I am sending the following settlement letter to FNCC. Can anyone spot any fatal flaws or is it good to go. One other thing, this account is with the original creditor and is charged off. I am offering the full amount since it is not much. Do you think this is wise or should I go for less? Why or Why not? __________________________________________________ First National Credit Card 500 E 60th Street N Sioux Falls, SD 57104 Robin ####### #######,##,##### Re: Account # ############8818 To whom it may concern: After reviewing my credit reports, it has come to my attention that you claim I owe a debt to your company, First National Credit Card. While I have yet to have the debt verified, as is my lawful right, I can, however, save us both some time and effort by â??settling the debt outâ?. I am sure you are aware of my right to dispute this debt and request full proof of the obligation. Paying this unverified debt means little to me if we cannot mutually agree that you will report the debt as mentioned below. As such, I have concurred through the credit bureaus that you have the absolute right to report this debt as you see fit or not report it at all. It is clear that you hold all rights to report the debt to the credit bureaus and as such you can change that listing at any time as the source reporting the debt. Please do not quote to me that you are unable to change the listing or I will be forced to request full and lengthy verification of the debt. My goal is to arrange a term acceptable to both of us since this debt is questionable. Below is my offer. It is not a renewed promise to pay nor does it constitute any agreement unless you sign and return it. Note: I have not yet agreed that this debt is mine and have the option to seek further proof from your company of this debt. I will pay First National Credit Card the amount of $448.00 as payment in full for the full satisfaction of this account. Upon receipt of the above payment, your company has agreed to permanently delete your tradeline from my credit reports at all major credit reporting bureaus (Equifax, Experian, Trans Union and Innovis). If you concur with these terms please acknowledge with your signature and return this letter in its entirety to me no later than September 1, 2002. You agree the terms herein are confidential and you have the authority to make such decisions. No payment will be made without written confirmation. Upon receipt of this signed acknowledgement I will immediately send you the funds priority mail. This is not a renewed promise to pay, but rather a restricted offer only. If no terms can be met, no new arrangements will be made and the offer will be void. Name of Creditor: Signature of Company Officer: Date: Sincerely, Robin Thanks for any input.
I'm going to send it out in the morning and I want to make sure that I am not offering too much or sending signals of desperation. Why only $200-$250? I also want to make sure the odds of them accepting are good. It is a pretty small debt and they might just say no we don't care it does you maore harm to keep it on your report.
Robin, I understand the point you are trying to make but I would lose the: "It is clear that you hold all rights to report this..." That to me seems 100% opposite to your claim below where you threaten full verification of the listing. You already would have stated that it is clear that they can list it anyway they want, because they are legitimately listing it. You can make the point like this: "The listing of the alleged debt on my report, is done by your company, and as such you and only you have the ability to remove it" I would leave out the "you hold all the rights" stuff. JMO -peace, Dave
Thats great advice I will definately change that part because I was also a little hesistant about that. Fo you think offering to pay the entire amount is too desperate or does it appear that I just want to be rid of the problem? Thanks again Nave
Absolutely, I would offer 20-25% at best to start with...that way when they counter with "WE CAN NOT DELETE" you come back with "Will you delete for say...30...how bout 40%" The finish would be ... "OK OK OK I will offer to pay the entire amount if you will delete!" ) 40% would be an acceptable settlement though in my opinion. -Peace, Dave
You would start with 25% even though this is the O.C? Just want to make sure so that I can ammend my letter.
That is your call...but remember, where ya gonna go but up in the settlement for deletion process? Start with whatever you feel comfortable paying...minus a lil bit ) How old is this debt? If it is recent and within the SOL I can understand you offering 100% for deletion. -Peace, Dave
It was charged off August of 1999. I think I would appear more credible if I reduce the amount only because I am also questioning the validity of the debt in my settlement letter. So to offer full payment might seem odd. Let me know what you think. Thanks
You answered the question I forgot to ask in my last post...if you are questioning the validity of a debt...then offering to pay it in full would seem odd. If you say "this (debt/amount) aint mine, I don't believe I owe it to you, you alledge it, but rather than aggrevate me, complicate my life, and waste my time over this amount of money, I would prefer to settle the matter. I will give you $125 and you remove it immediately, and I will not have to seek legal avenues to have this resolved." If they say "no"...respond back with ...ok how bout $200 will you remove it for that? and so on.... Good Luck -Peace, Dave
has this method worked for anyone? I wouldnt picture these people signing a document and sending it back to you very quickly without seeing some $$$ in advance am i wrong in my thinking? Ive seen the A&S work without getting a signature in advance, but not with one. also, should 'verification' be changed to 'validation' ? I want to try this out on some of my small medical bills as well , btw.
