Old debt
Date: Thu, 04/26/2007 - 16:05
I am interested in clearing an old debt off my credit, but i want to settle for less than the original amount, ive never done this before, what do you say? whats the best way to approach this, how do you ask for them to take it off your credit completely? what if they wont?
The negative item will not go away until it is past the seven ye
The negative item will not go away until it is past the seven years reporting time. But some creditors are willing to remove the item if you pay on their terms.
Write a proposal letter mentioning the amount you will be able to afford in your repayments. Send a check with the proposal letter through certified mail and return receipt requested. Then wait for them to respond. You may need to renegotiate until the plan is accepted.
