Banks settling unsecured loans for a big loss
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15th May 2019, 01:25 PM
In the Peanut Gallery
Join Date: Jan 2007
Originally Posted by
Before you pay, negotiate what they will report to Trans Credit (etc) ... it's possible to get them NOT to report the loss at all ... and keep her credit report good.
After all ... if they are going to trash her credit report, she could just go bankrupt and pay NOHING back to them.
My daughter has it in writing that it will not effect her credit rating. In the past, these arrangements were listed as “settled”. Now they are listed as “paid”. The bank knows, of course, but other entities do not.
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