Would reciept and a letter from lawyer’s collection agency for credit card company insure protection for me?
Wednesday, July 14th, 2010 at
7:45 pm
I am trying to make a settlement for 1/2 of of bill owed to credit card company today, thru a lawyer collecton agency that has sued me. I am making it with cashier’s check in person, They promise reciept and a letter. They say it takes 14 days to come back from the company paid in full? Am
i safe.
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The letter should state the terms of the agreement. The receipt and the letter will stand in court should the company go back on the agreement.
Dr. Tommy Skelton
You should get a prospective letter from them.. Basically letter would state following:
Dear John Doe,
XYZ Credit Card company has agreed to accept XXXX.XX as settlement in full on your account . Once we receive payment of this amount in full (payable by XX/XX/2008), we will record with all credit bureaus and with original creditor that the debt has been satisfied. Once your check has been endorsed and deposited, this agreement is legal and binding.
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Inform them though, once you pay the amount, you want a secondary letter advising:
Dear John Doe:
As per our agreement, XYZ company has received XXXX.XX as settlement in full on your account. We have notified the client company and all appropriate credit bureaus to update their files accordingly. We have written off XXXX.XX .
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Hope that helps..
I would make sure that they consider the account paid. When you settle for a debt, make sure that the terms of the agreement state that they will consider the account paid. Otherwise, they can legally turn around and sue you for the difference.
I would try to negotiate for a pay and delete where you pay a certain amount, and then they delete the negative entry from your credit report. Yes, they can do this and yes, this is possible.
Good luck.