Discussion in 'Credit Talk' started by redline, Jun 18, 2001.

  1. redline

    redline Member

    1} I called and asked CA about settlement upon deletion of account and asked them to send me a letter agreeing to delete. This is what they sent me is this enough, or is it to vague? I don't want to pay and then find out they wont delete.
    (Company letterhead)
    xxxCA company will accept $X,XXX.xx as full and final payment. Once final payment is received no later than 7/xx/01 xxxCA company will notify all CRA's that account is paid in full,and delete any entries concerning this account.
    2) Anyone ever get a credit limit increase from Cap 1 by calling # on card. Every time I call I always get the "sorry recording" I'm about to give them the I'm sorry but my credit is better now I don't need you anymore speech.

  2. DaveLV

    DaveLV Well-Known Member

    I'm concerned that they said they'd notify the CRAs that the account was paid in full AND they said they'd delete.

    I'd have them take the notify part out and leave the delete part in.
  3. bbauer

    bbauer Banned

    1} I called and asked CA about settlement upon deletion of account and asked them to send me a letter agreeing to delete. This is what they sent me is this enough, or is it to vague?

    (Company letterhead)
    xxxCA company will accept $X,XXX.xx as full and final payment. Once final payment is received no later than 7/xx/01 xxxCA company will notify all CRA's that account is paid in full,and delete any entries concerning this account.

    I'd like to see it be a bit more strongly worded than that although I don't think it's at all vague. I would like to se them state in their letter the exact date by which it shall be removed, but I'm finding out they can't always control that. Somewhere around 280 days if left to the whims of the credit bureaus. If settlement is what I wanted to do, then I would go ahead and accept without further hassle. Then I would help them out by sending their letter ALONG WITH THE COPY OF THE PAID RECEIPT FROM THEM SHOWING THE DATE OF PAYMENT to the credit bureaus and demand removal yourself.

    280 days is pretty nearly a year, and you don't want to wait that long, so you need to push the process as much as possible.

    2) Anyone ever get a credit limit increase from Cap 1 by calling # on card. Every time I call
    I always get the "sorry recording" I'm about to give them the I'm sorry but my credit is better
    now I don't need you anymore speech.
  4. Cyprigirl

    Cyprigirl Well-Known Member

    I agree, I don't trust the way its worded.

    All they have to do is delete it, what's the sense of saying its been paid in full if they are deleting it.

    Also make sure you have someone in authority agreeing to this because the reps will say anything to get you to pay and down the road the person is not working for the CA anymore and they might claim that they have no knowledge of this agreement and it is against their policy to do so otherwise.

    Cyprigirl :)
  5. godaddyo

    godaddyo Well-Known Member

    What do you mean that they have 280 days. Are they saying that it takes that long? Where are you getting this from? It usually never takes more than 60+ days.
  6. godaddyo

    godaddyo Well-Known Member

    There is no way that I would send them a penny without firmer terms. Many companies will not sign an agreement that you have typed up and you will need to get them to do so in a way that is favorable to you. Your letter should be an offer to settle the debt out and should not hold you liable for the debt in any way. You should never admit that the debt is yours. Send them letters that do not imply that you are taking responsibility for the alleged debt. Dont sign your letter for settllement because this can indicate a refusal or a wish to pay which can re-age the account. It makes you guilty if you admit to the debt being yours. A good settlement letter will not hold you liable and your payment of the debt does not constitute you admitting to any obligation to the debt. It is simply away of getting rid of the debt without admitting fault. CYA My friend. That is the key..Dont incrimanate yourself.
  7. bbauer

    bbauer Banned


    I'm saying that I've heard from collectors that they have that long to get the deletion done if they want to be slow about it, not how long it usually takes them to get the job done. In otherwords, I'm looking at worst case scenarios.

    What happens when Murphy's Law starts working.
  8. NanaC

    NanaC Well-Known Member

    I have received an increase this way...I've only tried once!
  9. judyputy

    judyputy Well-Known Member

    I doesn't matter how they word the letter....none of them are worth the paper they are printed on. I can hear them now...."Sure, I'll delete as soon as I cash the check you just sent. Oh yea, we told them to delete, it's not our fault it's not off. You have a letter? TOO BAD. We don't have to do anything."

    What are you going to do with a letter? Sue them? Then explain to a judge that you were told that if you paid they would erase your credit history?
  10. bbauer

    bbauer Banned



    You got it exactly right.

    And I love the way you put it too.

    Now sit back and watch how many people go and do it anyway!

    Why? Just to prove they can do it, I guess.
  11. godaddyo

    godaddyo Well-Known Member

    If an agreement is amended to, it can and will hold up in a court of law if worded properly and signed by both parties. Do you guys really think that they would want to under go litigation? Believe me that when you signed the contract to do business with them it was a valid contract. When they sign a letter that is worded properly that amends the agreement to reflect a new agreement between the two parties, it is as binding as the original. The terms have changed folks. If this is presented properly it can work and contract disputes are seen as a solid case in any court.. Dont scare people into thinking that they cant negotiate with a company. It just has to be done properly...
  12. godaddyo

    godaddyo Well-Known Member

    By the way, any good attorney familiar in conract law can draw up a new agreement to amend the old agreement. It would be worth it to talk to one in regards to amending a contract..
  13. redline

    redline Member

    I'm going to call and tell them I want some kind of of time limit 90 days max to have this account deleted and make sure lady I talked to and who sent me this letter has proper authority to do this. Actually this is my wifes account under her maiden name. When I called CA I told them I was just someone who was willing to help a friend.
    Judy I agree with you but this is an account Ive tried disputing Junums tried. Now the account has been sold to this CA right now its listed as charged off as a bad debt from 1998. At least they would have to list it as paid. And my wife does owe this bill.
    2) After 9 Months of perfect payment history I guess Cap1 doesn't like me. Maybe because I send payments same day I recieve my bill that way I never pay late fees. They dont get free money.
    Thanks for the help
  14. redline

    redline Member

    Anyone ever talk to an attorney about something like this I 'm just curious on how much it would cost. Might be an good Idea but I hate to pay for something which I might be able to do myself.
  15. godaddyo

    godaddyo Well-Known Member

    You could do it yourself, but it might not be as effective. Some attorneys charge 150 to 250 per hour. There is free legal advice on the web and you can work with one through email..
  16. Cyprigirl

    Cyprigirl Well-Known Member


    I agree with you, it can be enforceable and at the very least, you contact the CRA and demand removal.

    It can work, and these CAs don't want to go to court and pay attorney fees and court costs plus pay you if they lose after the debt's been settled just for failing to delete an item to CRA. Any CA with sense would simply delete it to get rid of you. I think sometimes its a test of your will and how badly you want it.

    If the CA breaches the contract or agreement, they are subject to liability and if you feel the agency will pull this stunt, do not admit this is your account, you will have a stronger argument.

    I agree state that "due to the harmful nature of this item to my credit file, I paid this item but I am not admitting guilt."

    It's all in how you word the letter.

    Don't give up!

    Remember that is what they want you to do is give up and go away.

    Just my 2 cents!

  17. judyputy

    judyputy Well-Known Member

    Okay, let me paint a picture for you... here's how I see the court proceeding going... I will be the JUDGE...JUDGE JUDY...LOL

    YOU: You show up in front of me to state your case. Your honor I have a written agreement with Mr. Collection here that upon payment of $1200, my credit report will be deleted of all info about his company. He didn't hold up his end of the agreement.

    ME: You owed him $1200 and paid right?
    YOU: No, I owed him $3000, but he settled for $1200 in return for deletion.
    ME: Deletion of what?
    YOU: Deletion of the bad stuff on my report.
    ME: What was this debt for anyway?
    YOU: Oh, I had a cc with JoeBlow 4 years ago that I stopped paying on 3 years ago. After the cc company charged off the uncollectable debt they assigned it to Mr. Collector here, who set out to harrase me for money I owed. We agree that I would settle for less and they would remove the bad mention on my report. He didn't do that like he said he would.
    ME: You had an agreement with Joe blow credit card and you didn't pay them? That's in fact not doing what you agreed to right? You didn't hold up your end of that agreement right? Now you want to pay less than you owe and have it all go away like it never happened?

    ME: Let me get this right, you got a cc, charged all over town, never paid what you owed, then 3 years later, settled for less than half, and expect that this person will erase your poor judgement and bad payment history? You do realize that credit reports reflect your payment HISTORY? You didn't hold up your end of the agreement but you expect him to hold up his end NOW?


    This is in no way reflecting ANYONES personal story. It's all made up. Don't even start with the grief. If you owe someone and can get them to settle for a lower amount then hey, do it. It's better than paying all of it. But don't expect them to erase what you did. Even if the collection person erases their involvment, you still have the creditor listed on their as a charge off. We all make mistakes, but we are adults who have to live with the consequences of our actions. Just pay what you owe, or less, and suffer with the reporting of PAID on your report. In 2 or 3 years dispute it.

    GoDaddyO, you are simply saying that these CA people will fold and settle before going to court. Maybe they will show up. What then? If you do all this, banking on the fact they they won't go to court, I hope that happens. But maybe you get stuck going. You are not exactly going in with strength on your side. You are telling a judge to make someone do something that they never did.... keep an agreement.
  18. judyputy

    judyputy Well-Known Member

    But you are still saying it will work because they don't want the hassle of going to court. WHAT IF THEY DO??

    The debtor breeched the first agrrement that started this whole mess. What about their responsibility? Do they not have any liability? How can we expect a CA to uphold an agreement when we didn't?
  19. NanaC

    NanaC Well-Known Member

    Hmmm...but the only thing in front of the judge is the agreement with the CA as it stands now...past performance, the badness or goodness of the plaintiff are irrelevant. That judge only has to decide whether he or she has an enforceable agreement.

    I mean, people sell things all the time that I'm sure the judge thinks is a bad deal ..for instance, someone has a car with 10,000 and decides to sell it for $100..(this reminds me of the beloved corvette that the woman getting a divorce sold on behalf of her about-to-be estranged hubby..a bit of revenge)..anyway, the judge may think it's a bad deal (the settlement price) but that's is opinion and can't be a reason for judgement. Shoot, I just got a horrible settlement for a car accident that kept me out of work for 9 months in which I was simply the passenger in a car that was rear-ended and totaled. Been 4 years..anyway, if I decided now to change my mind after signing the papers, I'm sure a judge would say that, yes, I got a bad settlement but no one forced me to agree to it, so I have to deal with and perfom my part of the bargain which is to drop my lawsuit and refrain from all future lawsuits.

    Using your theory, the judge would say, "What?? You totaled the car while she sat at a stoplight as a passenger because you drove 45 mph into the rear of her, receiving a ticket, and being completely at fault? And, you want to only give her THAT settlement and then want her to drop the lawsuit as if you weren't really at fault????

    So, it comes down to "Is this enforceable..bad deal or not a bad deal?" It seems to be that the CA agreed to perform a specific thing..should be clear enough.

    And, there I'll stop cuz I'm just giving my 2 cents's early and there's no one up to talk to here so I picked on this thread..LOL..and anyway, I need coffee in a big way!

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