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MiCasaMiDinero (November 30, 1999 at 12:00 am)
The terms of the settlement can be negotiated. If one of those terms is to report the account as paid in full, they'll have to follow through.However, it has to be in writing and not just in a plain conversation. This physical proof in writing may be used for the credit bureaus to rectify your credit report in case the creditor does not follow through with the promise of reporting the account as paid in full.There are creditor that will do it and there are creditor that will not.Negotiate!
oscy999 (November 30, 1999 at 12:00 am)
if you settle a debt and tell the collection agency to state that it is "PAID IN FULL" on your credit report, the collector is going to say, no we are not allowed to tell them that....and when the bank looks at your credit report and see's that you owed 20 grand and paid 7 grand and even if it said "paid in full" it would be obvious that it wasn't and they would know you are a risk anyways...so thats not logical...
srp960 (November 30, 1999 at 12:00 am)
This girl settled her $7000 debt in the 90's. How in the world was she able to get credit cards AGAIN and now she is $33,000 in debt.This girl had the idea that she was never going to have to pay anyway.
MiCasaMiDinero (November 30, 1999 at 12:00 am)
Also, CCCS organizations help the consumer work out a payment plan that can work for the consumer not the credit card company.In regards to your credit comment, you do need to keep your credit working. Meaning you need to show activity in order to have a good credit score. HOWEVER, you do not need to get into debt in order to have good credit. People need to realize that spending as low as $30-50 is enough to create activity on your credit account and history.
MiCasaMiDinero (November 30, 1999 at 12:00 am)
mb0276,Of course CCCS is funded by the big credit card companies. Wonder why? Because they rather get paid some money rather than none. If CCCS did not exist, consumers would simply TRY to file BK or do use a debt settlement company. If they could not BK, then they would get a judgment and end up in more trouble. If they decided to use a debt settlement company then the credit score would be damanged just as bad.
mb0276 (November 30, 1999 at 12:00 am)
unfortunately, Suzie forgot to mention CCCS was created BY THE CREDIT CARD COMPANIES! If that girl continued paying the minimum of 800/month, it would take 25 years! anda total of 240K!!!! 2 years and a low credit score is not all that bad,,im no mathmatician, but all you need credit for is to buy a house and car..if u already have those,,ur all set.,,if not buy used cars and rent.
retroforever (November 30, 1999 at 12:00 am)
Always listen to Suze Orman!
MiCasaMiDinero (November 30, 1999 at 12:00 am)
You're welcome
SparklemotionX (November 30, 1999 at 12:00 am)
Thank you for this. |
