Accord and Satisfaction Letter

I am about to send one out too and want to see if anyone has had success. Here is what I am sending.Here is a revised A&S letter with your suggestions. Any other recommendations? I am in Texas and so is Beall's.


RE: Bealls Account # 00000


I am writing to request assistance with Beall's account #00000 shown on my credit report.

The outstanding account # 000000 has a balance of $175.00. Be advised, I have not agreed yet that this debt is mine and I have the option to seek further proof from you of this debt. I am sure you are aware of my right to dispute this debt and request full proof of the obligation. Paying this unverified debt to you means little to me if we cannot mutually agree that you will report the debt as mentioned below.

I am requesting, in return for payment in full, your company notify the Credit Bureaus to delete this account from my files when payment in full is received. The Credit Bureaus have informed me that information can be removed from the credit report through the suppliers of information.

To satisfy this debt, I will send you a check for the full balance of $175.00 with a restrictive endorsement that will constitute an accord and satisfaction and will take precedence over any previous terms. This will pay the balance in full and you will agree to remove the account from my credit files within 15 days of my payment.

The amount of $175.00 will be sent to you within 5 business. I hope this is acceptable as it will fulfill the financial obligation. Please notify within this time if there is a specific address I should send this.

 

I sent out three A&S end of last month, waited 15 to 20 days then sent the checks with restricted endorsement. so far two have been cashed and one c harge off has been deleted from experian. W aiting to see what will happen t o rest.. rememb er t o check the state the c ollection agency is in. Ill post results on others as I get t hem

 

So the state that matters is the one that the creditor is in, not yours? Like on the Fair Credit Movement website, they say that GA is strong in suporting A&S. But that is only if the creditor resides in GA or the debtor?

 

Were the checks that you sent our for the full balance or were you offering a lesser amount?

 

Another question: I am GA. Do you have to send the 15/90-day letter or can you just send payment with the stipulations on it and that be sufficient to comply with the A&S laws?

 

I wasn't sure either if it was by my state ot state of creditor..so I figured I live in california, contract was in california and bill was
sent to california.. so i used california law.
On one i sent full payment and other two I sent lesser amount.
In order for an accord and satisfac tion to be binding it has to meet three main criteria (this is according to my research I am no attorney god knows)
1)the amount/ bill/service must actually have some valid dispute..ie shoddy merchandise,wrong balance,excessive fees
2.The amount offered must be a good faith amount (no 25 bucks for a 1000.00 bill)
3.They must be in agreement as evidenced by either signing an a greement or by your notifying them of what you intend to do and giving them ample time to object..hence you m ust send the notice
prior.
And apparently some states support, some do not
I'll let you know more when I get the results on the other two

 

I thought you had to use the laws for the state in which the CA is located? EX: I live in Mich, CA is in MO--I have to execute the A&S according to state laws in MO... <?>

Of course, I could be wrong on this...

 

BUMP!!!!!!!!!!!!!!!!!!!!!!!

DOES ANYONE KNOW FOR SURE? IS IT THE STATE OF THE DEBTOR OR THE CA THAT MATTERS?

 

I just spoke to the Legal Dept. of the Texas Office of Consumer Credit. I was told that the state laws that apply is the state that the BANK who issued the credit is located. Not the CC or CA!

 

Soooooooooooooooooo, we need to find out what the laws are for DE, MD, NJ and a few other states and post them to the board since that is where a majority of credit card banks are located.

 

Banks are located in certain states like Delaware, South Dakota etc. because the state laws there are very much pro business. You'll probably find that it's a no go in those states.

 

Here is some very interesting information that PNC Bank gives to its' creditor customers about receiving accord and satisfaction payments. Check it out!

http://www.treasury.pncbank.com/Downloads/managing_payment_disputes.pdf

There may be hope- if we cover our bases.

 

Very Interesting... GA has also some say as far A&S The accounts affected then would be Home Depot, Exxon, Office Depot and other cc that indicate Monogram Credit CArd Bank of Georgia!!! Some That indicate GE Capital also.. Others listed as GE Capital are for the State of Ohio and North Carolina(Lowes) Ohio also for some older cards (Macys, MBUSA) these were all cards financed by Ge Capital/Monogram Bank USA of Ohio before they sold to Federated.. So Ohio, GA, NC are worthing adding to the list........