debt settlement question

Depends of wording on letter. Usually you want the paid in full with no negative reporting and no transfer of balance. If they give you a paid in full letter,you should be able to keep anyone else from collecting.Keep that letter in a safe place.

actually i made a mistake it states "settle in full" is that different from "paid in full"? i know settle as a negative connotation to it, but does it still protect me from having to pay the rest of the balance if they sell it off?

ugh, i though i had a good deal here. :cry:

Settle usually means ding on credit report. Try to get them to state that this debt becomes paid in full/null and void once settlement is completed.

i know settling doesn't do anything but unfortunately that was my best option plus my credit report is already tarnished. i will see if they can put paid in full instead.

but if they refuse will that balance come back to haunt me even though i have this agreement with them?

The written agreement should cover you I just am a ornery old fart and would put down as much as I can for any agreement with collectors cause I trust them about as far as I can chunk em! :mrgreen: :mrgreen: :mrgreen: :mrgreen: :mrgreen: :mrgreen:

Settled in full should work for you. If the same or different collection agency comes looking for the rest, you will probably have a breach of contract claim against the collection agency that made the agreement with you. Better yet, maybe fraud if they sell it again. Keep you eyes open for any signs of this.

thanks cajunbulldog & texaslawyer,much appreciated.

I also recieved a letter today, stating my account has been settled in full. so now i have that letter as well.

Did you get copies of the money order before you sent it?? This could also be a crucial piece of documentation if so...

I have the money order receipt saved only, i was going to photocopy the money order but i wasn't sure if its legal to do that.

Is it better to do a cashiers check rather than a money order. I know you can trace a bank check, but how can you trace a money order?

Depends on where money order was purchased and who is financially backing it. It is more difficult to trace but there are ways.Warning Opinion Follows: :evil: STAY AWAY FROM WESTERN UNION.DO NOT PAY COLLECTORS LIKE THIS AS THEY ARE VERY CLOSE TO BEING UNTRACEABLE!!!!!

i use western union for all my money orders :(

i guess i start using cashier checks.....

thanks for the advice, cajunbulldog. that is very good to know.

:oops: Did not clarify! Western Union money orders are
ok,it is their wires or quick pays that we need to avoid.Sorry if I confused anyone.

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