Settlement offer from debt collector.

[cosign4son]

Received settlement offer from debt collector for son's repossessed auto. I was the cosigner. 60% offer on $8000 debt. First letter I ever received, 2 years after problem, I have moved. Anyone have similar problem? Did you take the offer or hold out for a better deal? Any insight on negotiating techniques is appreciated. Letter stated "after receipt and clearance this account will be considered settled". Will I still have bad credit? Can I ask to have item deleted from credit history as well? Anyone successful with this. Many Thanks.

 

[clydesdel]

ford credit reposses my truck,told them to sell it for what i owed of course they did not do that. made three offers, didnot have the money to take the offers, they sold my contract i guess to a lawyer . i am now in court now and they want the balance of the note that was left after the resale of my truck. judge was susose to set up a payment plan, but have not as this date got a court date. clydesdel