.
credit
I got a 'settlement' letter, as well. It was on a PDL. However..the PDL ( or CA) is on my Credit Report. Any suggestions?
SD in your case it is the CA reporting, not the PDL. If you pay
SD in your case it is the CA reporting, not the PDL. If you pay settle with the PDL, then you can dispute the CA's entry and they will most likely remove it.