0
Will a creditor in California prior to a defaulted debt being charged off ever consider settlement of the debt for less ie 1000 for 6000 balance?
Wiki User
∙ 15y ago
== == Yes. A debt can be negotiated, and a discount agreed upon between the two parties. Better to get something than nothing, is the idea for those who are owed the debt.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Dfd on credit report?
Sounds like defaulted abbreviated by reporting creditor.
What is a negotiated debt settlement?
Negotiated debt settlement is when a creditor agrees to close a debt and consider balance zero by accepting less than the full balance that is owed. Let's say you owe capital one $10,000. You have $3,000 and offer them to consider the remaining balance forgiven. If they accept, you have a negotiated debt settlement.
Can a creditor sue you if you are trying to pay them?
It would depend on what the term "trying to pay" means. Once a debt goes into default it is due and payable in full. Any creditor that takes payments on a defaulted debt is doing so outside of the bounds of that contract as a courtesy. So, if the debt in question has been defaulted, then yes, the creditor may sue you and take all remedies available to them under law.
What is it called when a creditor accepts less money than owed?
A settlement.
Can you report a settlement to the credit bureaus?
That should be done by the creditor upon the request of the debtor.
Can a creditor garnish your federal taxes to cover a defaulted credit card?
No.
Dfd on credit report?
Sounds like defaulted abbreviated by reporting creditor.
What is a negotiated debt settlement?
Negotiated debt settlement is when a creditor agrees to close a debt and consider balance zero by accepting less than the full balance that is owed. Let's say you owe capital one $10,000. You have $3,000 and offer them to consider the remaining balance forgiven. If they accept, you have a negotiated debt settlement.
Can a creditor seize your tax refund?
If the creditor is a government agency, then yes. If the creditor has not won a court settlement to garnish your wages, then no.
Can disabled people be made to repay defaulted auto loans or leases or voluntary surrender of a auto?
Disability does not negate the responsibility to pay for a loan. A defaulted loan can damage your credit and yes, the creditor still expects the money. Sometimes an attorney or Consumer Credit Counselor can help smooth the way when dealing with a creditor.
Can a creditor sue you if you are trying to pay them?
It would depend on what the term "trying to pay" means. Once a debt goes into default it is due and payable in full. Any creditor that takes payments on a defaulted debt is doing so outside of the bounds of that contract as a courtesy. So, if the debt in question has been defaulted, then yes, the creditor may sue you and take all remedies available to them under law.
Can a workers compensation settlement be attached for a judgment won by a creditor in NYS?
Hi~ Absolutely it can. Your settlement is considered an assett.
What is it called when a creditor accepts less money than owed?
A settlement.
How to Settle Debts for Less Than What You Owe?
If you have an account with a creditor that is seriously delinquent, the creditor may agree to a debt settlement to pay off the account in full. You may approach the creditor with an offer yourself, or you may work with a professional debt settlement agency. Both methods have advantages and disadvantages that are worth researching ahead of time. If your creditor accepts the settlement, you only have to pay the agreed-upon percentage of the debt.
If a creditor sends your payment back to you do you still owe the debt?
Yes. Once a contract has been defaulted on, the creditor has no legal obligation to accept any payment other than that which was agreed on in the original contract or subsequent agreement.
Can you report a settlement to the credit bureaus?
That should be done by the creditor upon the request of the debtor.
How does working with a credit card settlement company affect your credit score?
It is recommended that you pay an old debt through the original creditor. Credit settlement companies are out to make a profit and they will negotiate terms that are not true. Also, it is possible that you can pay the settlement company but still owe the original creditor. It has happened to me. The negative information reported by the credit card settlement company will affect your score negatively.
