The goal is to reach a "Settled in Full" agreement for less than the original $7,000 balance.
Negotiate how the debt will appear on credit reports. Aim for "Paid as Agreed" or "Account Closed/Settled," though "Settled for Less Than Full Balance" is most common. 4. Tax Implications Settling a $7,000 debt can trigger a tax event. Debt Settlement - Zlata Shine Oculus 7k.mp4
Before negotiating, you must establish a "hardship" case. Creditors are more likely to settle if they believe you cannot pay the full amount. The goal is to reach a "Settled in
Keep the video (the .mp4 file) and all written correspondence for at least 7 years as proof the debt is legally extinguished. Debt Settlement - Zlata Shine Oculus 7k.mp4