Written off Debt in CO

01-04-2001, 05:17 PM

cdo4

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My credit company just sent a letter stating that it will be willing to settle my account for 63%; otherwise, the account "will be written off as bad debt within the next couple of months. This will adversely effect your credit with us for the next seven years and you will still be obligated to repay the debt."

First, if the debt is written off, how can I still be obligated to repay it?

Second, if the account is said to be "Paid in Full" is this the same as stating that I have complied with my credit obligations to this company?

Thanks.

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