One sentence states that : As part of our settlement agreement, we will stop all efforts to collect.
Is this good enough? Has anyone else settled with that wording, and is it typical for a chse settlement? If so how does it appear on your credit report once settled, since the letter doesn't specify?
Debt Samaritan
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I have settled 6 chase accounts and they all have that wording. Once you have completed the terms, and usually within a month or so from the last payment, they send out a final letter saying it will be reported as "settled".
That's all it says and I haven't looked at my actual CR to see what it says...Lastly, I expect to get 1099'd for the discharged/forgiven amount...
Debt Samaritan
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Credits: 21388.13206021 Send message to dantheman
That is the same letter wording I received from NCO/Chase and my credit report does now reflect a zero balance.
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Credits: 1093.75 Send message to mojo
Thanks, I don't remember anyone mentioning that wording, it was usually 'settled as agreed' or similar. But if that's what others are getting, then good enough.
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