How to negotiate and make credit card debt settlement without affecting my credit?
How to negotiate and make credit card debt settlement without affecting my credit?
What you need to do is to secure a letter from the collection agency
saying that they will not ding your credit and all the rest of what they
are promising. That way, when they ding your credit, you will have
documentation to get the blemish removed. There is no guarantee that the
credit reporting agencies will remove the blemish, but you have a
reasonable shot if you have the committment letter from the collection
agency in hand.
I'm 99% sure the collection agency is lying to you about accepting a
settlement and not damaging your credit. It will take your 60% and then
demand the rest of the balance or just ding your credit. If all you have
are your memories of some phone calls, you have essentially nothing.
Lying is part of the collection process so demand that letter saying
that if you pay X dollars, all is forgiven. That letter along with your
cancelled check is good ammo to undo what the collection agency will
probably do to you after you pay.