John G. Watts of Watts & Herring, LLC explains what needs to be in writing when settling a collection lawsuit.
5 step process (while confirming you are settling with the correct creditor or debt buyer):
1. Make sure it is in writing for settlement in full
2. What will happen with taxes — will you get a 1099 for any “debt forgiveness”?
3. What about your credit reports — how will the debt be reported (if at all)?
4. Make sure the dismissal will be WITH prejudice.
5. Make sure the above 4 steps happen!
This information is provided for introductory information, and there is no guarantee that the information fits your specific situation or provides the complete information that you need.
See also …
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