How Much to Offer in Compromise?

How Much to Offer in Compromise? Debt collection agency has verified that I owe a $300 Perkins Loan debt I didn%26#039;t know about from 1988. This so far does not show up on my credit reports. I found a sample Offer in Compromise and edited it to say they agree to not report the debt to the credit reporting agencies if they accept payment from me.

My question is this: How much should I offer? Original debt is $300. They want $671. This is a 20-year-old debt, but it IS a student loan. I was going to offer $500, but do you think they would agree to less? Please advise!

Thanks,
Del

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1 week ago

Bobby, no they have just recently contacted me. I requested a verification of the debt, and they sent it to me. That%26#039;s been over the period of a couple of months.

$500 is less than a 5% interest rate over 20 years. The loan rate was higher than that.

Offer them $500, they probably take it and it will be over.

Answer Over!
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