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What do settlement agreements with credit cards need to clearly state?  

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I am working with my various credit card accounts in which I am close to 5 months deliquent on. I am trying to avoid Bankruptcy thus I want to settle with the credit card companies.

What are the things that a settlement agreement need to clearly state? (is paid and settled acceptbable terminology?)

Is a faxed copy of a settlement agreement acceptable?

They want to draft a check from my checking account is this ok? I have a checking account that I keep no money in and I can put $$ in that account the day before the draft date. Is this ok? My father is giving me the money to settle.
 

asked Mar 20, 2010 08:55 AM

Anonymous
Anonymous

6Answers

2

All of that is fine. Paid and settled is not a problem. And it is actually better if they draft the account because if 1 payment is missed all settlement arrangements and your money paid up to them will be a loss. Make sure no bank numbers are given until you have settlement letter in hand and everything is agreed on.

answered Mar 21, 2010 03:05 PM

Anonymous
0


I got one letter from a Collection Agency but it's not sign. It states the amount to settle in full and there is a name but no signature and it was faxed to me. Will it be considered legal if I make payments?

 

answered Mar 25, 2010 12:25 AM

Anonymous
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There are some good examples at the link below:
http://www.debtconsolidationcare.com/letters/

answered Mar 20, 2010 08:28 PM

0

I wonder the same thing poster!
shazzer can't seem to find a clear answer in any of these sample letters?????

answered Mar 21, 2010 02:40 PM

Anonymous
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Quote:

Originally Posted by Anonymous;669607

Is a faxed copy of a settlement agreement acceptable?
They want to draft a check from my checking account is this ok? I have a checking account that I keep no money in and I can put $$ in that account the day before the draft date. Is this ok? My father is giving me the money to settle.

A faxed copy from them will suffice, as long as it's on their letterhead and it's signed. Do not give them access to your personal account, send them a money order, that's what I would do.

answered Mar 21, 2010 02:43 PM

0


Quote:

Originally Posted by Anonymous;669607
I am working with my various credit card accounts in which I am close to 5 months deliquent on. I am trying to avoid Bankruptcy thus I want to settle with the credit card companies.
What are the things that a settlement agreement need to clearly state? (is paid and settled acceptbable terminology?)
Is a faxed copy of a settlement agreement acceptable?
They want to draft a check from my checking account is this ok? I have a checking account that I keep no money in and I can put $$ in that account the day before the draft date. Is this ok? My father is giving me the money to settle.

Sorry, make sure you state the amount settled for, the name of company, account number, and I asked for them to remove negative remarks from my credit report. I can show you a little copy that I sent them and ask them to sign but it was a collection agency who was collecting on their behalf, I actually got the little contract from the sample letters at this forum.

answered Mar 21, 2010 02:46 PM

1 

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