Debt Settlement on Credit Report?

Tips and Deals Forums Debt Management Debt Settlement on Credit Report?

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    • #217995

      I open a credit card in 2005 with a charge balance of $200- never paid a penny on it- well in 2009 it was bought by a collection agency now at the amount of $1564- my question is I called today to settle for 1197- they told me on my credit report it would still say settled but the settlement was paid in full. Did I make a huge mistake- I’m trying to repairs the damage I’ve done serveral years ago and was told that the cc itself will comeoff in 7yrs- which is 2012 but the new collection debt in 2009 will come off 7yrs later so 2016. Hopefully I didnt just waste $1200 you know! Thanks!
      I live in Georgia also…

    • #283788

      If you did not get the terms in writing first then you made a big mistake…without that there is nothing to stop them from coming right back and demanding more money, or more likely, reselling the account to another debt collector which would come right back after you.
      If you gave them a checking account #, there is nothing to stop them from taking more money.
      With a charge off you’re punished no matter what you do….so you should always shoot for the lowest settlement you can get. In these case you should have offering to settle for $200. Too late now though.
      All you can do now is ask for a receipt stating that the account was Paid in Full. Not all collection agencies are evil.

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