Just as you are unique, so is every account in our system. As we stress, we work with you to make it easier to get your debt paid in full without undue misery. That said, we reserve the right to extend an option for you to settle your account balance for a lesser amount. At any time, you reserve the right to make an offer of settlement to us. Any arrangement of this sort we make will be done in writing. We will provide you with that written information BEFORE you make the payment. Settlements are not always single payments. Various circumstances affect the time period, amount, and whether it is done in one, two or several payments. If we offer and you accept or you offer and we accept a lesser amount to settle your account, it is contingent on payment being made on time with good funds. Any deviation from the agreement will void it, and any money received will reduce your balance, but not settle it out. Certain circumstances may require us to provide a 1099-C IRS form to you during the early months of the year following a settlement. As a result, you may owe taxes on the portion of the debt that was forgiven. We will be able to determine whether or not this applies to your case, so there will be no surprises.
Can I settle my debt for a lesser amount?