Debt Settlement

[ChunkyMonkey]

MB888, that brings up another question. Can I do a settlement on a debt, then the company sell the "left over" debt to a different company and then I'm responsible for that too?....

No. Settlement or arbitration is a debt reduction where you and the CA agreed on a reduced balance as payment in full.

A lot of CAs will try to trick you to pay part of the debt on the phone as 'debt settlement.' Do not pay over the phone based on verbal agreement. Do not sent any payment unless you see it in writing that it will be your final payment as the debt is settled.

[BigBear]

No. Settlement or arbitration is a debt reduction where you and the CA agreed on a reduced balance as payment in full.

A lot of CAs will try to trick you to pay part of the debt on the phone as 'debt settlement.' Do not pay over the phone based on verbal agreement. Do not sent any payment unless you see it in writing that it will be your final payment as the debt is settled.

Rgr, I've been burned before. I always ask for things in writing on letterhead paper with ink signature (not .pdf'ed in, etc).

[10x]

I deal with legal issues all the time for my employer.
I am not a lawyer, but deal with them all the time.

If you are going to settle make sure you get a settlement agreement that states that the entity owed the money settles in full for $X for all debts known and unknown, releases you from any liability and can take no further action against you. You can also add that no negative reporting will be made to any credit entity. I have a standard format, but it is at work and I only work Mon, Tues and Wed. If you still need on on Monday, I can send it via email. Just PM me.