Rv reposses

[Norwaylover]

Bofa repossed our rv we still owe 75000 they have offered to settle for 22500 and we offered 18000. Is this a good deal for us and will it clear our credit. What forms do we to make sure this is binding.

 

[mightymoose]

If they accept the offer it will clear you of the debt, but it will remain on your credit report with negative marks for several years.
You might try as part of the negotiation to have it reported to credit agencies in a less damaging way, but don't count on it.
Make sure any settlement payment you make indicates the balance is paid in full as agreed.

 

[Betty3]

You need to make sure you get an agreement/contract re the reduced amt. & if you pay balance that it is paid in full. (signed & dated by them & you) If you're not comfortable with the wording of the contract, have a lawyer review it.