Legal Question in Credit and Debt Law in Texas
CC Settlement Question
I recently received a settlement offer from a Collection Agency on a charged-off credit card. They state that the offer is based on the Principal Balance, excluding all accumalated interest and penalties. If I make a settlement on the offer to clear the principal, can they later come after me for the accumulated interest, or does the settlement wipe the debt clean. I am a newbie in this. Thanks in advance for the help.
Asked on 9/30/07, 10:53 am
1 Answer from Attorneys
TC Langford
Langford Law Office
Re: CC Settlement Question
You have to make sure that the release includes all penalties, and interest. You do not accomplish much if you still owe all the accumulated interest, which depending upon the balance and time owed, could exceed the prinicipal.
Answered on 10/01/07, 7:37 am
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