Re: Re: Need debt settlement letter You've only been here since this month Ela. Somewhere on this board is the solution to just about everything. What is really frustrating is answering the same question 20 times a day. All I'm talking about is changing it to "alleged debt". Not admitting to the debt is quite elementary. That said, an issue has been raised. That Restrictive Endorsements are not valid in CA, unless one admits to the debt. You'll need to examine CA. state law and figure this out. I'm not a CA expert, nor do I wish to be. These are the guys that removed God from the pledge of allegiance. Nothing would surprise me. lol What I suggest you do is absolutely NOTHING for the next month. Give yourself time to study hard and get a foundational understanding of what you're doing. We DO want you to be successful in your efforts so let's begin at the beginning. .
Re: Re: Need debt settlement letter I've got six weeks of reading under my belt, and I'm a quick study given the proper resoruces. I'm in no way a cautious or unsure person - but since I've read this and responses on other boards, I've COMBED several boards reading 100+ responses on them and have not come across any mention of anyone questioning the settlement letter. But then, all of the sudden its done. It is questioned, and now I'm forced to be unsure about something I previously was sure about. I'm sorry, I cannot take one more month to read and not take action. I feel a month and a half of reading day in and day out should be sufficient for a good working knowledge of any subject - and on top of that I think I've expired most of my resources. So, the only thing I know to do is ask questions, and respond to their replies. But, getting back on topic, I can find several threads on settlement letters working - but none where people question them - so should I just ignore that and continue on as I was doing? Or wait, am I asking another question that people are tired of hearing?
Save your money. Dont send any letter. If they are not listing anything...F**K them The reality is that a "charge off" and a "paid charge off" are THE SAME when it comes to FICO (generally). ONLY if you refinacing a mortage, will this come into play. Because a back conciders a "unpaid chargeoff" as a liability, they want to make sure its paid to the creditor cannot lien on the mortgaged property. If you are not worried about it, dont pay
but for those whose CA's ARE listing, and ARE paying off charge offs for mortgage reasons... *drum roll* ...and really NEED to settle with CAs because they HAVE to get it off their report.... well, wouldn't those people need to take the settlement route?
"wouldn't those people need to take the settlement route" -Need to? NO! want to? Maybe -Because the collection agency is NOT listing, they have little power to get the original creditor to do anything NOT required by law. -If the original creditor will accept payment, pay them. If that is out of the question, and you wish to pay the 30% to the collection agency to end this, get SOMETHING in writing from them. -DO NOT USE ONE OF THE NUMEROUS SILLY SAMPLE LETTERS FOUND ON THE NET. If they have offered to settle for 30 % , and that is not a problem for you, have them send the offer in a letter. -THIS DOES NOT ELEVIATE THE NEED FOR A DISPUTE Letter to the reporting agency disputing the "status" of the account to get it updated. -IN THE MEANTIME, ANY reputable lender will except the letter of offer and a cancelled check as "proof" the debt is paid.
I would like to know if one could use this letter to settle with the original creditor who has listed a negative trade line on my report.
