I have a lot of debts that I need to take care of by settling. I was able to close on an Equity Loan last week. The plan is to use the extra funds to settle other debts. The problem is my new mortgage company sent me 3 checks already made out to my 3 largest creditors: (MBNA, FIRST USA, BANK OF AMERICA) for about what the balance is for each one. After a couple of phone calls, I have found that at least 2 of the 3 will settle for 75-80%. I have found out about using settlement letters and getting an agreement for "paid as agreed". My question is: how do I settle with these pre-printed checks? Is it practical to expect that if I send a signed-agreement letter from the creditor back to them that states that they are accepting only 75% of the balance as paid in full that they have to return to me a check for the difference between the amount on the check that I send them and the agreed-to amount? Again, I need the difference to pay off quite a bit of other debts which I have not been able to keep up the payments on. Thanks for your help!