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To settle or pay in full?
bigchaloopa
Posts: 2 Newbie
I have about 20k in debt from a failed business venture about 6 years ago which I haven't been able to repay until now.
My credit score sucks, like 550. I have enough money to pay off the debts, but it's been a while now and the debts have been sold to a debt collection company that I think will take 20 cents on the dollar to settle.
I have read in the past that you can send the companies some kind of paper with a check, stipulating that if they accept this check they agree to a non disclosure on this debt. Then you can contest the debt with the credit agency and since they can't respond after signing the NDA it comes off.
Would this be possible? I'm in the state of Louisiana and if so it would save me $16000 (which to me is a LOT of money!).
What do you guys think? I'd like to get my score up as I've gotten a good job now and hate having this looming over me.
My credit score sucks, like 550. I have enough money to pay off the debts, but it's been a while now and the debts have been sold to a debt collection company that I think will take 20 cents on the dollar to settle.
I have read in the past that you can send the companies some kind of paper with a check, stipulating that if they accept this check they agree to a non disclosure on this debt. Then you can contest the debt with the credit agency and since they can't respond after signing the NDA it comes off.
Would this be possible? I'm in the state of Louisiana and if so it would save me $16000 (which to me is a LOT of money!).
What do you guys think? I'd like to get my score up as I've gotten a good job now and hate having this looming over me.
0
Comments
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This is a UK site and afraid we're not experts in what laws pertain to debt recovery at a a Federal or even State level. The score you mention is meaningless - it is a figured conjured up by collection agencies to sell a product nobody but you sees.
Ignore it.0 -
Thanks for the input
0
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