Six months ago, a relative opened a capital one credit card under my name and owed them $8000. She walked away without paying a single cent, but I agreed not to file police report if she goes to rehab. Now the Capital one people offered me two options to pay the debt:
1. Settle for $5000 but my credit score will take a hit.
2. I can pay $850 in down payment and $150 a month thereafter until the debt is paid off and they will clear the negative from my credit report.
Is there anyway I can get a better deal, considering I did not open the credit card and I never receive any bill from them. I am thinking If I can just pay a lump sum of 50% of the debt and get my credit report cleared too.
