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HOTLANCER · 01-31-2008, 01:33 AM

Get it settled and MAKE SURE IT IS OFF YOUR CREDIT REPORT AS PAID IN FULL!! If they 1099 you for the difference and then record your credit report as "settle for less than the full amount" consider going AFTER them for a violation of the Fair Credit Reporting Act. Otherwise, the bank could sell the account to one of those companies that buys bad credit card debt for pennies on the dollar (which is essentially what you are offering anyway) and THEN THAT COMPANY goes after you for the FULL AMOUNT PLUS FEES, COSTS, HIGH INTEREST, ETC. Dont take that chance!!!

01-31-2008, 01:33 AM	#3 (permalink)
HOTLANCER Member Join Date: Jan 2008 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Heloc Get it settled and MAKE SURE IT IS OFF YOUR CREDIT REPORT AS PAID IN FULL!! If they 1099 you for the difference and then record your credit report as "settle for less than the full amount" consider going AFTER them for a violation of the Fair Credit Reporting Act. Otherwise, the bank could sell the account to one of those companies that buys bad credit card debt for pennies on the dollar (which is essentially what you are offering anyway) and THEN THAT COMPANY goes after you for the FULL AMOUNT PLUS FEES, COSTS, HIGH INTEREST, ETC. Dont take that chance!!!