Hello, During my last posting i received great advice about validation and settlements. I am ready to settle with a ca-lawfirm regarding a MBNA account. The initial amount was 2900 and they will accept 1600. I received via fax a letter of settlement that states "upon receipt and clearnance of your settlement payment, this account will be considered settled in full." Are there any letters or wording that I can use so that my credit report willnot show this or show the issue in a better light. Also, on my credit report, there are three lines regarding this account: 1. mbna - charged off 2. Collection America. 3. CLA - collection. I have until the end of business today to respond or the settlement amount will increase. Thank.
I toldt the lawyer that I would pay if these items were removed from my credit report. He said all would be explained in his letter.
check out http://www.carreonandassociates.com They have some templates for settlement letters. You can check out their website, it has some good letters on it. It's changed alot since I first visited that site 10/01.
I just checked out their site. They are now charging for access to the letters. If you search under "settlement letter" or "debt settlement" you may find a copy. Someone had posted it before, sorry.
Not to sound harsh-- but it sounds like to me the lawyer on the phone said something in order to blow you off. The fax you received just says that they will report it paid in full or settled in full. It does not mention at all that they will remove any of the information. Also-- did you send a letter with your terms for payment on the account? Or did you just do this over the phone?
Here is a thread I found, if it doesn't work. Do a search under "debt settlement letter" using the quotations. http://consumers.creditnet.com/stra...&highlight="debt+settlement+letter"#post62573
That means they will refuse to delete. Let us know what the letter says when you get it. Don't pay anything yet.
Butch is right. (again) Tell them you need a letter from both the CA and OC stating, both accounts will be removed from your report. tix
Yep. His statement that the account "will be considered settled in full" is exactly how they will report it. No way. Make them delete it. Follow the others advice and search here for a settlement letter.
Get things in writing. Do not make any promises or agree to anything that is only verbal. You do not have any way of proving this without a written trail
here is a letter I sent and they rewrote the agreement to reflect deletion and sent it back Ms x Sterling Jewelers Inc. 375 GHENT RD AKRON, OH 44333 June 25,2002 RE: Disputed account, xxxxxxxxx and counteroffer for settlement Dear Ms. x; I am encouraged to see Sterling Jewelers Inc is prepared to accept a 25% settlement. In a final attempt to conclude this matter amicably, I submit the following. It is not a renewed promise to pay nor does it constitute any agreement unless you accept, sign a copy and return it to me. Note, I have not agreed yet that this debt is mine and have the option to pursue a civil claim for your violations of the Fair Credit Reporting Act and the Fair Debt Collection Practice Act if mutually acceptable terms are not met. For your information, I received a letter from Equifax stating you verified both trade lines, Kay Jewelers and Marks & Morgan. They both remain on this report. As I have stated before, you hold all the rights to report the debt to the credit bureaus as you see fit and you can change that listing at any time as the source reporting the debt. Paying anything on this questionable debt means little to me if we cannot mutually agree that you will report the debt as mentioned below. I hope that you can see my point, that a â??settled in fullâ? doesnâ??t do me any service, reported in my consumer credit reports. This is a negative remark! Since you obviously donâ??t want to reward me with the positive remark of â??paid as agreed- never lateâ? from my first offer, my counteroffer on the following page involves a more neutral reporting on my credit report. Settlement of Questionable debt claimed owed by voodochild to Sterling Jewelers D/B/A Kay Jewelers & Marks & Morgan Jewelers I will pay Sterling Jewelers Inc. the amount of $xxxxxas payment in full for the full satisfaction of this account / debt. Upon receipt of the cashierâ??s check payable to Kay Jewelers for the above amount, your company has agreed to change the entry on my credit reports to â??PAIDâ? only. You further agree to remove all previous and current negative notations regarding this debt. If you agree with these terms please acknowledge with your signature and return it to me via FAX at the number provided on the coversheet of this remittance so that I can make arrangements for this payment. 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 original signed acknowledgement via US Mail, I will mail you the funds within 15 days. 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. Sterling Jewelers Inc d/b/a Kay Jewelers & Marks & Morgan Jewelers X______________________________________. Date ______________ Signature of company officer _____________________________________________________________ Printed name and job title Sincerely,NOT SIGNED voodochild
