[mpm359]

I became disabled 3.5years ago. Unable to pay credit card, debt escalated to over $11,000. Bank charged-off $8900. Collection agency wants to settle for $2500. Should I settle? and if so what should I get in writing from the collector?

[seniorjudge]

I became disabled 3.5years ago. Unable to pay credit card, debt escalated to over $11,000. Bank charged-off $8900. Collection agency wants to settle for $2500. Should I settle? and if so what should I get in writing from the collector?

Yes, settle. Tell the collector to send you a satisfaction that you clearly understand. Make sure you follow it to the letter. Don't agree to anything unless it is in writing. Make sure it says full and total satisfaction and that they will not call you or contact you in anyway or sue you.