I am seeking the absolute BEST OC settlement letter available...I have 6 accounts with the OC that are currently listed with a CA and reporting on my CRA's. The OC has agreed to delete for 75% payment... Thanks for your help! U
If they already agreed to settle for 75%, what kind of letter are you looking for? Just have them put it in writing before you pay. Not sure, but mabye no one is answering because they don't know what specific info you need. Post a little more details and mabye we can come up with something.
Just MHO, but I agree with IrishEyes....ask THEM to put it in writing. The best settlement letters that I have found/used I found by scouring the net--most by using the search function here on CreditNet. There are many good examples, but I believe the best way to come up with 'the best' settlement letter is to combine the parts of the good sample letters that you find here put them together and edit them to fit your exact situation. Again, just MHO, but I think (given the details) that all you really want to say to them is something to the effect of 'per our agreement I will pay $XXXXX immediately upon receipt of written copy of settlement agreement.......'. Best of luck to you!
Actually Uhack is right. As much as we'd like to place the responsibility of writing a letter on the OC it's not their problem. Make up your own settlement letter. Just asking them to sign it makes it MUCH easier to get it. Uhack, there is no perfect letter exept the ones that are simple and straightforward. I have one I've used if you want it.
I'll take you up on that offer...I just emailed you with a request or please reply here. Thanks! uhackthis
I see your point Butch and you are likely correct, make their job easier and reap the rewards. I think the "best OC settlement letter" threw me off, like he/she was looking for a letter to knock their socks off and have them agree to settle (when they already agreed). )~
Just remember, I'm always "likely" correct. lolol A few asked me to follow up with a letter I've used, so I thought I'd stick it right here. Date xx/xx/xxxx Whatchamacallit OC 123 West Street Anytown, Any state Zip Acct. # xxxxxxx For Mr. Butch Dear Mary, Thanks for spending a few minutes with me on the phone today. As per our conversation you told me that you would call the credit bureaus and have them delete the account in exchange for a full 100% payment of the outstanding balance. Therefore, I would feel so much more comfortable if you would please simply approve this agreement and drop it back to me in the self addressed stamped envelope, provided for your convenience. The day I get this back I agree to send a money order for [insert amount] as full settlement. I will also copy this and send for your records. a) You still own this account and have not sold it to a third party. b) That the account is "paid in full" "as agreed". c) That you will delete all derogatory items with all credit reporting agencies, (actually you probably already have). d) That you will withdraw the account from all third party collection representatives, (if applicable). [Optional] And then I'll recommend you to all of my friends. May I extend my most sincere thanks to you for being so helpful in clearing up this misunderstanding. Warmest Regards, Mr. Butch
The only other thing to be aware of is that you may want to avoid acknowledging the debt, in case you need to force your hand later. In those cases I might include something like: "Without acknowledging liability I find it advantageous to simply settle this mater, especially since the amount is small. Neither you nor I are interested in the expensive, drawn out legal fiasco that would ensue otherwise." Good luck. Keep us posted.
