Expert: Ontrack Financial Group llc - 2/8/2009

Question
Hello;

I Defaulted on a cell phone bill of $600 about 4 years ago.  I believed they were unfair on the way that it came to this.  I now understand this to be very ignorant because im only affecting my own credit.  In the end i did use all those roaming minutes, even tho i was unaware that i was roaming.  Anyways i am more mature now and ready to move on.  I want to settle my debts.  This is the only one that i have.  They sent me a letter where they offer 50% discount.  My credit will show as settled in full.  I know it isnt good to settle an account.  I dont mind paying it in full but is there anything else that i can negotiate? should i ask them for something specific?  My objective is damage control.  I dont care about paying the whole amount, but what option do i have that will do the least damage to my credit?  Thank you

Answer
Dear William,


Thank you for your question.

This cell phone bill already placed a negative mark on your credit.  While settling the debt can be fine, the account will remain on your credit for 7 more years.  I suggest not paying the account unless they remove it from your credit report.  

Warm Regards,  

Ontrack Financial Group llc
AllExperts Response Team

www.OntrackFinancialGroup.com