Anybody ever managed to get a reduced credit card payoff?

[topgunz1]

This thread just reminded me to send my final payment on my BOA card... 1 card down 1 to go! I started working extra duty at a bank this year, everything I made there went into an account and I didn't touch it. Every other month or so I'd send a grand or so. Except 1 hiccup where my washer AND drier both **** the bed and I had to use that account for new ones, every cent went to BOA. took 7 months but thats 5 grand off my debt! 6K to go to Citibank and I'm done except for house and 1 car note that will be finished around june or so.

 

[simplepeddler]

I think the man makes a great point.
However, it is not "free" Uncle Sam WILL get you.

By law the CC company has the right to 1099 you, and they wil, thus making it income and you will pay taxes on it.

 

[JWG223]

I am carrying a BOA card currently that I would love to get paid off and gone since I don't use credit anymore at all. My question is whether anyone here has experience with getting a lower pay off than that owed on the card, and if so how to keep if from messing up my credit.

No, but a co-worker called a CC company and settled for a % of her actual amount owed sans interest from what she told me.

The way to do it IMO is to just man up and pay the debt you accrued. That will help your credit. Anything else, might not.

 

[oldsman350]

Uncle Sam will make you bend over and touch your toes if the bank reports it. Don't let it go into collections. My wife and I at the ripe age of 19 while in college decieded to go on a credit binge. That was 2007 and I'm almost done paying it all back and slowly building my credit back up. You live and learn but I can honestly say never again. Watching all your friends buy houses and you being stuck in an apartment puts things into perspective. What ever you do don't default it all goes down hill..