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.
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