Settling with CA's - Need Advise ASAP

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

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?

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.

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.

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?

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.

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?

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

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.

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 This offer will be automatically withdrawn if payment of $11032.53 is not received in our office by 07/17/OS.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?

See above, is that sufficicient?

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.

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

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?

"Settled in full" can mean that the OC has accepted the payment on the account...and the OC won't pursue the balance, but it doesn't prevent them from selling the remaining balance to a junk debt buyer. Then you'll be in the same situation.

If you are willing to pay almost $12k to settle this, IMO, I might look at paying an attorney $500 to assist you in this matter to make sure it doesn't come back to haunt you. You want to make sure that your settlement is air tight.

BTW - who is "NES?" Is it National Enterprise Systems?

Amount written off was about $27,000. They agree only today to settle for $11,000. of course, I know they are playing hardball with the 'today' threat.

Who is NES?

National Enterprise System

Oh, sweetie...NES is a junk debt buyer.

Have you done the DV yet. Are you sure that NES has the right to collect it.

There is so much more to consider than just paying them a chunk of change immediately. As a CA, they have to provide certain information if you request it from them. Have you taken all the steps?

If not, I am sure we here can help you. (IMO, I wouldn't pay them a dime before all steps were taken.) Chances are they bought the debt for pennies on the dollar and are making a HUGE profit if you pay them the $12K.

Anyone know a good attorney to review the settlement offer? I'm not comfortable making the payment until I know it's legit....

When I called Chase earlier this week, that is who they said had the account.

DID YOU SEND THEM A "DV" LETTER, before you got to negotiations of settlement?

There are many steps to take to determine if the CA is authorized to collect on a debt.

As for an attorney, what state are you in? If you register with this site, you might get better responses and we can help you more.

oops

No, I didn't DV them. Chase said they had the account, so I figured they did. I'm from Wisconsin

In my opinion, I wouldn't send NES a DIME before they validate the debt. How these collection companies work is very sneaky, and what's to say that NES only owns Half of your debt and didn't sell the rest to some other CA.

Suggestion...seach this site for collection process and see how others have handled their debt collection.

I, as well as others here, are happy to help you.

BTW...if you send the collector a DV, that buys you 30 days to create a plan of action and possibly find an attorney if you need one. I wouldn't feel pressured to settle so quickly without the CA following certain protocol. You have the right to ask them to substantiate the claim. No validation...no money...no way...no how!!!!

WI? When was the last time you made a payment on the account? Are you still w/in SOL of 6 years?

ahh...good point, nascardevil!!!

Not only does WI have an SOL they also have a Statute of Repose which extinguishes the debt on expiration of SOL. A stretch I know but I can see a JDB settling for half when they could be entitled to NOTHING.

Keep in mind however. If you send them a payment or even made a promise to pay it restarts the SOL.

Well, if promise to pay was verbal, wouldn't that be difficult for them to prove and hold you to?

What now...when was the last time you made a payment on the account before Chase wrote it off?

Yes, well within the SOL. last payment was November of 2007.

So, now what do I tell NES? I think I"m going to tell them I'm not comfortable with the verbiage in the offer and am going to consult someone who is an expert. Any other ideas? I mean I do really want to get this settled, but don't want to get screwed in the process.

IMO, I think that is a fair statement to make to NES. Then, I would IMMEDIATELY send out a DV request to them. That will buy you some time to make a plan of action.

Now What - how'd it go when you talked to NES about you having someone review the settlement agreement?

Most collection agencies record conversations and can prove you made that promise .

That is why you tell them on phone or in writing that I am not acknowledging debt.I am simply settling for the terms to put it behind you.

I haven't told them that yet. I did call Chase this morning to see if they sold the debt to NES or they were just collecting, and they said they still owned it. So I've decided not to deal with NES, what do I do to get the debt back to Chase and settle directly with them?

Have you received any written information from anyone other than Chase? If you have, send them a Debt Verification letter. If you haven't, then you'll have to try and deal with Chase directly.

Not sure if I received information or not. If I send them a DV letter, that won't send it back to Chase, will it? Will a C&D letter do that?

A C&D might send it back to Chase or NES could send you a summons. I'd say summons based on the amount and well w/in SOL. DV first regardless.

I'd call Chase back and ask them that since they still own it can you settle directly with them. If Chase says yes, then settle with them and then send a C&D to NES with proof of payment.

If Chase says you have to deal with NES, then do the DV (which will buy you 30 days) and then if they don't validate, contact Chase again and try to settle with them on the grounds that NES didn't validate.

If it is with NES, you can also ask Chase to recall it from NES and deal with Chase directly. (50/50 chance on this one.)

What about sending Chase a letter stating that I want to settle the debt directly with them, I mean they still own it. Can't they recall it? NES has violated laws already by calling me at work when I have told them not to as well as threatening to sue.

You could do that, but I would start with a telephone call to Chase first. That way I know what they are thinking and what they are offering. Then you could start the negotiations via mail.

Just ask Chase if they will recall it from NES.