Hi all, I have received a settlement offer from my Cross country Visa for roughly half my balance. I have no problem with paying it but will they remove TL from my CR if I do? Is there a letter I can send them with the condition that I will pay if they remove TL? Also, this debt is still within SOL if it makes a difference. Thanks in Advance.
Anything can be negotiated... There are settlement letters available, the one thing that you want to ensure is that you state that the settlement offer in no way should be constrewed as admitting to any validity of the alleged account. You are offering to pay them to get them, and keep them out of your life. Keep in mind that if the remainder is over $600.00 they will more than likely 1099 it so you will have extra income, reported at least; which is why PAYMENT ON A DISPUTED ACCOUNT is important, you want to set the paper-trail up to fight the tax liability. (The 'income' is only on the premise that the 'debt' that was 'forgiven' is valid. By continuing to dispute the accounts validity, you are allowing yourself to argue against the tax liability. But you will still want to consider what the extra amount could do to your taxes, if you are forced to count it. If you had that amount of extra income on this years return, would you still have received a refund? If not (or the difference is a substantial cut), and you regularly 'need' and are 'counting on' the tax refund (or the tax refund in the general amount of your tax refund), that is something that you may want to weigh into your calculation of the settlement offer.
wow, thanks for the info. I had no idea! I appreciate your fast response. Do you know where I can get a form letter to send the ca? Once again, thanks in advance.
