YES YES I will finally pay! But need input!
Date: Mon, 10/20/2008 - 20:13
This is my last collection bill and I want to get this monkey off my back already. Before you ask yes it is my bill I dv'ed them and they sent validation back. The SOL on this bill is up on October 2009. I have no interest in seeing or waiting if they will sue or not. I want to pay it and get this over with.
The JDB is Midland Management out of San Diego who bought it from Enhanced who bought it from from Card processing who bought it from original creditor being Speigal.
Now what I owe is 3,074.00 which includes interest YADA YADA. Anyhow they have sent me a settlement offer stating the following:
Option 1: 40% OFF You Pay Only 1,844.60 Payment Due 11-04-2008
Option 2 20% OFF 6 Payments of only 409.00
Option 3 Monthly payments as low as 50.00 per month
What I am looking for is to give them a lump sum, but I'M think 40% is too low of an offer especially to a third party collector. I am also thinking of the 1099 I will probably have to include on my taxes.
What do you guys think? I can afford to give them the 1,844,60 but thinking this is WAY to high or am I being a prude and just pay it, while i still have it. TIA
The JDB is Midland Management out of San Diego who bought it from Enhanced who bought it from from Card processing who bought it from original creditor being Speigal.
Now what I owe is 3,074.00 which includes interest YADA YADA. Anyhow they have sent me a settlement offer stating the following:
Option 1: 40% OFF You Pay Only 1,844.60 Payment Due 11-04-2008
Option 2 20% OFF 6 Payments of only 409.00
Option 3 Monthly payments as low as 50.00 per month
What I am looking for is to give them a lump sum, but I'M think 40% is too low of an offer especially to a third party collector. I am also thinking of the 1099 I will probably have to include on my taxes.
What do you guys think? I can afford to give them the 1,844,60 but thinking this is WAY to high or am I being a prude and just pay it, while i still have it. TIA
I would only pay if they agree in writing to delete any tradelin
I would only pay if they agree in writing to delete any tradeline they have placed on your reports and they will not re-sell the remaining balance. They would by law have to issue a 1099-C however.
reply
nascar is absolutley right.get everything in writing.how the payment will be made.the 1099-c will be an issue only with the first option.if you decide to take #2 the paid amount in settlement would be under 600.00.which would not require a 1099-c.it's up to you how to proceed,but as nascar says get all of those particulars in writing first.
