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Help Guys Please

March 9th, 2009 at 09:06 pm

What are the odds this week is the week that I plan to pay off Verizon. I actually received a settlement notice in the mail today from the collection agency they sent the debt too offering me to settle for 1/2 of the original amount which was $269 they'll accept $134. Is it okay to settle or should the full amount be paid. Does anyone know how it will effect me later on when trying to purchase a home.

7 Responses to “Help Guys Please”

  1. whitestripe Says:

    i guess it depends on how long it will be until you buy a house? in australia it takes about 5-7 years for your credit to be wiped clean from things like that. if i were you and i wasn't buying a house for a while, i would probably take the half offer. but i cant really give that great advice because i am not really sure about your laws and stuff over there Smile

  2. Smiley2009 Says:

    Thanks whitestripe!!!

  3. creditcardfree Says:

    I can see why it would be tempting to take the 50% cut on what you owe, but I would pay the whole thing. This is your debt, that you owe. Ethically, it is the right thing to do.

    Also, it may increase your tax bill...check out this http://www.bankrate.com/brm/itax/news/20030303a1.asp

  4. Ima saver Says:

    I would pay the entire bill also.

  5. Miss T Says:

    I would pay the entire debt. Having a paid in full collection rather than a settled collection will be more beneficial in the long run for your credit bureau report.

  6. Smiley2009 Says:

    Thanks guys I mailed off the check today for the full amount I would rather PAID IN FULL rather than settled on my credit report.

  7. lost in debt Says:

    If the Verizon debt is on your credit report as a collection currently it is rated R-9 - if you settle it for less than the full amount due, it is still an R-9 so either way; paying in full or less, you have the same credit rating after it is in collection.

    When it come to getting a mortgage; a settled R-9 is better than an unsettled R-9.

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