About Settlement Offers

What is a Settlement Offer?

Once your account reaches 180 days past due, your account will be charged off. When an account is charged off, it means your account is considered a loss and is closed to future charges. Once your account is charged off, our collections agency, MRS, will reach out to you about the option to enroll in a settlement plan.

A settlement plan allows you to settle your debt for a portion of your total bill. Once you enroll in a settlement plan, you’ll be able to work with our collections agency to set up a payment plan for the settlement amount instead of the full balance. 

If you can, it is highly recommended to pay any outstanding balance in full or settle your account. If you opt into a settlement plan, your account will be reported to the bureaus as “settled in full” instead of “charged-off.” 


Can I see my Settlement Offer in the app?

Right now, we don’t have the ability to show you your settlement plan in the Petal app, but we’re working on it! Any payments you make in the app will be put towards your settlement offer. You can also call MRS directly at 833-306-0702 to make a payment. 

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