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I have a debt that is from approx 2 yrs ago. for the first time in that period I have given them a call to pay this debt. I received a letter saying they would settle for 40% .... but i was 8 days out of the 45 day calling period blah blah blah, It says on the paper it may be extended for an additional time after the 45 day period. But I called today and the "supervisor" said they changed their settlement perimeters and could only settle at 50%. Should I call tomrrow and ask someone else if I can still get the 40 percent? And also, does anyone know what I have to do to attempt to get a Non Disclosure agreement, so I can attempt to get it off my credit report.

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Asked by Anonymous at 9:52 PM on Mar. 7, 2011 in Money & Work

Answers (6)
  • You can try, but settling for 50% is still better than paying it in full.

    Answer by m-avi at 10:13 PM on Mar. 7, 2011

  • do whatever you can to get the debt paid off....I just recently did the same thing with my tax return.... you will sleep much better at night!

    Answer by katieandchris01 at 10:28 PM on Mar. 7, 2011

  • The same thing happened to my mother a year ago. I called for her to settle a credit card balance because they sent a letter in the mail saying they would settle for less. But when I called they weren't willing to budge. The next day I called again, this time I spoke to a different representative. They were willing to settle for what the letter said. Some people are more willing to work with you than others. If you can't reason with that one, call again in couple of days.

    You can also contact the credit bureau by phone or on line and tell them that you are trying to settle. That way they will know.

    Answer by amessageofhope at 1:01 AM on Mar. 8, 2011

  • Keep in mind that you will need to pay taxes on the 40-50% that you do not pay, as it will be considered as unearned income by the IRS

    Answer by rkoloms at 6:06 AM on Mar. 8, 2011

  • You will not be able to get it off your credit even if you pay it off(especially if you only pay part). Depending on what it is it may drop off after so many years. You will have to file what you did not pay as income on your taxes.
    You can try and call again to see if you can get 40% but don't wait to long. The next step for them is to take you to court.

    Answer by itsmesteph11 at 9:39 AM on Mar. 8, 2011

  • There job is to get the most money out of you as possible. If you can pay 50% of the bill then I would settle with them. If not, just wait until the either lower the amount, or you have the money to pay 50% of the bill.

    Don't give them electronic access to your checking account- make sure they send you a letter or an email stating that "x' amount will be considered as payment in full for such and such debt. Send them a cashiers check, certified mail, return receipt requested. And keep a copy of that, the receipt, and the letter that they sent you in a file for the rest of your life.

    Good luck!

    Answer by Erica_Smerica at 4:57 PM on Mar. 8, 2011

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