i have a collection acct with NCO for a utility bill. The original amount was for 490.00 however they charged interest and the amt is for 689.00. At the time I could not settle with them, so I arranged to make payments for the 689.00 (stupid me). I've paid 300.00 on this account already. I ready to settle this accout out. Since they have already gotten almost the original amount, how much do you this I should ask to settle for, or what % should I try and go for....
How much to offer depends on whether the item is showing up on your credit reports and if you want it deleted. How old is the account and what state do you live in. It may be beyond the Statute of Limitations (SOL). Offer 80% for deletion to start with. You may have to go more. $689.00 X .6 = 413.4 -300 paid = ($113.40). Do not use a personal check. ------------------------------------------------------------ Date: Creditor Address City, State, Zip Re: Account Number Dear Sirs: This letter is an offer to amicably settle the above account. It is not to be construed as an acknowledgment of my liability for this debt in any form. I will pay your company the amount of $____ as full settlement of this account. If you accept this agreement, I will send you a money order or certified cashiers check for the settlement amount of $______ in exchange for a full deletion of all references regarding this account from my credit profile and full satisfaction of the debt. This agreement is binding and will be void should you not hold up to your end of the agreement. Furthermore the debt will be deleted from my credit profile at all three credit bureaus or the bureaus your company regularly reports to in the course of doing business. If you agree to the above, please acknowledge with your signature and return a copy to me. Upon receipt of this signed acknowledgment, I will promptly send you a money order or cashiers check in the amount stated above. Notice: This agreement is restricted. This is not a renewed promise to pay but rather a restricted settlement offer only. By not signing below, you agree that the debt has not been renewed nor has any concrete written agreements been exchanged. Creditorâ??s Authorized Signature: _____________________________ Date:____________ Name Title : Sincerely, Do not sign or date letter (This is necessary to avoid renewing the debt, should the creditor refuse to agree.) ------------------------------------------------------------ Good Luck.
Should I go for half the original of half the remaining balance. I have a payment due of $50 5/20/02.
Who charged you the interest, NCO or the utility? Did NCO purchase the debt? or are they just the collector? How old is the debt? Could either validate?
NCO charged the interest. I think they bought the account from Duke Power. I made arrangements prior to knowing about validation. The Original account was from 1997. NCO brought the accout in 2001. The original amount was for $460.00.
Are you sure its NCO? Or is it Marlin Intergrated/Inovision? They are all the same. Did NCO put a notation on your credit report? Or is it listed under the OC? Don't pay them another dime until they validate. If they purchased the account they have to be able to validate and probably can't or won't. Even though you already made a payment agreement and made payments, I would still go throught he process of validation, cease and desist and estoppel. NCO is notorious for not responding. You have the right to have a debt validated at any point in the process of payment/non payment. You have a good reason to request it, the original debt an the current debt does not match your records. NOT mine???? Regardless, they have to stop collection activity during the validation period.
Yes they did put a notation on my CR as Inovision Inc. the accout is Mine. so should I validate or just try and settle. I have a settlement leter for $150. wht do you think. I don't want to continue doing a lot of mail tag. I want to be able to apply for a down payment assistance program, which they require you to have all debt paid or cleared by July...
With that, I would say you could get deletion. But, if you need to do something by July you have to make a choice. You have time, try for validation first. Guaranteed they won't respond. Skip step 2 and go for estoppel. Give them 15 days to respond. You can always settle later if you need to.
