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anyone ever settle a debt for less than they owed?
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| Spacey Orange |
| was it worth the ding on your credit history? any advice? |
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| AnotherWay83 |
you mean a "charge off"? i did it many years ago and when i got my first apartment the landlord dug it up and made a fuss about it, but haven't had any problems since...
then again i haven't gone in for any major financial commitments since then so i don't know if it would be an issue or not.
that said, if you can't afford the payments then just accept the best deal you can get and go for it. it's not worth living hand to mouth in crazy stress just trying to pay your bills. it'll stay on your record for 7 yrs but you can wait that out and then go in for the house etc that you wanted.
EDIT: the 7 yr limit is here in the US, not sure where you are |
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| Floorfiller |
i had a scenario like that come up where i settled a loan for less than the owed amount. was probably a good 6-7 years ago.
from what i remember i settled for less and then something weird happened on my taxes like they took their share out of my return or something like that. i can't remember exactly. just know that they are going to get their money some way some how.
as far as dings, meh...i'm sure it did some damage for a while, but credit does recover. if you are struggling with debt it's probably best just to get it taken care of anyway you can. it was a learning experience. after that i'm pretty much a model of personal finance. pay the card every month, save plenty of money, invest, etc. it's really pretty easy to do things right, but you can't start doing any of that until you get rid of debt. |
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| Jon_Snow |
| Sounds like your friend means to collect on that tip you owe him. |
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| Lews |
| Advice? Sure: Don't borrow more than you can afford. |
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| Lews |
| Your mom sounds like a ing idiot. |
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| Lews |
How are you cool for telling that story?
Your mom owed $9,000 and refused to pay it and didn't even try to negotiate with the company. She just threw her card away. She got hit with a huge penalty and now she has to pay less than she owed originally. Great story.
I hope her credit is destroyed. |
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| Lews |
Point out an erroneous conclusion I made. You told a story of a stupid and irresponsible woman, I responded that she sounded stupid. I didn't say she was one, I said she sounded like one. If you have a problem with that, you should give more details in your original story. As it is, she's getting away with paying $1,000 less than she owed. What a terrible outcome for you and your mother.
She sounds like a ing idiot and you sound like a little bitch. |
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| Lews |
Deleting your posts certainly helps show how you don't care.
ing cretin. |
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| Looney4Clooney |
I would get a credit card at 16 backed by your parents and build your credit. Arrange a job so you have some income and can use and pay the card. Basically try to get yourself in a position to get a 20 000 line of credit at 18. You could even take 1 year to be real good buying everything and always paying the balance. Apply for a few cards after and they will start upping your limit to compete. Maybe 4 cards 15000 each on average.
Then when it is high enough, spend it all on things that cannot be repossessed. travelling is a something you don't get to do if your parents aren't loaded and it is a great way to learn about life.Take those 2 years after high school and have fun. And let the banks pay for it.
File for bankruptcy as early as you can once the money is gone, then go to school although I suppose depending on the country , make sure it doesn't cut you from student loans. by the time you are done your masters and been in a position were you can get away with not using a card, 7 years have passed. Blank slate. Few years to get a decent rating.
insurance companies / banks / cc work 24/7 to find new ways to get inside your ass. Pre-emptively them early and you won't feel so bad paying for insurance ....
Kinda like making a claim, you only get one shot before your premiums go up so you make it count. Except there actual laws to make it easy on you. Sure , you might have to delay a few years but you will have time for that. And for a nice holiday comped by those s ...
There is nothing moral or virtuous in paying banks money considering the cluster they have caused and the money they seem to take from it. |
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| itsamemario |
I am gonna offer my collective creditors about a fifth, maybe less, of what I owe them and let them fight over who gets what.
I'm so far below the poverty line that they have no legal recourse over me, so accepting my offer will be their only shot at getting any money back.
Some of them ain't getting though, as there are some of them I don't really feel like I owe any money. |
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| Jon_Snow |
| quote: | Originally posted by Lews
Deleting your posts certainly helps show how you don't care.
ing cretin. |
I was like why are you having a convo with an invisible person. Lol
No money, no funny |
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