The loan is over $5,000
2007-01-08 15:12:42 · 3 answers · asked by Mr. H 1 in Business & Finance ➔ Credit
If the company has already charged off the loan, then it is already "off the books" - it has been written off as a bad debt. Depending on the type of loan, it may have been sold to another agency, with whom you may settle with for half of the amount of the loan.
If the company has not yet charged off your loan, then you can certainly contact them to negotiate a settlement. Settlements are much better to have on your credit report than charge-offs!
2007-01-08 16:44:30 · answer #1 · answered by tina9999 2 · 0⤊ 0⤋
Yes, however, its depends on the company and how long your loan been deliquent. Whenever they settle on an amount, they will want the total amount immediately. Before you send any payment, get the settlement in writing for your files.
2007-01-08 23:25:39 · answer #2 · answered by Dr.J 1 · 0⤊ 0⤋
They may, find a free credit counselling place and ask them.
2007-01-08 23:20:36 · answer #3 · answered by judy_r8 6 · 0⤊ 0⤋