I need a settlement letter that i can send out to a CA. they say they are willing to settle for about 30% of the original balance which is fine, i just dont wanna get screwed in the long run. Any good letters that you have would be greatly appreciated.
I should also mention that the CA is not showing anything on my credit report. I simply want to pay this ASAP so that i can get the OC to change the charge off status to something a little more positive.
hope this helps you guys -eladn 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.) Be sure to not use a personal check if they agree to pay. ------------------------------------------------------------
? If we don't sign it or date it what do we put just the account number. if they call and want to talk what do we do then?
jjd913: no prob wrkout: I'd just put your acct #. I've included a little paragraph that basically says 'don't ever call me, only communicate through mail' if they read that on your letter and they call you after, I'd be all "hey! can't you read?" chargedup: yeah, I did. I modified it a little- started with a paragraph that pretty much stated that I got their letter (and I attached a copy) - didn't change much else
Just curious as to what legal standing or authority does this letter carry? The original creditor may not even OWN the account anymore. They are also NOT required to delete anything. Just a few flaws these letters have. YES they can be effective to get some items removed. BUT, if ever a creditor or a collection agency "called your bluff", you really dont have a leg to stand on in court. Additionally, a contract, as this "tries to be" is NOT binding if not signed lol IF you are one to try these "letter schemes", try using "restrictive endorcement" in sending payment. See this site for more info http://www.carreonandassociates.com/4settle.htm IF the debt collector is NOT listing the account, and the original creditor had ALREADY listed the account as a "negative", SAVE YOUR MONEY WHY have 2 negative entries, AND be out $$ )
well isnt a "paid charge off" showing a zero balance listed by the oc much better then just a "charge off" showing a large balance?
well i wrote out this letter by taking bits and pieces of other letters i was able to find on the web. i changed it to reflect the fact that they currently werent reporting anything on my credit reports. Date My name RE: account # To Whom It May Concern: It has come to my attention that you claim I owe a debt to your agency. As of todayâ??s date, this debt has not been verified as legitimate to me through my FDCPA right. However, since the amount that you claim I owe is such a small amount, I would like to save us both some time & effort by settling the debt with your agency. Please do not construe this settlement offer as an acknowledgment of my liability for this debt, and I retain the right, if I choose, to seek proof that this debt belongs to me. My goal is to seek a settlement arrangement that is acceptable to both of us since this debt is unverified and questionable. I realize that it is your job to collect unpaid debts, but an â??unpaid collectionâ? vs. a â??paid collectionâ? means little to me as both are unfavorable listings on my credit report. Paying this unverified debt would be of no advantage to me, if the listing is applied to my credit report. With that said, I am aware that you have the right to report this debt to the credit reporting agencies, or not to report it at all. Please do not waste my time by telling me that you are unable to keep this unfavorable listing off my report or I will be forced to withdraw my settlement offer and request full verification of this debt. I will pay your agency $$$$ as payment in full, for the complete satisfaction of this debt that you allege I owe. In exchange I ask that you agree to full continued absence of all references regarding this account from my credit profile with all of the national credit reporting agencies. I also ask that agree to not to re-sell or re-place this debt with another debt collection agency. If you agree with these terms, please acknowledge with your signature and return this document to me within 15 days. Upon my receipt of this signed agreement, I will within 10 business days mail you a cashierâ??s check for the amount stated above via USPS Certified Mail. No payment will be made without first receiving written confirmation to this settlement. I____________, acting as an authorized agent of (collection agency name goes here) confirm that I the have necessary authorization to settlement this matter as stated herein. I fully agree with the terms set forth by this document, and also agree that if these terms can not be met, no new arrangements will be made and this offer will become null and void. Signature___________________Date______________ Sincerely, my name no signature
This still leaves you with a negative tradeline on your credit report. Paying a collection agency DOES NOT REQUIRE the original creditor to do much of anything.
so, you're saying 'just leave things as they are?' I'm kinda confused by what you're saying. if not this route, what would you recommend? to me, it seems beneficial to get the CA off your reports by giving them money - sure, the OC will still stay on - but you'll be rid of the CA help me out here
WARNING!!! DO NOT USE the restrictive endorsement letter on Carreon. Most especially if you're settling for less than full amount. It admits liability!!! .
"WARNING!!! DO NOT USE the restrictive endorsement letter on Carreon. Most especially if you're settling for less than full amount. It admits liability!!! " -The "letter" you are referring to is FOR THE STATE OF Ca ONLY and is required to make the endorsement "legal" -The page lists the states where a consumer can use "restrictive endorsements" -As I said before, it is a "scheme"
I know a CA is not required to remove anything from the credit report, but isnt that the point of the settlement letter to get them to agree to my terms which would include deletion, or in my case contiued absence from my report? also the main objective for me paying off the CA is simply this isnt a "paid charge off" showing a zero balance listed by the oc much better then just a "charge off" showing a large balance? or will absolutely nothing change with the OC's TL by paying the CA? also butch can you elaborate or point me in the direction as to what your refering too when you said this thank you everyone JD
The letter on Carreon begins: "This is in regards to the debt that I owe you". I just wouldn't word it that way. But yes, that's CA. I'm not aware that in order for a restrictive endorsement to be valid you must admit to the debt, but I don't know. Learn somethin new every day I guess. .
and I ask again, if you wouldn't send this letter, what would you send? Is there better settlement letters? Are you saying not to send settlement letters? WTF very quick to discredit anything - but not offering any other solutions... kinda frustruating
