Comments on: How should I pay off my credit card debt when I just received a lump sum of money? http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/ Debt can ruin your life Fri, 20 Aug 2010 20:00:34 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Allison http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/comment-page-1/#comment-76 Allison Sun, 11 Oct 2009 12:19:54 +0000 http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/#comment-76 If you have the money, you need to pay off the debt in full. I believe that when you owe people money, you should pay it. I never base financial decisions on what it might do to my credit score. If someone owed you money personally, I think you would want them to pay you in full. The only exception I could think of would be that if you are no longer capable of working, and this is the only money you may be getting. If you have the money, you need to pay off the debt in full.

I believe that when you owe people money, you should pay it. I never base financial decisions on what it might do to my credit score.

If someone owed you money personally, I think you would want them to pay you in full.

The only exception I could think of would be that if you are no longer capable of working, and this is the only money you may be getting.

]]> By: tonian http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/comment-page-1/#comment-75 tonian Sat, 10 Oct 2009 01:25:33 +0000 http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/#comment-75 Agree with Lisa L. You've already been flagged as a credit risk (although you probably don't know it if you haven't applied for credit recently), so you should simply go ahead and settle the full amount. It's very unlikely that the credit card company will let you settle for a lesser amount, although it doesn't hurt to try. Agree with Lisa L. You’ve already been flagged as a credit risk (although you probably don’t know it if you haven’t applied for credit recently), so you should simply go ahead and settle the full amount. It’s very unlikely that the credit card company will let you settle for a lesser amount, although it doesn’t hurt to try.

]]> By: Lisa L http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/comment-page-1/#comment-74 Lisa L Thu, 08 Oct 2009 00:27:07 +0000 http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/#comment-74 I'd just go ahead and settle with them. Your credit/Fico score is already in the toilet. Settle and save yourself some money. And DON'T get into that kind of debt again. Pay cash next time, with some of that money you have. Put a chunk into savings too, don't fritter it away. I’d just go ahead and settle with them. Your credit/Fico score is already in the toilet. Settle and save yourself some money. And DON’T get into that kind of debt again. Pay cash next time, with some of that money you have. Put a chunk into savings too, don’t fritter it away.

]]> By: CrazyKayFreak http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/comment-page-1/#comment-73 CrazyKayFreak Sun, 04 Oct 2009 17:28:34 +0000 http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/#comment-73 Whichever is best for your credit. If you settle for a lesser amount, I don't think it affects your credit any more negative than if you pay the full amount. If it's paid, it's paid. And that should be what shows on your credit report??? Whichever is best for your credit. If you settle for a lesser amount, I don’t think it affects your credit any more negative than if you pay the full amount. If it’s paid, it’s paid. And that should be what shows on your credit report???

]]> By: Brandon http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/comment-page-1/#comment-72 Brandon Sat, 03 Oct 2009 03:07:06 +0000 http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/#comment-72 Your credit is already messed up. If they are willing to settle, get a letter from them saying the debt will be satisfied and they will accept a lesser amount. Get the agreement IN WRITING!!! Your credit probably shows as charged off anyway...with you paying a settled amount, it should show as paid after charge off, settlement accepted, or something to that effect. Showing that it is satisfied will benefit. Your credit is already messed up.

If they are willing to settle, get a letter from them saying the debt will be satisfied and they will accept a lesser amount.

Get the agreement IN WRITING!!!

Your credit probably shows as charged off anyway…with you paying a settled amount, it should show as paid after charge off, settlement accepted, or something to that effect. Showing that it is satisfied will benefit.

]]> By: David Z http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/comment-page-1/#comment-71 David Z Thu, 01 Oct 2009 14:26:42 +0000 http://www.credit--carddebt.com/how-should-i-pay-off-my-credit-card-debt-when-i-just-received-a-lump-sum-of-money/#comment-71 good idea to try and settle. if they would settle for 25-50% that would be a nice break for you. the settlement will be a ding on credit report but probably not much worse than has already occurred. good idea to try and settle. if they would settle for 25-50% that would be a nice break for you.

the settlement will be a ding on credit report but probably not much worse than has already occurred.

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