Hi! I am new a would appreciate any advice/information. I have 2 unpaid charge-offs and 1 unpaid collection account which I have just sent dispute letters. I need to plan my next step in case they are verified. I have to have this removed ASAP. I want to pay these in full and attach an accord and satisfaction agreement letter, as well as type it on the check that they change my status to "paid as agreed" and delete negative information. Does this work? Anyone tried it? Should I contact them first, or just send it and see if they cash the check? Do they have to honor it if they cash they check? (I'm in Texas) Thanks for anyone who can help me with this!
OK- you are planning to send a restrictive endorsement... I would say YES it works, I have done it BUT I always send them prior notice, in the form of a settlement agreement letter... at the end I say "when I receive this signed agreement, I will forward a check to you containing a restrictive endorsement with the above terms." I have never tried to just send the check and see if they cash it... BUT according to what I know about restrictive endorsements, in Texas if they cash the check then it is a done deal - PAID in FULL- and nothing they write on the check will change that... they can't come after you for the balance.
Thanks, Kit! Do you know if it makes a difference if I live in Texas but the Credit Card Co. is in another state for them to be legally bound by cashing the check? Thanks, again.
Yes, the rules are based on the state the company is in, NOT you. See this link http://www.faircreditmovement.org/alternatives.htm for more information and the states and rules.
Thanks Christi, this is good information I had not located before... i have sent restrictive endorsements to CAs in Texas and it went off without a hitch... Another site that covers this... http://www.carreonandassociates.com/4settle.htm Hope you have luck with this Linda!
