Arkansas Debt Settlement Offer in Response to Creditor's Proposal
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How to fill out Debt Settlement Offer In Response To Creditor's Proposal?
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FAQ
Settling an account is considered negative because it means the debt was not paid as agreed. However, settling an account is better than not paying it at all.
Explain your current situation and how much you can pay. Also, provide them with a clear description of what you expect in return, such as removal of missed payments or the account shown as paid in full on your report. Ask for a written confirmation after settling on an agreement.
Two Options for Taking the Settlement OfferRead the settlement offer carefully or have an attorney review the offer to be sure it's legally binding that the creditor or collector can't come after you for the remaining balance at some point in the future. Or, you can even try to negotiate a lower settlement.
"If you're happy with their offer, and you should be because it's less than what you actually owe them, then you should at least consider it," he says. The alternative, according to Ulzheimer, is the creditor either outsourcing the debt to a collector or even suing you.
While there is no hard and fast rule for debt settlements, they're typically settled based on a percentage of the overall amount you owe. For example, the National Foundation for Credit Counseling (NFCC) reports that the typical credit card settlement percentage is worth about 40%-50% of your total debts.
While settling an account won't damage your credit as much as not paying at all, a status of "settled" on your credit report is still considered negative. Settling a debt means you have negotiated with the lender and they have agreed to accept less than the full amount owed as final payment on the account.
