Should I take the Debt Settlement Please?
Date: Tue, 05/21/2013 - 14:01
Hi, I have an auto loan that I co-signed with my brother some years back. The loan is currently in collection but I have successful negotiated a favorable settlement amount with the collection agency. I hope you can provide two answers to these two questions before I take the settlement after asking the collection agency for a 'paid-in-full' agreement notice.
1. Does settling the debt reflect on my brother's credit report as well as mine?
2. Since the loan, which shows up as a derogatory item on my credit report, will be charged off in 2016, should I not pay the settlement and wait for the drop-off to occur? Does paying the settlement mean that the derogatory item will remain on my report for seven years starting now?
Thanks so much for your advice.
1. Does settling the debt reflect on my brother's credit report as well as mine?
2. Since the loan, which shows up as a derogatory item on my credit report, will be charged off in 2016, should I not pay the settlement and wait for the drop-off to occur? Does paying the settlement mean that the derogatory item will remain on my report for seven years starting now?
Thanks so much for your advice.
1. Yup...should be on there.
1. Yup...should be on there.
2. The loan is already charged off. Sounds like it will drop off in 2016, which means you are only at 4 years right now. If it is still within the SOL, they might just sue both you and your brother.
