looking for a letter

I'd stop and wait for the discussion at

http://consumers.creditnet.com/stra...hreadid=16211&perpage=20&pgnum=1&pagenumber=1

to come to it's fruition and stop before looking for any letters. I think it might pay you big dividends.

 

Sorry you have to be sidetracked by someone. You will find the answer to your question at www.budhibbs.com

 

EXAMPLE - 1
SETTLEMENT LETTER TO A FORMER CREDITOR

YOUR NAME
YOUR ADDRESS
CITY, STATE, ZIP

Date

Collections Manager
ABC Bank
PO Box 6789
Dallas, TX 75210

RE: Account #017589357 / MasterCard/ Amt: $2,204.78

Dear Collections Manager:

This letter will serve as my intent to resolve the past due balance
that has been written off by your bank.

This debt went unpaid due to circumstances beyond my control and
I am now in a position to settle this matter.

Please advise if you are willing to accept payment in full via
cashierâ??s check in return for a letter stating that you will â??deleteâ?
the account from all credit reporting agencies.

Upon receipt and acceptance of your letter agreeing to these terms, I
will forward to you payment in full.

Very truly yours,

 

SETTLEMENT LETTER TO A FORMER CREDITOR

YOUR NAME
YOUR ADDRESS
CITY, STATE, ZIP

Date

President
ABC Bank
PO Box 6789
Dallas, TX 75202

RE: Account #017589357 / MasterCard / Amt: $2,204.78

Dear Bank President:

The account referenced above was charged off by your organization
due to circumstances beyond my control. My situation has drasti-
cally improved and I am now in a position to pay off this debt.

There is however a problem preventing me from doing this. Your
bank has a policy that does not allow for the account to either be
removed or re-reported as â??paid as agreedâ? to the credit reporting
bureaus.

It has already been four years since the account was charged off and
I am faced with the dilemma of negotiating this in a satisfactory
manner or waiting an additional three years for the account to fall
off. You now have the authority to make that decision.

I look forward to hearing from you.

Yours truly,

 

EXAMPLE - 4
SETTLEMENT LETTER TO A FORMER CREDITOR

YOUR NAME
YOUR ADDRESS
CITY, STATE, ZIP

VIA CERTIFIED MAIL RRR #P 543 210 789

Date

XYZ Credit Card
PO Box 0000
Wherever, USA

RE: Account #000000000

Dear Sir:

The above account was charged off by your organization due to the
fact that: I had lost my job and was unable to pay it. I am now
employed and in a position to: either resume making payments of
$00 per month, or send you payment in full.

To resolve this matter in a manner that is fair and equitable to both
parties, I hereby propose to pay you: X monthly payments of $00, or
remit a check in the amount of $00 as payment in full provided you
are willing to send me a letter stating you will either report this to
any and all credit reporting agencies as: â??paid as agreedâ? or notify
me in writing that you agree to â??deleteâ? this item from any and all
credit reporting agencies.

Due to the inequities of the system I am not agreeable to accepting a
â??paid P&Lâ? or â??charge offâ? for an additional amount of time on my
credit report. It is my position that I have suffered enough as a
result of this problem.

Upon receipt of your letter I will forward you a cashierâ??s check or
money order in the amount of $00.
Please give this matter the attention it deserves.
Yours truly,

206

 

EXAMPLE - 2
SETTLEMENT LETTER TO A FORMER CREDITOR

YOUR NAME
YOUR ADDRESS
CITY, STATE, ZIP

Date

Department Head / Vice President
ABC Bank
PO Box 6789
Dallas, TX 75202

RE: Account #017589357 / MasterCard / Amt: $2,204.78

Dear Sir / Madam:

Please be advised that my financial situation has changed to where
I am now able to resolve the account referenced above with your
bank.

Enclosed is a copy of my letter to your collection agency invoking
federal law on my behalf which now prohibits their contacting me.

It is my sincere desire to resolve this matter in a way that benefits
us both. However, I cannot allow my credit reports to continue to
suffer as a result of this action. Therefore, I am proposing that you
contact me with an agreeable settlement amount and I will consider
it providing that you either â??deleteâ? or mark the account â??paid in
fullâ? on my credit report.

It is against my policy to have to endure any more hardship with my
credit, therefore I must have your agreement in writing before sending
you my check.

Please contact me at your earliest convenience.

Very truly yours,

 

anyway we can get PBM to post these letters with the rest of the samples?????. Thanks Bkev, I really want you to know how much I appreciate seeing folks get direct answers to questions...... know what I mean?

 

Great letters -- Bud Hibbs is terrific.

By the way, my prejudice regarding this topic: I strongly believe that everyone should repay their debts.

Lizardking made a great point awhile back. He suggests a different approach if you're going to pay off the account in full. In that case, he suggests sending your payment to the original creditor accompanied by a letter clearly noting the account number, date of delinquency, etc. Even though the original creditor may have sold the debt to a collection agency (their problem), repaying a debt does several things -- by law, it stops collection on the debt, even from the CA who the original creditor must contact. Second, it converts the debt from R5 or R9 to an R1 (in Equifax talk) -- in other words, the debt is now legally paid in full. Then he suggests that the previous R5 marks are more easily disputed later. Here's the full discussion:

http://consumers.creditnet.com/straighttalk/board/showthread.php?postid=43192&#post43192

If you're set on dealing with the collection agency, do not acknowledge the debt unless they agree to revise the credit file notations. In that case, do not sign the letter -- although you should certainly include your name so that they know who is making the request, lol. Also, do not include your Social Security Number, because if it comes down to demanding validation of the debt from a collection agency, it may benefit you if in fact they do not have your SSN on record.

In any case, here's a sample letter that may help you if indeed you're in a situation where you don't quite yet want to acknowledge the debt while you make a deal:

---------------------------------------------------------------------------
date

XXX Collection Agency
address

Dear XXX Collection Agency:

It has come to my attention that you contend that I have an outstanding balance for $xxx with CreditorName. Although I cannot acknowledge the validity of this claim, in order to resolve this matter expediently and amicably, I am willing to pay you [in full or $xxx] so long as you remove or revise to "paid, never late" all tradeline notations associated with the account with the three major credit reporting agencies.

This offer to settle should not be construed as an acknowledgment that I ever incurred any obligation with your or your client, since I do not believe that such obligation ever existed.

If you agree to the terms of this settlement, please send signed and specific notification outlining the terms of such an agreement to the address below.

Thank you,

YourName [typed but not signed]
YourAddress

---------------------------------------------------------------------------
Send the letter certified with return receipt requested.
---------------------------------------------------------------------------

I hope this helps!

Doc

P.S. Incidentally, I recommend Bud Hibbs' free publication "American Credit System." The main link for it on his site is broken, but here's another link that will directly download and activate the 500k Microsoft Word file that comprises his book:
http://209.238.134.250/American Credit System by Bud Hibbs.doc
It's definitely worth the download time.