creditor negotiation letter

Discussion in 'Credit Talk' started by mt, Jan 18, 2001.

  1. mt

    mt Guest

    I just receive a note back from a collection agency and they agreed to remove/retract negative history from my reports. The letter follows (I think I may have taken part of it from this board or a book, but modified it a little).

    Dear Sir or Madam:

    In reviewing my credit reports, I noticed two debts that I believe are listed incorrectly and erroneously, by your company <insert company name> on behalf of <insert original creditor name>. I have no idea what <collection account> may be, or what it is in regard to. I also believe you have reported the same account twice.

    Though I dispute this debt and have never received notification of the debt, I will pay your company the amount of <insert amount> as payment in full for the full satisfaction of this account. Upon receipt of the above payment, your company agrees to remove and delete the collection entry from my credit report as an error. You further agree to remove all previous notation of this account and update and remove information within thirty (30) days to all credit bureaus that you have reported this debt. Regardless of your decision, I require verification of this debt.

    If you concur and agree with these terms please acknowledge with your signature and return it to me. You agree that the terms herein are confidential and you have the authority to make such decisions on behalf of your company. No payment will be made without written confirmation and agreement.

    Upon receipt of this signed acknowledgement, I will immediately mail you funds priority mail. This is not a renewed promise to pay but rather a restricted offer only. If no terms can be met, no new arrangements will be made and the offer will be void.

    Sincerely,
    <Unsigned>
    FirstName LastName
     
  2. John S

    John S Guest

    RE: creditor negotiation lette

    You're agreeing to pay for an account that, in your letter, states "I have no idea what <collection account> may be, or what it is in regard to. "
    Is/was it actually YOURS? Why would you agree to pay for something that you 'have no idea what (it) may be?'
     
  3. Momof3

    Momof3 Well-Known Member

    RE: creditor negotiation lette

    your permission for the purpose of sending you "pre-approved" letters to get you into there card. Would calling that number keep your existing creditors from running your credit ? I plan on finding the number and checking myself, but just wanted to know what others thought about it.

    When offering this type of agreement, yes the debt is yours, BUT you should never acknowledge that it is in writing when offering to settle. This letter was great, you must always watch your writing when dealing with these collection agencies. Because if they don't agree to settlement, they don't have your acknowledgment that the debt is actually yours. This type of letter has worked for several people. And remember never SIGN nor date the letter.

    Mom
     
  4. Momof3

    Momof3 Well-Known Member

    Sorry

    You're agreeing to pay for an account that, in your letter, states "I have no idea what <collection account> may be, or what it is in regard to. "
    Is/was it actually YOURS? Why would you agree to pay for something that you 'have no idea what (it) may be?'

    This should be what my response was to. I had cut and pasted from another board and didn't realize it. Sorry but this is what I was responding to.


    Mom
     
  5. mt

    mt Guest

    Exactly RE: Sorry

    Thanks Momof3 -- that is exactly why I said "I have no idea..." I did not sign the letter, however, I did date it.
     
  6. Shantel

    Shantel Well-Known Member

    RE: creditor negotiation lette

    Mom,
    I have 2 (or 3) collection accounts that are, oooh, about 2 years old now. Could I use this letter? With it being that old, what are the chances that they will take it? I believe I know why, but for other folks, could you tell us why we shouldn't sign and date that letter.

    Thanks!
     

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