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Posted: Fri Jan 26, 2007 5:59 pm Subject: Question about settlement????

I am about to settle on a credit card debt. I owe Direct Merchandts Bank $6900, and back in September they hired an attorney (J.A. Cambece Law Office, P.C.) to collect on this debt.
When they contacted me, they offered me a chance to pay only $4900 to clear debt. I could not so I have been paying them $350 a month since September. I can now afford around $4500. How should I go about this? Should I offer them $4500 to clear out the account? If they accept how do I know that someone else will not come after me down the road for the difference? How can I know for sure this account will be closed?
Thanks

Posted: Fri Jan 26, 2007 7:07 pm Subject:

You can try contacting them and offer to settle for this amount and if they agree request that they send you the agreement in writing and once it is paid a letter stating that the account is paid in full. Also request that they not this with the credit bureaus once it is paid off.

Posted: Sat Jan 27, 2007 7:00 am Subject:

There are also sample letters in the Do It Yourself section of the forum. I would try the proposal in writing to see if they go for it. If you do, send everything certified mail with return receipt requested.

Posted: Sat Jan 27, 2007 12:35 pm Subject:

First, check out whether the last payment is already posted towards your account. Maybe, you can negotiate for a lower amount also. Make sure that you have the agreement in writing and they will mark your account with a PIF.

Posted: Wed Sep 12, 2007 12:45 pm Subject:

After all I have learned on here, I can tell you you must get everything in writing. Good luck!

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