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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2870
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have debt, about $5,000 originally, it was $around $2,000.

Customer Question

I have debt, about $5,000 originally, it was $around $2,000. Some dept corrector law firm was calling all the time, even to door man in my building.

Recently telephone call was reduced and they told me in the letter, they will settle around $2,800. I asked telephone and letter that they should send me settlement agreement. But they did not respond.

I want to settle, what should I do?
Does this efect when I try to rent apt. in NY?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. : Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Terry L. : you can settle, sure.
Terry L. : i would recommend sending written request to original lender
Terry L. : before paying any collection agency, you should request a verification of debt in writing.
Terry L. : Settlements are taxable, on the savings, so check with your tax advisor about that
Terry L. : settlements are reported on the credit report, under that account.
Terry L. : it would list, paid as agreed, or settled as agreed
Terry L. : A landlord could pull your credit report, so how they would use that info, is hard to say, it would depend on that particular landlord
Terry L. : Let me know of any other questions, good luck
Terry L. : Terry L
Terry L. :

If you have any other questions, please let me know. If not, please click accept to close the question and rate my answer. Thanks! Terry L