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About Cacti

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  1. Hello, I fell far behind on my bills a few months ago. And was living in my car. While this was happening, the car loan was written off as noncollectable. I am now trying to repair my credit. I've joined the us military and have a steady income. The auto loan provider called me a few days ago and said that they are willing to do a debt settlement at about $7500. I owe ~$10,000 on the car. The car is worth $8000. They also said that they would be willing help me sell the car. Alternatively, they said I can pay them about $350.00 a month until the car is paid off. At this point, I just want the car and the debt gone. However, I don't want to do even more damage to my credit. If I choose to do a debt settlement will this hurt my credit further? Or would it be beneficial in the long run because it will allow me to repay the debt sooner? Should I pay the $350 for a few months before I sell the car so that I can repay the debt without doing a debt settlement? Or should I get this loan off my credit history as quickly as possible? Thank you,