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Help Guys Please

March 10th, 2009 at 04:06 am

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.

Posted in Uncategorized | 7 Comments »

7 Responses to “Help Guys Please”

  1. whitestripe Says:
    March 10th, 2009 at 05:52 am 1236664320
    1236664320

    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:
    March 10th, 2009 at 11:11 am 1236683473
    1236683473

    Thanks whitestripe!!!

  3. creditcardfree Says:
    March 10th, 2009 at 01:54 pm 1236693280
    1236693280

    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
    Text is article. and Link is http://www.bankrate.com/brm/itax/news/20030303a1.asp
    article.

  4. Ima saver Says:
    March 10th, 2009 at 02:23 pm 1236694997
    1236694997

    I would pay the entire bill also.

  5. Miss T Says:
    March 10th, 2009 at 04:19 pm 1236701973
    1236701973

    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:
    March 10th, 2009 at 08:39 pm 1236717577
    1236717577

    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:
    March 11th, 2009 at 06:23 am 1236752608
    1236752608

    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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