Last payment in settlement not sent, can I send it now?

Discussion in 'Credit Talk' started by TheGooch, Nov 5, 2011.

  1. TheGooch

    TheGooch Active Member

    Last Fall, I made a settle agreement with a company called Santander for 3 payments totalling $565 and authorized them to pull if out of my checking account. They only pulled $500 and I didn't notice it.

    Earlier this year, I noticed my account with them was still on my credit report as charge-off. I called, saying that I had paid as per the agreement and their rep agreed with me. The rep promised to update my account with the bureaus and send me confirmation that the account was settled. This never happened.

    Instead a collection agency started calling me and also sent me a debt collection letter for the full amount of the account. I called Santander and go the details as to the $65 that wasn't paid that led them to give the account to a collection agency. They refused to allow me to simply send in the remainder to settle, and referred me to the CA.

    Looking over my copy of the agreement from last Fall, I noticed they didn't put any kind of due date or "pay by" date condition on the agreement. So I am wondering if I can send them a copy of the agreement, a letter explaining that I am paying the remaining $65 as per the agreement, and then expect them to settle.

    What do you guys think? No way in hell? Would they just cash the check and continue collection activities? Will my money be wasted?
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    I wouldn't just send the money and hope for the best. You may never see it again, and there's a good chance you'll still end up having to deal with the collection agency.

    This is a tough situation because you had an agreement, but then you didn't end up paying the agreed upon amount. I'm not sure how or why that happened, but the fact is they can still say you didn't pay what was agreed upon.

    Do you have any documentation of the call you had with the rep earlier this year? The one in which the rep said that he would update your account as paid in full and report it to the CRAs?

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