Hey guys/gals! I'm about to send a creditor a check for an old charge-off. I know it's mine and all. They were even "nice" enough to send me the documents with my signature. This is like the only thing on my reports (all 3) keeping my outta the 700 Club. I'd like to know what you guys think of the following Offer in Compromise letter. I got it off of a site that basically talks about settling the debt. I'm not trying to settle. I just want the damn thing off my reports. Here is what's supposed to go on the back of the check: "By accepting these funds, you hereby agree that this account is paid in full and that you will remove this account with each credit bureau that you submit account information to. I am paying this debt because we have agreed to a lesser amount to settle the entire debt. Your cashing of this check constitutes that you have previously agreed to my offer. No collection activity may be attempted any further and my credit reports will reflect this change." Of course, mind you, I'm not settling anything. I don't even plan to include the second paragraph. The charge-off was less than $150 and that's all they want... no interest, fees, kickbacks, etc. Do you guys think I have a chance at getting them to agree? Or better yet, is there a better way to go about doing this? Thanks in advance for helping your ol' pal Smitty. Smitty There's basically 3 types of people. Those who can't count... and those who CAN!
Smitty, before you try that, have you attempted to negotiate away the tradeline with them directly? Doc
Heck yeah, Doc! I even sent them the grandest validation/lawsuit/threat letter you ever did see! That's when they sent me the ENTIRE account history as well as my signature when I opened the account. I think I mighta pissed them off or something because now they seem like they don't want to talk to me. All I get is the, "Sorry, we won't remove" line. I was hoping to try this, then if it doesn't work, dispute the heck out of it once it's paid. Any more thoughts? Smitty Ever stop to think, and forget to start again?
during this validation period did they put on your bureaus that the tradeline was in dispute? if not, it's a violation (during the time after they got your letter requesting validation, but before they actually validated). Even the best companies often don't do this one... The other way is to try again with the cras... then once verified ask for a procedural description. see if you get it. If you don't, that's a fcra violation on the part of the cra and they likely would remove the trade line instead of going to court... other than that, you have a good creditor, sorry... if they send you the signature info, plus all statements showing how the balance came to be, you don't have much...
Well, actually... I never validated. I wanted to see what I could get from the creditor first. Of course, this all started like 3 days before I found this board! <kicking myself in the bum> Now that I've sent sue-happy letters to ALL of their VP's and credit dept. managers, I'm sure they won't budge until it's paid. <wifey kicking me in the bum> Besides, it's a small amount and I know this is gonna come back to bite me in the arse when we apply for a mortgage. I do, however, plan to use the nutcase letter, validation, and generally bug the shasta outta these guys once its paid. I have one of those damn consciences, and I DO want to pay what I owe. I just don't want any record of it! Smitty Wifey says, "The beatings will continue until your scores imporve!"
