What payment method to use on settlements

Money Order

This let's them know they actually are getting the funds , gives you a receipt and at the same time gives them no new information about you :)

Regular Checks are Ok as long as you DO NOT AGREE to POSTDATE the checks.

You most certainly do not give them access to your account....There are many horror stories on these boards of what happened when people went that route,

Make sure they SIGN an agreement that either does NOT specify how you pay or that allows money order or ordinary check payment

4 Sety

question about PISTDATE checks, is concern only that they are going to try to get funds earlier then agreed or are there any other concerns with this type of payment?

They can do that and it does happen sometimes. Not always but sometimes it does. I had a lawyers office do that to me once. Plus it ended up that the day they posted my check (3 days before the date on the check) was the same day that the OC gave my account to a different lawyers office.

I have used a visa gift card for some of my settlements, some people have used the pre-credit cards from walmart to make payments also. This way they do not have your bank account number and they can only get the amount that is on the card.

I would never use money gram or western union to make a payment, the fees are too high and you cannot track the payment. I have been burned by an illegal company (which I didn't know at the time) making me use money gram to make a payment and there was no way to get my money back because as soon as I made the payment it went directly to their printer and printed a check. I would have had to get a court order to find out where that printer was located just to get my money back. ( I already know it was located in the west indies, so I am out that money)

If the way they want you to make a payment doesn't feel right, then you tell them how you are going to make the payment. If they want the money they will agree.

abosolutely do not allow them access to your account i have a huge horror story about this. i normally would have sent them a check, but found out on this forum that gives them your account # so no longer would i do that now.

money order is your best bet, i never thought of the prepaid visa though thats a good idea too.

MONEY ORDER, keep your reciepts and photocopy the money order after you have filled it out and before you send it out. NEVER let them get you banking information, some of the slimball CA will use your checking number and photocopy your john hancock and make an automatic debit agreement that you NEVER agreed too

there ya go.

Money orders receipts are by no means proof of payment. You can photocopy it and then cash is back in. You would need to get a copy of the paid money order itself from the issueing company and it takes weeks.

The payment from what I read is going directly to BOA, correct? Since you have the setttlement arrangements in your hands, I would go with allowing them to do it via your checking account. Your behind is covered.

FYI...Western Union Quick collects are not that expensive and they are very trackable.

If I trust a company then I will write them a personal check. If I don???t trust them then I use a certified bank check from my local bank. You can get a copy of either cashed check through your bank after it is processed. Keep that copy forever along with the settlement agreement.

After I settled and received the letter, the BofA rep, actually she was an FIA rep said to make the payments at the BofA branch. So plan to get a visa gift card and make the payments.

There is now a fee to use a VISA gift card. 3%. So, if you but a $1,000 car you can only use $970.

it stinks but i would rather pay the 3o dollars than let them have access to my account

There is a fee to get the card. My credit union charges $3. But I have yet been charged a fee to use one. It may only apply to larger purchases at places that really don't like to accept credit cards. Mainly because they are charged a fee to accept them. I used a credit card to purchase a boat YEARS ago and yes they did apply a fee to the purchase. But if your paying $10,000 for an item and the place is charged a 3% fee for the transaction, that is a $300 loss for the business. So I can understand the charge. I can also understan a charge if the amount is under $10.

if your dealing with BOA, you can just go into the branch and pay. I would not send them anything via electronic access. I would go in and pay cash and then get a receipt!

FYI I looked into the visa giftcards and they max out at $500

I get free cashiers checks from WF so I going that route and paying directly at a BofA branch.

sorry I forgot to login on that last post. mtsims wrote:

FYI I looked into the visa giftcards and they max out at $500

I get free cashiers checks from WF so I going that route and paying directly at a BofA branch.