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Settlemet Letter to CA Questions

Discussion in 'Credit Talk' started by ElorraM, Jul 20, 2004.

  1. Jul 20, 2004 #1
    ElorraM

    ElorraM Active Member

    I am sending a settlement letter to a CA. My question is, can I ask them to remove their negative listing from my credit report as well as the charge off from the original creditor? Do they have control over what the OC reports, or just what they report in this instance?

    Also, if the representative who I have been talking to does sign the settlement agreement, which also states that the will remove the item upon payment, is that okay? Who needs to sign the settlement agreement for it to be binding? I have a statement in my letter to the effect that the signer must be â??authorizedâ? in order to sign the settlement agreement. Is this good enough?

    One final question. The settlement letter I got in the mail for a reduced amount said I had to make my first payment by today (itâ??s Arrow Financial btw), but I am sending this settlement letter instead and telling them the will receive the first payment when I received the signed contract in the mail. I wonder what the chances are that the will "cancel" the deal. I think its all BS myself and they are just trying to pressure me, but Iâ??m worried about being sued (and the SOL on this debt isnâ??t up. Itâ??s still far away). Any thoughts?
     
  3. Jul 20, 2004 #2
    tmitchell

    tmitchell Well-Known Member

    They can't control what the OC placed. The best you'll get from them is deletion of THEIR entry.
     
  4. Jul 21, 2004 #3
    lbrown59

    lbrown59 Well-Known Member

     
  5. Jul 21, 2004 #4
    lbrown59

    lbrown59 Well-Known Member

    ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
    << When we (Re CA) make the purchase or servicing transaction, we receive a power of attorney that gives us the inherit rights under the original cardholder agreement. We have the ability to "bind" the original creditor in certain situations. This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS.
    WestCap
    ===========================
    Some one was asiking a while back about getting the oc to delete in addition to The CA.
    Don't know who the poster was or on what thread they posted but here is your answer !

    This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS.
    The END ************************* LB 59
    ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
     

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