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Now What · Posted: Thu Jul 17, 2008 7:09 am Subject: Settling with CA's - Need Advise ASAP

Ok, working with NES this morning... I said once I get a fax stating the settlement terms, I would wire the money to them. Is there anything else I need to cover myself here?

Posted: Thu Jul 17, 2008 7:43 am Subject:

Make sure receipt states paid in full and releases you from them ever collecting or transferring claim to another company.

Now What · Posted: Thu Jul 17, 2008 8:02 am Subject:

When would I get the receipt? If I wire from my bank(using a different account number), won't I have a record of it?

Posted: Thu Jul 17, 2008 8:08 am Subject:

I believe in the agreement that they are to fax to you, it should include the above stated releases. The purpose of the releases showing that account is paid in full is because sometimes the CA are sneaky and will sell off the balance difference to another CA, then you will have to settle with them again. By having this document, if a second CA comes a-callin', you have your receipt and agreement showing paid in full and there is nothing they can collect on.

Posted: Thu Jul 17, 2008 8:20 am Subject:

You need to keep that paid in full letter that they sign and send to you forever also. I once had a debt I settled show up again 3 years after I settled it.

Now What · Posted: Thu Jul 17, 2008 8:43 am Subject:

Ok, got the fax, that NES is authorized to settle the Chase account in full for x amount if payment is received into their office today. So, I was thinking the fastest way to pay would be to set up a new account at my bank, transfer in the exact amount and let them do the withdrawl from that account? thoughts?

Posted: Thu Jul 17, 2008 9:05 am Subject:

No, no, no, no, NO!!! Never give them bank account info. They may take one payment, but whats to keep them from debiting it a second time, or third...

See if you can moneygram or overnight a money order to them. One day shouldn't kill the whole deal.

ALSO...make sure you have those "releases" in the agreement before you send any money.

Now What · Posted: Thu Jul 17, 2008 9:08 am Subject:

Settlement offer is off the table if I don't get the money to them today. What would stop them from taking more, is not having any money in the account, as I would set up as having no overdraft protection. What do you mean by 'releases' in the agreement?

Now What · Posted: Thu Jul 17, 2008 10:05 am Subject:

Can someone please answer regardign what 'releases' I need to have? the clock is ticking..

Posted: Thu Jul 17, 2008 10:07 am Subject:

That they will not sell any remainder of the debt, that the debt will be reported as paid in full from what I can see from earlier postings.

Now What · Posted: Thu Jul 17, 2008 10:09 am Subject:

Here is the letter:
We are authorized to settle your CHASE BANK, USA, N-A. account in full for the amount of $11032.53, provided this amount is received in our office by 07/17/08. This offer will be automatically withdrawn if payment of $11032.53 is not received in our office by 07/17/OS. Please feel free to contact our office if you have any questions with respect to this offer.

Is that sufficient?

Now What · Posted: Thu Jul 17, 2008 10:18 am Subject:

See above, is that sufficicient?

Posted: Thu Jul 17, 2008 10:34 am Subject:

It doesn't say anything about any remainder or how the tradeline is reported. Will that leave a remaining balance? If so, they could sell off that and you'll go thru this over again. Also, you'll have a settled for less notation on the tradeline which will not help your scores at all.

Now What · Posted: Thu Jul 17, 2008 10:59 am Subject:

Doesn't 'settled in full' mean it's paid off?

Posted: Thu Jul 17, 2008 11:17 am Subject:

No it does not. Actually "settled in full" is a derogatory mark.

"Now What" - what was the amount of the bill when it was written off by Chase, and how much is the CA trying to charge?

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