I owe 6 to Imagine Credit Card. Jefferson Capital Systems, LLC is the collection agency assigned to the account now. They sent me an offer stating that I can settle the debt for 0 (by making 5 monthly payments of .13. This debt is showing as a negative account listed under Imagine(as a closed by credit grantor request) and a negative account listed under Jefferson Capital Systems, LLC. If I take this settlement offer, is there any way I can get them to do something to make it look better on my credit reports (such as take it off, report it paid off, etc)? Thanks for any help. Should I pay it? I know it won't improve the credit score, so will it do me any good to even pay it?
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Yes. Any time you pay less than you owe, it will reflect negatively. Unless you get IN WRITING from the collection agency that your payment of $340 will be considered PAYMENT IN FULL.
It will automatically report as "settled".
Yes! One other thing is that you will receive a tax form at the end of the year for the difference between what you owed, and what you paid. (the forgiven amount). You will have to pay taxes on the amount forgiven.
The account is already showing as a charge off and collections. Paying it off will not improve your credit score nor will it remove the negative. The damage is done and will remain for the balance of the 7 year reporting period, whether paid, settled, or unpaid. There is very little difference between paid and settled. In fact, most creditors who look at your credit report will consider them the same.
You may as well settle for as little as you can. Depending on how old this debt is, you might be able to settle for even less if you can come up with a lump sum payment — probably half, maybe a little less. Just be sure to get any settlement agreement in writing before you pay. Keep that agreement along with your payment proof, forever. Do not give collectors direct access to your bank account.
A paid collection is still a collection. It will not help your score.
How old is the debt? Has the statute of limitations passed? Have they provided a full validation? Either way, get the duplicate entry removed.
If the SOL hasn’t passed, paying the settlement will remove the legal obligation. Be sure to pay within the time frame specified in your settlement offer.
Even if the SOL has gone by, most lenders will require you to pay collection accounts off before closing on real estate loans.
If they are offering to settle, maybe they will be willing to do a pay for delete contract with you.
taking settlements are deducted from your overall earning in your taxes but shouldnt affect anything else.
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