Judgment

Date: Wed, 10/15/2008 - 14:02

Submitted by shadow
on Wed, 10/15/2008 - 14:02

Posts: Credits: [Donate]

Total Replies: 3

I have an agreement with Discover card and I pay $100 to the courthouse every month. I recently printed my credit report, and it shows that Discover has reported it to the credit bureaus as "Unpaid balance reported as a loss by grantor" and that it was "charged off as bad debt". Does this mean I will be getting a letter stating the debt was forgiven?

No , what that means is they wrote it off as a bad debt so they

No , what that means is they wrote it off as a bad debt so they can claim it of their taxes as a loss so they can get money back from Uncle Sam at the end of the year. They will end up either selling the debt to a 3rd party collector for around 10 cents on the dollar to try and collect on the debt or hire a 3rd party collector top work on a contingency basis to collect. Either way you are still financially obligated to pay that debt.

lrhall41

Submitted by mobile0311 on Wed, 10/15/2008 - 14:25

( Posts: 1817 | Credits: )

Settlement

It does not show on my report that I have a judgement, because we made a verbal agreement in front of the judge, would I be able to contact them for a possible settlement?

lrhall41

Submitted by shadow on Wed, 10/15/2008 - 14:30

( Posts: | Credits: )

If its at the point of litigation you can try to settle but unle

If its at the point of litigation you can try to settle but unless you have some sort of lump sum lying around I doubt it will be an option. Honestly your most likely bet would be to work out some sort of payment arrangement.

lrhall41

Submitted by mobile0311 on Wed, 10/15/2008 - 14:43

( Posts: 1817 | Credits: )