Need quick opinions on this Settlement Letter I just got via fax
Date: Thu, 10/30/2008 - 08:27
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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.
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.
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.
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