settlement offer question
Date: Sun, 03/15/2009 - 07:47
unfortunatelly I found myself in situation were I either have to settle my CC account with several different creditors or file for BK ch.13 as I'm able to negotiate sattlements with most if not all I'm concern if letters they are sending me are good enough as far wording or they trying to trick me? last thing I need is to pay them and still be force into BK so here is example of letter I received from one of CA I'm dealing with it is for 20% what I own and Yes it is valid debt.
Original Creditor: American Express
Client A/C #: [my CC account number]
Current Balance: $yyyy.yy
This communication is in response to your recent inquiry concerning the above referenced matter. After reviewing this account we have determined that [collection agency name] will accept $xxxx.xx as a settlement of the obligation set forth above. The acceptance by [collection agency name] of $xxxx.xx as a settlement of your account is contingent upon your compliance with the following conditions:
1) This total of $xxxx.xx must be received in our office at the address set forth above no later than close of business on 04/20/2009.
2) Your payment should be made with certified funds.
3) Do not include a restricted endorsement on the payment.
To ensure proper credit, please be sure to note the account number on your payment. Please note, if your payment is not received by us on or before the payment date, contains an unacceptable restrictive endorsement, or is returned by the bank for any reason, your account will not be considered settled. In such case legally authorized interest and fees will continue to accrue on your account.
They told me once this is paid within 30 days I will receive confirmation letter, they will notify AMEX about this fact and AMEX will report it as closed, does this sounds right?
should I request more in writing before I pay? i.e. add to above letter something that they cannot sell off the remaining balance and this account MUST be marked and considered paid in full or settled?
TIA
debt
How old IS the debt you owe? Has the SOL ( Statue of Limitations) passed on it? I would send a certified Validation letter to them, just so you can have prove that they STILL own the debt. I believe they have 30 days to respond to you. There are some really good examples of such letters, at the Homepage, I believe ( I'm not sure if that's where they are, though). Have you checked your CR to see if the debts are on there already?
debts are valid
I have these account for about 4-5 year and was using and paying payments for all this time until November last year '08 so I'm assuming SOL hasn't passed on it.
I asked for validation by sending fax just to make sure I'm paying right people if I decide to pay has been couple days so still waiting but I'm pretty positive they were either assign this debts or bougth it since AMEX does not hold them anymore
Joe, send the DV letter again by CMRRR, you need proof if you ha
Joe, send the DV letter again by CMRRR, you need proof if you have to go to court. If you decide to settle, Make sure that everything is in writing on the company letterhead, signed by the manager, include in your agreement that they won't sell the balance of the account to another JDB.
[QUOTE=Anonymous;409137]Hi All, unfortunatelly I found myself
[QUOTE=Anonymous;409137]Hi All,
unfortunatelly I found myself in situation were I either have to settle my CC account with several different creditors or file for BK ch.13 as I'm able to negotiate sattlements with most if not all I'm concern if letters they are sending me are good enough as far wording or they trying to trick me? last thing I need is to pay them and still be force into BK so here is example of letter I received from one of CA I'm dealing with it is for 20% what I own and Yes it is valid debt.
Original Creditor: American Express
Client A/C #: [my CC account number]
Current Balance: $yyyy.yy
This communication is in response to your recent inquiry concerning the above referenced matter. After reviewing this account we have determined that [collection agency name] will accept $xxxx.xx as a settlement of the obligation set forth above. The acceptance by [collection agency name] of $xxxx.xx as a settlement of your account is contingent upon your compliance with the following conditions:
1) This total of $xxxx.xx must be received in our office at the address set forth above no later than close of business on 04/20/2009.
2) Your payment should be made with certified funds.
3) Do not include a restricted endorsement on the payment.
To ensure proper credit, please be sure to note the account number on your payment. Please note, if your payment is not received by us on or before the payment date, contains an unacceptable restrictive endorsement, or is returned by the bank for any reason, your account will not be considered settled. In such case legally authorized interest and fees will continue to accrue on your account.
They told me once this is paid within 30 days I will receive confirmation letter, they will notify AMEX about this fact and AMEX will report it as closed, does this sounds right?
should I request more in writing before I pay? i.e. add to above letter something that they cannot sell off the remaining balance and this account MUST be marked and considered paid in full or settled?
TIA[/QUOTE]
I have almost the same form from Aegis. Did yours work out as planned or were there any problems? I'm trying to decide if I should accept without any further written documentation.
THANKS!
