Share post
Share
Debt Consolidation Forums Debt Consolidation and Debt Settlement forums

How a settlement offer, given by bank, will affect my credit

Date: Mon, 04/24/2017 22:34
member profile picture
Posts: 1
Credits: 0
[Donate]

A bank credit card has made a settlement offer to me. If I accept, how badly will it effect my credit? I paid about 1/3 of the balance and have to accept the offer or pay the bill in full. I have the 2nd payment amount, but not the entire balance. Please advice




If you are not able to repay the entire outstanding amount, it's better to accept the settlement offer. However, you can negotiate the amount to pay off. Your credit score may suffer a bit as it'll be listed on your credit report that you're not paying the amount in full.

Sub: #1 posted on Tue, 04/25/2017 - 05:46

Good Nelly Good Nelly
Industry Expert
(Posts: 2825 | Credits: )

Seek credit counseling help. You will get the best budgeting help, money management tips and debt repayment strategies. If the counselor suggests you for the settlement, then consider a reputed debt settlement company to kill the debts.

Sub: #2 posted on Tue, 04/25/2017 - 06:17

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

What is your credit score? Settlement will drop your credit score. The higher your credit score is, the greater will be the effect.

Sub: #3 posted on Tue, 04/25/2017 - 21:06

ditchdebt ditchdebt

(Posts: 679 | Credits: )


DebtConsolidationCare (IAPDA member)
BBB (A+) logo for DebtCC
Connect With Us
About Us | Contact Us | Privacy Policy
Copyright © 2020 DebtConsolidationCare | 301 W. 11th Street Unit E, Reno, NV, 89503, United States
* Disclosures:
  1. By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.766 seconds.