Settlement advice
Date: Mon, 07/21/2008 - 15:23
I have about $100k in credit card debt and have not made a payment in over 5 months, although I have been in frequent contact with all of my creditors who call me frequently. My largest creditor is BoA and has offered to settle for 20% of the balance and said they are getting ready to charge off my account. I am inclined to accept their offer, which they put in writing and faxed to me. Is there anything else I should do rather than just send a check to them? I know I will get a 1099 and that my credit is now damaged.
20 % settlement is a great deal . If you have the money to accep
20 % settlement is a great deal . If you have the money to accept that settlement offer jump on it. Make sure the settlement offer shows that it will reflect paid or settled in full so that they can`t have a collection agency try and come after the difference later.
I'm going to accept
I think it is a good deal too, they have previously offered to settle for 30-50%. I think they offered a good deal because they know I can file for Ch. 7 and if they sold off the debt they would only get 15%. Thanks for the advice.
