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Should I accept this offer?


Coachway
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Have a charge off with NFCU.


They sent a letter offering to settle for a lump sum of 40%.  I don't have that much, but could possibly do around 30%.

 

Called them, told them I'd send them a lump sum of about 30% if they'd remove negative tradelines.  They said they couldn't do that.


Then I said okay, I'll settle at 30% if you put Paid in Full.  They said they couldn't, could only put Paid in Full if I paid at least 50%.

 

 

So it looks like my option is to settle at 30% or ignore it and wait for the judgement.

 

I've had great accounts with them for years.  Multiple loans, never defaulted.  Nearly 15 years good standing account history. 

 

If I settle for less than full, isn't that still a huge ugly black mark on my credit report? 

 

Is it beneficial for me to accept that offer?

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Also, if I accept this offer, what do I need to get from them?  I know I want to get something in writing, but do I just tell them to send me a letter saying they'll accept the 30% and considering settled, then mail them certified funds?  What do I mail to the three credit reporting agencies at that point?

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