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Posted: Mon Feb 04, 2008 4:31 pm Subject: Settlement offer from storefront

I got a call today from Quik Cash (storefront) on my defaulted loan. They offered a "Settlement" of $350 for my $500 loan, but only if I gave them my bank account info today. I told them that I did not have that much to give them, so they countered with a "Can you pay $50 by February 11th?" I said sure, I'll call back and give you a credit card payment on that day, but could they please send a settlement letter. They said they HAD to have my bank account information RIGHT NOW because all they could take was a post dated check for February 11th--I told them I no longer had a checking account. They were also unwilling to send a letter regarding the settlement. They said I had until 5pm today to call back with ANYONE'S checking account number. Needless to say, I don't feel comfortable giving my checking account number to them as I have been burned by so many PDLs and I'd like to keep my new account "clean". It's past the time she gave me to call back now for the settlement--Should I just request a letter sent and offer to pay by money order?

Posted: Mon Feb 04, 2008 4:34 pm Subject:

Tell them they get nothing and like it until you get a letter....period. Its a decent settlement offer but tell 'em sorry, dont know anyone with a checking account.

Posted: Mon Feb 04, 2008 5:02 pm Subject:

That sounds like the best idea--but it IS a good settlement. Unfortunately, it could turn into them taking $1000's from my checking account if they want. Well, if there was ever that much in there. Laughing

Posted: Mon Feb 04, 2008 5:07 pm Subject:

Yes,it is a good deal. But the risk outweighs the reward on this one.

Posted: Mon Feb 04, 2008 5:29 pm Subject:

I don't blame you at all for not giving out your banking info. It does sound like a great settlement. But let them know that unless you have this settlement offer in writing that you will not budge. Tell them that you can go into the store and pay the money in cash on the dates listed in the settlement and if you do not make it into the store then the settlement will be cancelled. But be firm that you need it in writing before you will pay any money.

Posted: Mon Feb 04, 2008 7:50 pm Subject:

This is good advice you're getting, here!

Don't give these folks your banking info, unless you're looking to borrow trouble.

Posted: Mon Feb 04, 2008 10:01 pm Subject:

Just stick to the "I dont have a bank account" story. Do not give up that info,you cant trust these people. I agree, get it in writing then pay in cash in person or money order through the US mail. Good Luck!

Posted: Tue Feb 05, 2008 4:50 am Subject:

Pay in person or by mail only. If you pay in cash, make damn sure you get a receipt. Otherwise, pay by money order. Money orders give you a stub receipt, and they can be traced. No checks!

Posted: Tue Feb 05, 2008 5:12 am Subject:

Looks like you have gotten some really good advice here, I too agree, do not give any banking information under any circumstance, if you have read through some of the stories on this forum you will see how they have robbed people blind and taken out more than they are supposed to. Tell them you will do a western union or money gram, surely they have that information available for you right? Just about any company can have this type of delivery on money these days, or a plain old common money order.

Posted: Tue Feb 05, 2008 8:13 am Subject:

Update: I called them back today and they won't offer a settlement unless I give them the checking account number. Rolling Eyes

Oh well...Then she said she had already reported to my credit. Um, not yet! Then she said they were going to forward it to a CA and it will go on my credit--but if I pay them $50 on the 15th, she thinks she can hold it there! Didn't she just tell me that it was already on my credit? Then she said I needed to tell my husband that he needed to pay this too, since we're married "you should be sharing finances so this is his debt too!" Um, Nosey! Still won't send me the letter, but they will if I money gram them a payment.

Posted: Tue Feb 05, 2008 8:20 am Subject: reply

YOU MADE PROGRESS WITH THE MONEYGRAM,NOW THEY HAVE TO GIVE YOU SOMETHING IN WRITING ABOUT YOUR SETTELMENT.

Posted: Tue Feb 05, 2008 8:22 am Subject:

Well, they're not really offering the settlement anymore. They said I had to pay $50 on the 15th and $450 when I get my tax refund back. That was so they didn't "release" it to a CA.

Posted: Tue Feb 05, 2008 8:58 am Subject: reply

WHY AM I NOT SUPRISED?OH WELL,TRY TO WORK WITH THERE LATEST OFFER.JUST GET WHATEVER TERMS IN WRITING.

Posted: Tue Feb 05, 2008 8:40 pm Subject:

They have to give you a statement. I had 2 CA's tell me that they wouldn't send me anything until I paid by moneygram and I told them that they could keep watching to see if I send it just like I am going to keep watching to see if you send me my letter, so to save time on both ends, send me a letter and I will send you some money. The one CA hung up on me lol. Keep demanding the letter. Don't let them scare you with the threats of sending it to a CA. Sometimes you can get better arrangements with a CA.

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