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Please tell me if all credit cards will usually offer a debt settlement right before they are about to charge the debt off?

If a debt settlement is offered, what percent discount is a standard amount?

If a debt is settled, can the canceled part be sold to a debt buyer?

How is a settlement reported to your credit report?

Thank you.

There is no assurance that credit card issuers will make a debt settlement offer before they are about to charge the debt off.

There is no standard percent discount. It depends upon the credit card company. The settlement percent actually depends upon the credit card company.

Once you've settled debt, the account will be reported as "paid as settled" or "paid as agreed".

Sub: #1 posted on Thu, 04/03/2014 - 22:38

ditchdebt ditchdebt

(Posts: 679 | Credits: )

Thanks for the reply.

Sub: #2 posted on Fri, 04/04/2014 - 11:46


Here is a phone number on an advertisement I got in the says debt settlement with out any taxation, no 1099c will be issued and that debt is settle at less than 50%. Is that even possible, or is it a scam?

I will not post the whole number because it may be against the rules. Here is the partial number.


Sub: #3 posted on Wed, 04/16/2014 - 20:55


unless the settled amount is less than 600.00 there will be a 1099c issued.sounds like DS financial.they are a total scam.i would tread ligthly if i were you.

Sub: #4 posted on Mon, 04/21/2014 - 13:07

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15514 | Credits: )

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