Is this letter enough?

Hi Applecider. What type of company is this for? I would want to know what type of updates to the credit report they are going to do. It doesn't really specify.

Hi, eleroo.

AAAAAA is collection agency.
BBBBBB is auto finance.

after they sent this letter, they want to get the money asap. Is it okay to pay now?

Hmmm..I think I would call and double check that it will report as settled/paid in full. Now that you say that it is for an auto loan, and I re-read the letter, it does point to that your report will will reflect settlement. If that is the case then it is probably safe to go ahead and pay. BUT, if you don't feel comfortable, then see if they will send you a more clear letter.

I'm not 100% sure on this but i think settled in full is diff than paid in full and this will still be on ur credit report as a settled debt. (which is better than NO payment at all)
Hope this helps u some,
Ang

That makes sense, Ang. And, it would be better than charged off or repossessed, or something like that.

Thank you eleroo and Ang.

I have one more question.
Only when I pay the debt in full, and then it is shown 'paid in full'?

What is the bad things shown 'settle in full'?
When I asked them, they told me when I pay full money, it can be changed 'paid in full'.

I'm not sure i understand ur question apple.... Even if u pay settlement the CA has authority to put Paid in Full on ur credit report...
hope that helps a little,
Ang

Ang.. the credit collection agency offered me a settlement for half of the original amount and I agreed.

in this case, is it right only shown on my credit history 'settled in paid?'
I asked them 'paid in full', but they said no.

Yes it will show as settled in full.
Hope this helps,
Ang

Ang...Thank you for your fast answer... :)

If it is shown 'settled in full' on my credit history, is there any bad thing? or I have more money that I have to pay?

Well a settled account is worse than a PIF but it's better than NOT paying! Also, just so u know, sometiems when CA's write off a debt they will send u a 1099 at the end of the year and u must file it with ur taxes.... i don't get that but they can do this!
Much luck to ya apple
Ang

I think settled in full means you paid a lesser amount than what was owed i.e. you settled on a lesser amount. I think paid in full means you paid the entire balance that was reported not a lesser amount. Another option you could push for is full deletion of the item from your credit report which means it would not show up at all. As long as you are confident that this collection agent truly has authority to settle this account then I would say that is a pretty typical settlement letter.

Settled in full or paid in full will still be a negative item on credit report.Your best bet in settling a debt is to demand removal of item from your reports in exchange for payment. Make sure all agreements are in writing.