Should She settle when a credit card company offers to settle for 975 when 1400 is owed?

If I owe 1400 dollars to Capital One and they offer 975 to settle, should I try to negotiate lower?

I have already tried talking to the first person that the credit card company had call me, and they say that I can settle out of court for 975 instead of the full amount. The question is, if I go to court, would I have to pay the full amount? or should I settle?

Should She settle when a credit card company offers to settle for 975 when 1400 is owed?va loan

If you take the settlement it will not help your score any. They will list the status of the account as %26quot;Paid in settlement/Account charged off. $425 written off.

This will also stay listed as a potentially negative item.

As to that Form 1099, forget about it and don%26#039;t worry.

The IRS does not require creditors who discharge debts to file a Form 1099, no matter how much the debt is worth. Second, although implied, creditors rarely file Form 1099 even when the debt remains unpaid. If they use this as a threat in any documentation, that too is illegal under section 807-5 of the FDCPA

Your would be better off paying the full amount, then it would not be listed as a negative item, but instead as a paid off account.

LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

Should She settle when a credit card company offers to settle for 975 when 1400 is owed?

loan

If you go to court you will have to pay more. If you keep trying, they most likely will accept less, but do it in writing and be sure their agreement is also in writing. If you are settling you have the pay the agreed upon amount all at once.|||As stated, getting everything in writing, and that should also include that they will not send a 1099 form for the difference.|||If it goes to court not only will you end up having to pay the full amount, you%26#039;ll probably pay all or a least some of the court cost. Settle for what they have offered.|||As much as i know,this is a question with different answers,it is really depend on yourself judgement,some great resource her for reference though.http://creditcard.online-supporthome.inf...