Dispute a Credit Card Debt or Offer to Settle?

Wes Bucey

Quite Involved in Discussions
#11
Thank you all for your advise.

I am still working on my credit and was told by a mortgage company to not bother paying off the really old bills since it would not help my credit score.

I was told to just pay off any recent ones...
There are unethical "high risk" lenders offering loans at high interest rates to "underwater" debtors. Dealing with such lenders is a route taken by borrowers who end up losing homes and auto to foreclosure and repossession. Don't be seduced by the comment "really old." Get a copy of your most recent credit report. If those "really old" debts still show up, they WILL affect your credit score negatively.

There are FREE credit counseling programs run by local governments and charities. The WORST thing you can do is get involved with con artist companies claiming to clear your credit for a fee. There are no legitimate "easy" ways to clear credit. The debtor has to bite the bullet and really clean up his act.
 
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Mike S.

Happy to be Alive
Trusted Information Resource
#12
Some articles say that the quickest way to clear debt from your credit report, if you have credit card debt, is to just dispute it. I read an article that explained that most credit card companies dont have the time to prove out you actually owe the money. And it would cost the credit card companies more than you actually owe them to fight the dispute.


And then I have read it is easier to send the companies a letter, offering to pay about 1/3 of what you owe if they take the descrepency off your credit report.


:agree1:
If you owed a friend money, would you do this?

Would you want someone to do it to you?

If you owe a debt, find out how to pay it and do it.
 

gpainter

Quite Involved in Discussions
#13
If you made the debt pay it. If you did not dispute it. If it is a result of a divorce decree refer to it. Make an offer of at least 40% of what is owed, pay it in full, have them cancel the card. But get a copy of what you agree to before you send any money and make sure that it goes off your report. May be worth paying a lawyer to do the paperwork.
 

normzone

Trusted Information Resource
#14
Way back when, I had a third generation creditor attempt to collect. I offered to pay them 10% - they counter-offered with 25%. They got nothing for their efforts, which leads me to believe they'd rather not have 10%. Of course, that was last century, things have changed.
 

NikkiQSM

Quite Involved in Discussions
#15
How funny to come across this thread after nearly 4 years...

I will say that cleaning up credit is hard. And I was able to do it all on my own - but it certainly took a while.

Lots of letters to write, payment plans to arrange, old paid debt had to be removed... it was a pain.

Home loan approval appointment is next Friday.

Fingers crossed!
 

Marc

Hunkered Down for the Duration with a Mask on...
Staff member
Admin
#16
Best of luck! I have heard horror stories about identify theft. John Oliver had a good show on credit last Sunday night.

Luckily I haven't had a debt other than on property since 1991. And I paid off my last property (the Ohio house) in 2003.
 

Marc

Hunkered Down for the Duration with a Mask on...
Staff member
Admin
#17
If you owed a friend money, would you do this?

Would you want someone to do it to you?

If you owe a debt, find out how to pay it and do it.
Better yet - If you don't have the money to buy something, don't buy it. Granted a house/property is something few people can pay cash for, especially these days.

Too many people buy things they simply can not afford.

The big exception is medial care debt. Over 60% of all bankruptcies are because of doctor and hospital bills. Even people who believe they have good medical insurance can experience a catastrophic medial event and find out with co-pays and such they're tens or hundreds of thousands of $$$ in debt that they could never pay off.
 
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