Can Unsecured Debts Be Settled?
An unsecured debt is a debt where there is no collateral. Unsecured debts include medical bills, credit cards, department store cards, personal loans, collection accounts, student loans, amounts remaining after foreclosure or repossession, and bounced checks. There are a few creditors who will never compromise, but most will take a lessthanfull payment as settlementinfull to close a troublesome account. (Utility companies, however, rarely settle for less than the full balance.)
Other Utah Collections-Creditors Rights FAQs
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Q:
What Is Secured Collateralized Debt?
A: They are a home or automobile and are an entirely different story. If the creditor can simply repossess the property, why should he negotiate? The debtor can often … More -
Q:
What If The Debtor Wants To Settle?
A: The creditor must have a good reason to want to settle. If the account is paid current and there is no recent history of late payment, it will be difficult to convince … More -
Q:
Do Creditors Make Their Profits From Collecting From Their Customers, Or By Reporting Negative Credit Information?
A: Because creditors recognize this "catch22" situation, they will often agree to delete any negative listing upon settlement of the debt. You have to realize that … More -
Q:
Do Creditors Have An Agreement With The Credit Bureaus, That They Will Not Allow A Negative Listing To Be Deleted Upon Settlement?
A: Yes this is true, the creditor can just tell the credit bureau that they reported your rating inaccurately, not that it was due to settlement. Anything a creditor … More
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