There is a long story attached to this, but I will make it short.
Total amount owed on a defaulted loan is $34,000. The bank has offered to settle at 75% ($25,500) but "possibly more with supervisor's approval".
Of course, less would be better to work with. Do I offer $20,000? $15,000? I am not a good negotiator. This is also a bank loan, not a credit card.
Thanks.
2007-10-02 17:40:23 · 2 answers · asked by Rusty Nail 2 in Business & Finance ➔ Credit
Depends on how old the default is and the type of loan.
Since this is still the original creditor, 75% is a pretty good offer. You can try offering $20,000 but be sure you have a lump sum. They won't want to make long term payment arrangements.
Whatever portion of the debt is forgiven will end up on a 1099 and you will have to pay income taxes on it.
2007-10-02 17:50:53 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
Take the offer. How often will bank make loan settlement?
2007-10-02 17:51:56 · answer #2 · answered by s 2 · 0⤊ 0⤋