Need quick opinions on this Settlement Letter I just got via fax

Date: Thu, 10/30/2008 - 08:27

Submitted by Bman90278
on Thu, 10/30/2008 - 08:27

Posts: 87 Credits: [Donate]

Total Replies: 6

Hi, I need to commit this morning on this settlement. Please let me know what you think. I'm worried about the part where it says ",provided no extra charges appear on this account" They say that it means "provided I haven't charged anything on the card". But I'm worried that the balance can go higher before my final installement.
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October 30 ,2008

Account No: XXXXXXXXXXXXXXXXXX

Dear Mr. XXX XXXX

This letter confirms our conversation to the settle the above-referenced account. Your current account balance is $16,474.88. We will accept $4200.00 as settlement on this account. Each future installment is listed below.

Settlement Installment Installment Date
$504.00 October 31, 2008
$572.00 November 29, 2008
$1041.50 December 31, 2008
$1041.50 January 31, 2009
$1041.50 February 28, 2009

By completing this payment plan, your account will be considered settled. You will not be obligated to pay the remaining balance, provided no additional charges appear on this account after the date of this letter. Also, any future account activity that results in a credit balance will become the property of FIA Card Services. Any violation of this agreement will result in the full balance being due immediately. All payments must be received by the stated due dates.

I had gotten a similar letter from an account with Advanta. Once

I had gotten a similar letter from an account with Advanta. Once I accepted the settlement, the account was "frozen" at that particular amount with no added fees etc.

lrhall41

Submitted by SusieQ on Thu, 10/30/2008 - 09:24

( Posts: 302 | Credits: )

.

Thanx SusieQ,

I'm just worried the wording above leaves them the chance of adding extra fees or interest on my card even though it's closed.

lrhall41

Submitted by Bman90278 on Thu, 10/30/2008 - 09:38

( Posts: 87 | Credits: )

I take it to mean that they will freeze the amount as soon as yo

I take it to mean that they will freeze the amount as soon as you accept the offer. If you wait a week or so, of course there are going to be additional charges in interest or fees, etc. You may want to call customer service and actually ask someone in person, for confirmation of that.

lrhall41

Submitted by SusieQ on Thu, 10/30/2008 - 10:01

( Posts: 302 | Credits: )

It looks like a standard settlement letter. A 25 % settlement ai

It looks like a standard settlement letter. A 25 % settlement ain't too shabby either. I would definitely jump on that offer.

lrhall41

Submitted by mobile0311 on Thu, 10/30/2008 - 10:34

( Posts: 1817 | Credits: )

reply

right behind ya mobile.i would accept that offer.

lrhall41

Submitted by paulmergel on Thu, 10/30/2008 - 10:37

( Posts: 15514 | Credits: )

Thanks everyone

Thanks very much for your opinions. I was very pleased with the offer, I was just worried about the wordage. I will give them my ok right away.

Thanks so much,Brian

lrhall41

Submitted by Bman90278 on Thu, 10/30/2008 - 10:44

( Posts: 87 | Credits: )