My father in law had a stroke a few years back and can no longer work. While he was in the hospital his gf at the time ran up a $7k credit card bill on his card, he couldn't pay it and it went to third party collections. They just sent him a settlement offer for $3k and I am curious the pros/cons of 1) taking them up on the $3k offer 2) negotiating it even lower or 3) just let the collections agency eat the debt and not pay them anything. We already co-signed for him to get into a retirement community that his social security/disability covers and I see no reason for him to need credit in the future so his credit score (which was likely bad before all this) is not that much of a worry. Thanks!
original posted by SmittyKW to r/personalfinance on Wed, 10 Apr 2024 15:38:11 GMT.