I have debts with the same creditor amounting to around 13K and I’m 5 payments past due. I called them up to see if a settlement could be arranged. Someone from customer care at the bank said that the lowest that they can allow is around 8K, to be paid over 6 months. But, they refuse to send it in writing. Should I go for it, without any documents at all?

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I don’t know which creditor you’re talking about, and there’s a high chance that this might be a rip-off. What if they go back on their words or deny the settlement later on? I wouldn’t advise you to pay even a dollar without having the offer in writing. Tell them that, and ask how long it’s going to take to mail or fax it to you. Arrange the payments accordingly.

 


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