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Is it better for your credit to settle a judgment for less than full balance or paid in full?
Paying a judgment in full is generally better for your credit than settling for less than the full balance. A paid-in-full judgment may positively impact your credit report, showing that you resolved the debt completely. In contrast, settling for less can indicate to creditors that you did not fulfill the original terms, which may have a more negative effect on your credit score. However, both options are better than leaving a judgment unpaid.
What else can I help you with?
Better to pay in full or settle a credit card debt?
In most cases, it is always better to pay the credit card off in full because the payoff is best for your credit rating. If you are able to settle the debt with an agreement that states that the credit card company will not send an adverse action transaction (e.g., chargeoff, workout, etc.) to the credit reporting bureaus, then you are better off settling.
What happens when you close a credit card with a balance?
You cannot close it until you settle all your dues to the card issuing bank.
What is credit card settlement?
Usually, a credit card settlement referes to a situation in which the cardholder can't pay the monthly bill or the reduce the balance. Occassionally, the credit lender will agree to a one-time settlement in which the carholder pays a reduced amount of the balance. A credit card settlement, though, will be reflected on your credit history and is looked upon unfavorably. that is true--but it is better than the company charging off the account. also if you settle for less than 60% they can turn around the next year and send you a 1099 for your taxes to make you declare it as income. SO if you must settle make sure that you don't fall into this.
Is it better to settle an account in collections or pay it in full via monthly payments?
Personally speaking, it is better to settle with a collection agency rather than making monthly payments. Theres only one ceveat....you must pay the collection agency in full. Example, lets say you owe $1000 to a credit card company. A collection agency will say, pay $600 NOW and this will settle the balance. So, if you dont have $600, its a 'catch-22'. You are better off making the monthly payments until the $1000 is paid.
Is it better to settle 45000 dollars in credit card debt for 18000 dollars or better to pay it off with 0 percent interest for a year?
Assuming you can pay off $45k in 12 months, go with that. It will reflect on your credit report and your FICO better for you if you pay it off rather than settle the account. Unless, of course, the credit card company agrees IN WRITING that they will reflect on your credit report that the account was PAID IN FULL/SATISFACTORY for the $18,000. If that's the case, take the settlement deal and run!!!
Is it better to settle a credit card debt or pay it off?
Pay it off
Is there anything a credit company can do to a person for non-payment if that person has absolutely no assets and no money?
Well, they could sue you and win a judgment that entitles them to future earnings. They could garnish your wages if you're working. However, it's getting blood from a stone and they're better off selling the debt to a collector, who will eventually try to settle it for a fraction of the original balance. That sounds good, except your credit will be badly damaged.
Better to pay in full or settle a credit card debt?
In most cases, it is always better to pay the credit card off in full because the payoff is best for your credit rating. If you are able to settle the debt with an agreement that states that the credit card company will not send an adverse action transaction (e.g., chargeoff, workout, etc.) to the credit reporting bureaus, then you are better off settling.
What happens when you close a credit card with a balance?
You cannot close it until you settle all your dues to the card issuing bank.
What is credit card settlement?
Usually, a credit card settlement referes to a situation in which the cardholder can't pay the monthly bill or the reduce the balance. Occassionally, the credit lender will agree to a one-time settlement in which the carholder pays a reduced amount of the balance. A credit card settlement, though, will be reflected on your credit history and is looked upon unfavorably. that is true--but it is better than the company charging off the account. also if you settle for less than 60% they can turn around the next year and send you a 1099 for your taxes to make you declare it as income. SO if you must settle make sure that you don't fall into this.
Are lawsuits filed against you by credit card collection agency public knowledge?
Yes, any public court proceding is public information. Also it can appear as negative items on your credit report as bad. Credit card companies usually will kill your credit by: 1. It gets listed as a judgment - negative account 2. It gets listed as bad debt with the card's name - negative So it can be a double whammy to your credit score. Pay it off and settle the judgment. Send your settled judgment to the credit bureaus so that your credit is update as soon as possible. these items can stay with your credit for 7 years.
What does it mean when an outstanding account balance is closed on your credit report and the balance is shown as zero but you did not settle the debt from four years ago?
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
What do you do if the creditor don't want to settle on your judgment?
Pay the judgment like you're supposed to.
If the judge said you don't have to come back to court if you settle a judgment amongst yourselves and neither party returned to court did they still have the right to put the judgment on your credit?
If the judge told you this information then it should not be on your credit report. You may want to get something in writing from the other party to send to the credit bureau in case it happens to appear on your file. With documentation, you should be able to have it removed quickly.
Is it better to settle an account in collections or pay it in full via monthly payments?
Personally speaking, it is better to settle with a collection agency rather than making monthly payments. Theres only one ceveat....you must pay the collection agency in full. Example, lets say you owe $1000 to a credit card company. A collection agency will say, pay $600 NOW and this will settle the balance. So, if you dont have $600, its a 'catch-22'. You are better off making the monthly payments until the $1000 is paid.
I have a judgment on my credit report in the amount of 9984.00left over from a foreclosure 5 years ago. I've tried to contact the company to settle but they refuse return any of my calls.?
www.monarchcreditrepair.com or www.judgmentmaster.com
Is it better to settle 45000 dollars in credit card debt for 18000 dollars or better to pay it off with 0 percent interest for a year?
Assuming you can pay off $45k in 12 months, go with that. It will reflect on your credit report and your FICO better for you if you pay it off rather than settle the account. Unless, of course, the credit card company agrees IN WRITING that they will reflect on your credit report that the account was PAID IN FULL/SATISFACTORY for the $18,000. If that's the case, take the settlement deal and run!!!
