Debt Settlement - Debt Settlement - Canada

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RE: Debt Settlement

Postby cadude » Fri Mar 14, 2008 03:18:25 PM

Who are you settling an account with? Is it your creditor or is it a collection agency?

99% of the time, when an account is settled, the creditor will not remove the trade line from your bureau. In some cases, and only because I've read it on this forum, the creditor has negotiated to remove it. I don't know (or remember) under what circumstance it was, but in my estimation it isn't likely.
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RE: Debt Settlement

Postby ottawasingles » Fri Mar 14, 2008 12:33:45 PM

Is there any chance you can do a debt settlement and have them agree to remove the trade line completely?
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RE: Debt Settlement

Postby ranzzzz » Fri Mar 14, 2008 11:56:58 AM

No, it'll stay as R9 but the amount you owe will be updated to $0 and it will say "settled" instead of "paid as agree"
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Debt Settlement

Postby ottawasingles » Fri Mar 14, 2008 11:11:22 AM

Hi,

When you negotiate a debt settlement does your rating change to an R1 as paid as agreed? What is the effect on your credit rating?
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