Consequences
1. Hit to your credit history.
2. Taxed on the amount forgiven.
There is no standard percentage.
"Hello collection department person is there anyway we can settle this for a lower amount?" is generally how it will start.
Consequences
1. Hit to your credit history.
2. Taxed on the amount forgiven.
There is no standard percentage.
"Hello collection department person is there anyway we can settle this for a lower amount?" is generally how it will start.