Heres a quick run down. I just got out of college and about $3000 in debt. It went to collections and I have worked hard so I now have enough to pay it off. I'm planning to apply to graduate school so I need to borrow money. I want to improve my credit to be able to borrow a loan. I talked to collections and they agreed to let me pay it off and they will mark it as "paid in full". Should I pay for it then? help..... please... is this is best I can get from them?
2007-07-18 19:22:33 · 6 answers · asked by PhysThpyStudent 1 in Business & Finance ➔ Credit
In that circumstance, yes... paid in full is a good outcome. The alternative outcome is "settled, less than full balance" which means that the creditor agreed to wipe the debt out for only a portion of the original balance. That is less favorable (creditwise) than settling for full balance.
Worse than either of those, of course... is not settling at all. That leaves you open to judgments and all sorts of fun stuff.
2007-07-18 19:34:41 · answer #1 · answered by jbone907 4 · 0⤊ 0⤋
Never take a student loan! They will kill you in the long run. Take a personal loan from a bank that you use or open one up. Always pay in full.
2007-07-18 19:26:39 · answer #2 · answered by fallen_engel_de 2 · 0⤊ 1⤋
This incredibly varies in accordance with state and what variety of debt they're. in the event that they're in basic terms a bill, they're bumped off as quickly as you pay them off. Now no remember if it is a "debt" and has long previous to collections it works in yet in any different case. each state has it is own regulations, some states it is upward of three years collectively as others flow as much as 7 years (maximum are the latter). Now, in case you pay a debt off they'd get rid of it top away, yet they'd additionally do what could be a "write off" which hurts your credit the comparable as in reality a "financial disaster" meaning you will could paintings on rebuilding your credit inspite of it bumped off. it is recommended to look up your stat regulations, a corporation is in basic terms allowed to "communicate" to you approximately them for see you later till now it is needed via state regulation to be written off, regrettably for me it is the 7 years. different states have 3, 5 and seven year regulations. this skill in case you reside in a state that has a three year shrink regulation, after 3 years they'd no longer deliver mutually it. yet there's a seize, they'd reset the clock on you in case you ever say something like "i will attempt to pay" or "I plan to pay" or the different "verbal" settlement to pay them. So carry your floor and tell them, "I have not got any funds sorry." then in the event that they gained't make it easier to off the telephone draw p.c. up. additionally, there are regulations approximately how they're able to touch you. you may request "No calls", this skill they're no longer allowed to call you interior the direction of the debt collector in user-friendly terms the unique corporation can then call you, for this reason the collector will could deliver you snail mail to talk approximately it. best approach for it is to easily answer the telephone and ask ahead the corporation call, the persons' rep identity (they could supply you this in the event that they gained't ask for there supervisor), and the telephone variety to touch the corporation. this counsel could be used to document a declare against them, which could have the debt bumped off while not having to pay it (nevertheless it is in many situations written off). wish that facilitates. there are any such great style of regulations available, and that i knew a debt collector and all of the regulations that have been based around me so it facilitates to get stated of your rights. while companies wreck those rights they have a tendency to do despite, consisting of wiping the sequence to dodge any subject concerns. -Saint
2016-11-09 20:59:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You should always pay your debts it is nice of them to remove information about being late.
2007-07-18 19:29:25 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋
"Paid in Full" is probably the best you can hope for. It might downgrade your credit history, but shouldn't ruin it.
2007-07-18 19:31:46 · answer #5 · answered by Jason B 3 · 0⤊ 0⤋
You can request "close acct as per consumer request" which should be viewable under each creditor.
2007-07-18 21:05:58 · answer #6 · answered by Bill G 1 · 0⤊ 0⤋