Offer Made To Settle Debt

by Susan
(bessemer, alabama)

NCO offered by phone a settlement that amounted to $1,323 (my original debt was $8,000). This offer was made Wednesday, May 19. I lost my job three years ago, and have not been able to make any more payments to original creditor, CitiBank, after that. I live in the state of Alabama.

I told the rep I didn't have that kind of money, that I'm on unemployment -- again. He asked if I could come up with $500 to lock in this offer, and I could make payments on the balance over a 12-month period. He told me to think about it and call him back before the 26th of May, because the offer would be taken off the table, and this offer would never again be made.

I don't know if this is a blessing, or if am going to put even more pressure on myself by taking on another payment at this time in my life.

Any advice you could give would be appreciated.

Comments for Offer Made To Settle Debt

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May 25, 2010
settling debt
by: Gerri

Susan,

It sounds like you are under a tremendous amount of financial stress. While I would generally consider this a "good" settlement offer (settling an $8000 debt for $500), it is it not a good deal if you truly cannot afford it.

One question I have for you is whether you have other debts that you are dealing with or if this is the only one? You can respond by using the comments link below.

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