The total is $6000.00 vs. $3000.00 it is already in collection if we pay the 50% will it be far worse than still trying to work out paying the total balance?
2006-11-06 05:23:25 · 8 answers · asked by Rob W 1 in Business & Finance ➔ Credit
Get it in writing !! Do not give them checking account over the phone without having the agreement in writing. Sometimes they will try to entice you into giving payment information based on a verbal agreement. Then they can rape and pillage you bank account for the full amount.
2006-11-06 05:27:34 · answer #1 · answered by Fortytipper 5 · 1⤊ 0⤋
This depends on several factors. If this account is old (say over 4 years) then paying it will update the credit profile to show RECENT negative activity (because of the payment to a negative account). Believe it or not, once a collection account has aged it does more harm to the score to pay it than to leave it alone. Most lenders do not look at any collections over 4 years old....and many lenders disregard them after 2 years.
Obviously, you should pay your bills....but once they get to a collections stage it can get tricky. If this is an account less than 1 year old....take the settlement.
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2006-11-06 05:40:12 · answer #2 · answered by Anonymous · 1⤊ 0⤋
it really is amazingly easy that they might furnish you a settlement if you're in basic terms 2 months in the back of. usually, mastercard debt doesn't get charged off till you're about 100 and twenty days overdue. in case you do comply with a settlement, you comprehend they'll close your account in the adventure that they have got not already. Settling for 70% of the quantity due once you're in basic terms 2 mos in the back of is actual quite good. maximum situations they don't commence providing settlements till months if not years later. something you do, must be put in writing. you are able to call them and furnish them a lump sum once you've some money reachable, yet be particular in the adventure that they comply with it, that you've them deliver you a letter outlining the words, and then deliver them a money order. do not deliver them any lump sum till you get the settlement in writing. they received't do a pay for delete in this merchandise although. maximum you are able to anticipate is it to have a PAID next to it on your credit document.
2016-11-28 20:26:04 · answer #3 · answered by plyler 4 · 0⤊ 0⤋
I would rather pay the 50% then the full amount, and I would because as far as I know their Is still interest being added, so waiting to pay the full amount might never get you any further.
2006-11-06 05:30:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I think you better take the 50%. It can't get any worse if it is already in collections. Save yourselves 3000 bucks.
2006-11-06 05:26:00 · answer #5 · answered by mama 5 · 0⤊ 0⤋
if you have the $3,000 to pay it, pay it. Most of the other half that is being taken off is probably some of the interest that has accumulated.
2006-11-06 05:26:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Why would you not take it?
It satifies the debt, improves your credit score and you just got 3,000 worth of free stuff.
2006-11-06 05:27:53 · answer #7 · answered by Hot Pants 5 · 1⤊ 0⤋
Take the settlement-it will be paid off and it won't be as damaging to your credit.
2006-11-06 05:26:46 · answer #8 · answered by Urchin 6 · 0⤊ 0⤋