Quote Originally Posted by Elhuero View Post
what is actually involved in the process?

You pay the agreed amount, the debt shows on your credit report as paid as agreed, settled for a lesser amount.

will I get a piece of paper saying the debt is PIF?

No. Settling a debt does not clear it from your credit record. It shows that you settled for a lesser amount. They WILL send you a letter stating it is settled. ... and some lenders may require you to pay the full amount before they will give you a loan.

It's still damaging to your credit. But depending on your situation it may be a life saver.

Settling debts, getting back on your feet and paying the rest off later is better for your credit history than bankruptcy.
I guess this is where the confusion comes in for me (highlighted red)...

Even when I settle, it's not PIF?
I'm still responsible for paying back the full amount even after I settle? When can they start coming back after me for the rest then?


... hope that makes sense. Thanks for your help/answers.

I'm not worried about the damage to my credit as it's already shot to sh!t. I owe the money, I would loved to pay it back plus interest... but settling sounds like a life saver right now....