+5 votes
by (2.9k points)
Ok so I’m new to this part a bit . I took out a loan last year for about $300 and then lost my job due to medical issues at the time I received a letter last week basically saying they will settle for $175 Is it better to take the settlement or to pay back in full ?  
Ok so I’m new to this part a bit .

4 Answers

+5 votes
by (620 points)
I would settle. However keep in mind that The rest may count as income. Always get something in writing stating that they will settle for $175. And send a money order or check. Never give them your bank account information.  
+5 votes
by (800 points)
Unless there aren’t any “hidden gimmicks” then I would take the offer and settle. Some companies offer settlements when there has been a change in your situation that may affect your ability to make payments.  
+2 votes
by (3k points)
Settle but ask for a paid in full letter as your receipt.  
+4 votes
by (3.2k points)
I’d ask them if they are going to send you a 1099-C for the difference
The Budgeting For Moms Group is where you can always find questions, answers, advice, reviews & recommendations from other community members about mothers making smart financial decisions and budget goals.
...