general question on settlement

Date: Wed, 03/25/2009 - 06:25

Submitted by anonymous
on Wed, 03/25/2009 - 06:25

Posts: 202330 Credits: [Donate]

Total Replies: 4

so I'm working through to settle all my CC accounts, I received first confirmation basically stating that X CA accept my payment as Settlement in Full, according to them account is settled and closed, but when I logon to my CC online account balance shows "previous balance - settlement amount" I'm guessing this is part of the settlement that balance on settled accounts won't be ZERO ever, is that right? since this account is settled and closed for how long CC company is keeping this record? how can I protect myself from either OC or other JDBs to try to collect remaining balance and even if they try will they be trying to collect remaining balance as it is today when account is settled or perhaps they will get to it 3-4 years later and will try to collect with huge interest? ofcourse assuming SOL has not passed

If you have a written confirmation of settlement and a copy of t

If you have a written confirmation of settlement and a copy of the cancelled check, you are done. If anyone tries to collect on it regardless of the SOL, tell them to FOAD and send a copy of the setlement letter and check.

lrhall41

Submitted by SOAPLADY on Wed, 03/25/2009 - 06:29

( Posts: 17315 | Credits: )

Yes I do have all of them in form of the fax sent to me: settlem

Yes I do have all of them in form of the fax sent to me: settlement offer, proof of clearing check by CA with name on it for settlement amount, and confirmation stating "Settlement in Full"
I'm assuming OC shortly will update my credit report with "Settled" and that's pretty much done as far this record but do you know what exactly happens with account within OC system? is is closed? archived? kept forever? just wondering...

lrhall41

Submitted by on Wed, 03/25/2009 - 06:39

( Posts: | Credits: )

and BTW I'm guessing that what I see today as balance after sett

and BTW I'm guessing that what I see today as balance after settlement on this card is done I will see on 1099c at the end of the year, right?

lrhall41

Submitted by on Wed, 03/25/2009 - 06:41

( Posts: | Credits: )

one other thing reviewing tab "Do It Yourself" I noticed it says

one other thing reviewing tab "Do It Yourself" I noticed it says so I request from CA or OC to put on my credit record "Paid As Agreed" or "Paid in Full" well that would be nice but since settlement is for % what the balance is and there is remaining balance on confirmation I was told by CA rep they will report this account as Settled, settlement in full. Based on what assumption would one request from OC or CA to mark credit report as Paid in Full if it has not been paid in full? what would they do this?

lrhall41

Submitted by on Wed, 03/25/2009 - 14:46

( Posts: | Credits: )