Hi All, I have a quick question. I'm in the process of negotiating a settlement with a creditor. I'm offering the full balance (in two payments) in exchange for a favorable rating or deletion. They have not responded to my offer, yet. If I sent the letter again with a check, stating that if they cash the check they agree to the terms, is that legally binding? This sounds like a great way to get the ball rolling, but I wanted to make sure having them cash the check legally binds them. Any thoughts? Thanks in advance. lb
I recall reading on here somewhere that it is not binding as the companies put some kind of disclaimer on the check. I would say don't do it.
bad idea... Not valid in many states if i remember right. They can cash the check, not agree to the terms, then sue you for the balance. You need a letter by them in writing before doing anything.
I was going to do the same thing and I was told not to do it. So I started from the beginning, I sent the validation letter (about a week ago) still no response. *IF* they validate then I will call and offer them the full amount in exchange for a removal on the CR. I'm impatient and wanted to just send the check, but a million people told me NOT to. KHM
Thanks for the advice. I will admit that I am a bit impatient (I sent them offers over a month ago) and waiting for a response is VERY aggravating.
NEVER pay without a written agreement in your hand prior. You can try the "restrictive endorsement" trick if you want. Many times these companies use a processing company to handle payments... your check goes one way and the paperwork goes another, never for the two to see each other again. What would happen if you did it? They would cash your check and do nothing with the credit report listing. After you complain, chances are they still would do nothing. Should you take them to court to enforce it, you've got the decision resting on the judge's interpt of the law.... 50/50 chance. Don't risk it....
