I have a friend in a bit of credit card debt. She doesn't want to do banruptcy or charge offs, it will affect your credit score. My question is, if negotiated a bill, now say 20k, and the CC company complies with 10k, which will be shown on your credit report as something negitive.
Thanks for your time.
Debt Credit Card
Online Credit Card Debt Help
27-Oct-2009
You can use this credit monitoring service to pre-estimate of future results for different scenarios of these payments – credit score report. 10001mb. com
It is impossible to make such an agreement, without damaging your credit. The credit card companies will not be satisfied with 50% in an account that is in progress. You have to be at or near the point of default or cancellation of debts before they will consider this. . . so that your credit will be damaged before they can even reach the point of trying to solve this way. Not all creditors will settle and will take you to court. . . You can never predict how they will respond.
its not good, it will show as "settled for a less than full balance"
for the coming years when you apply for anything you will see that basically says that companies that make loans and promises they can not pay. if you do not have to solve, dont do it.
Most likely yes, because the CC company will list 10k as chargeoff.