Best way to send settlement

Cashiers Check with a PAID IN FULL on the back of it stating if this check is cashed stipulates full deletion or Paid as Agreed on my credit bureau reports.

 

Oh damn, ok. well. Send it in a box for a dung then. Reason I say this is, Why don't they want her to send it CRRR? So she has proof? Susanna Have you received a written letter from them stating they will delete the account? I don't know what kind of arrangements you made, but you need to get it in writing or it was all in vain and you are out of money.

 

Just to be safe, use money order or bank check. If you send them your personal check they can take the ABA and ROUTING #'s and pull money out without your "consent". It would be illegal but not a battle I would want after finally settling. Not saying they are all unscrupulous but why take chances.

-Peace, Dave

 

WHY are you paying this if you don't get a good mark for it?

 

I'm not familiar with the whole story but if I remember to 0% payments for 2 years would only result in late pays being reported......with that in mind and your afraid of defaulting on the payments then why not take the 8K and put it in a seperate checking account and use it to make the payments over the 2 years?? Just a thought.......

 

sorry I over looked that it needs to be the entire 20K. Maybe still a possibility though.....

 

Dear Susanna,

Last night I suggested that you take a couple hundered bucks and go see a lawyer for an hour or 2. Did you decide not to do that?

I really doubt (although it has happened) that they will actually charge off while in settlement negotiations. How stupid they would look in front of a judge. They are strong negotiators but they're not stupid. These people are scaring you and I can see it.

You say they are giving you until Friday but I'd bet that if you faxed them a request for an additional 2 weeks to review your options they wouldn't say no. (just keep the fax receipt).

Perhaps with a pro fighting for you, you may be able to get a better deal.

I just don't want to see you rush into a decision just because they are pressuring you. And 2 or 3 hundred bucks for some good advise is peanuts when compaired to 20 grand.

Whatcha think?

Been thinkin about ya,

 

Butch,

Accounting regulations demand that financial institutions chargeoff non preforming loans at the 180 day mark. This is a result of the S&L debacle of the late 80's. They are not bluffing. If she is at the 180 day mark on Fri. they will chargeoff.

 

Then pay 1 or 2 months minimum payment to keep it from charging off - buy some time for settlement in writing.

 

Kit,

The idea of paying a minimum or 2 this late in the game puts the lender in some difficulty with some subsections of GAAP. {Generally Acccepted Accounting Principles}. Susanna will likely need to bring the account current to play for more time.

 

Just a thought but, do you have the settlement offer in writing and signed?

Fot that kind of money spending a few hundred on a lawyer to make sure it is binding might be advised

It would be terrible to pay 8K and then get burned.

JohnM

(I not trying to add to your stress I just wondered)

 

Susanna,

My personal opinion is, you're out of bullets and it's time to raise the white flag . They are not going to delete or non rate the acount. It only gets worse from here. Take the 40% payoff and maybe you can get lucky in a few years and dispute it away.

 

Sorry to bump my own message but you stated in another thread that you DO have a signed agreement.

I still think that a few hundred on a lawyer is not a bad idea. It might even give you a reason to ask for the item to be reported as unrated. ie

1- You want to settle
2- They must chargeoff on Friday
3- You really want to settle today, but your lawyer will finish reviewing the settlement next week.
4- It is unfair to report it as a chargeoff just because you want to insure it is done correctly.

Therefore: The only fair thing to do is report it as unrated, gosh it would not be ethical to change a chargeoff back to a settled would it. Unrated is the only fair way for them to get your check for $8000 on Monday.



Good Luck,

JohnM

 

This is what I said in the other post. It may not be what you want to here but itâ??s the truth.

Like I said before, settle the debt. Creditors like to see that something has been paid off for 12 months as long as everything else looks good. Don't just think about todayâ??s credit score. I wouldnâ??t try to validate because it hasn't gone to a collection agency yet. But for this amount of money you can bet it will go straight to a judgment. Also for that amount of money they may not budge on the rating and if you are not careful they can say that you declined the offer and send it into judgment. Pay them off and be done with them. Don't even think about a BK if you can settle. That will be on your credit for 10 years! If you settle, 12 months from now you will be able to get credit again. You may have to explain what happened but so what! The ones that say don't settle because your score will go down are well meaning but they don't know what they are talking about and are not looking down the road.

Take if from someone who has been there. My hubby settled most of his debts and now we are buying a house at 6.5%. His score still sucks but FHA doesn't care. They only care that everything is paid off.

This is about someoneâ??s suggestion of restrictive endorsement

I have tried that with no luck at all. We paid several items in full with a restrictive endorsement. All of them came back as rejected, even though it was for the full amount. You can try that but I would think it would be harder with an original creditor rather then a collection company. My main point is just settled the debt one way or another. Don't expect it to come off you credit at this point because it's not like you owe $100 but 20k. I think your best bet is pay them and deputed at some later point in time (like a year or two). Once they are paid it is easier to get things removed.

As far as pay 40% or pay it all in 2yrs question. Pay 40% now please. A lot happens in 2 years. Be done with them forever right now, but don't expect the to get anything else out of it but a 60% discount. Yes your credit will suffer now but it will be so much easier to clean up later if they are paid off! Please!!!!