Advice Please-I have a settlement letter for review
Date: Wed, 05/20/2009 - 08:18
Hi Guys,
I just posted a few days ago, that my Suntrust FIA Card services card(owned by BofA) offered me a settlemt for $7,300 after 60 days late.
By Balance is $18,422. I turned them down because I only have $5,000 to settle with.
Well today only five days later, they called me back and are willing to settle the account for $5,000.
Here is the letter they just faxed over to me.
Dear Mrs. XXXXXX
Thank you for your recent inquiry regarding the above referenced account. As requested, this letter is an offer to settle the above-referenced account. To accept this offer, you must cal us at the number listed below.
To complete this offer, please send one payment of $5,000.00 by May 20,2009. For your convenience, you can make your payment over the phone by using our pay-by-phone service.
A fee may be charged for this service. Please have your checkbook ready when you call. If you prefer, you can mail your payment to P.O. Box 15726, Wilmington, DE 19886-5726. When mailing your payment, please keep in mind that we must receive the payment by May 20, 2009.
Although this account is now closed, please note that any new or third-party charges posted to this account will be your responsibility. When you have satisfied the terms of the above arrangement, your account will be reported to the national consumer-reporting agencies as settled and you will not be obligated to pay the remain ing balance, provided no additional charges are made to the account after tyhe date of this letter. Also,any future credit balances on this account will become the property of FIA card services. Failure to satisfy the terms of this agreement will result in FIA Card Services requiring you to send the full amount of $18,422.96,including any finance charges. Please keep this letter as confirmation of your settlement, as the terms of this offer will not be reflected on your monthly statement.
If the remaining amount is equalto or greater than $600.00, we are required by Federal Law(IRS section 6050P) to reportthis amount. You will be receiving a Form 1099-C from FIA Card Services no later than next january 31st. If you have any questions regarding your personal taxes, we recommend that you consult a certified public accountant or other tax professional.
Remember, to accept this agreement, you must call us and we must receive your payment of $5,000.00 by May 20, 2009.
What do you guys think..... This is about 27% of the balance owed. I told her that I could pay it in one lump sum. She wants to draft it out of my Bank account tonight. I have a seperate account already with only $5,000 in it.
Is this a fair offer, or am I missing something important that I should be aware of?
I just posted a few days ago, that my Suntrust FIA Card services card(owned by BofA) offered me a settlemt for $7,300 after 60 days late.
By Balance is $18,422. I turned them down because I only have $5,000 to settle with.
Well today only five days later, they called me back and are willing to settle the account for $5,000.
Here is the letter they just faxed over to me.
Dear Mrs. XXXXXX
Thank you for your recent inquiry regarding the above referenced account. As requested, this letter is an offer to settle the above-referenced account. To accept this offer, you must cal us at the number listed below.
To complete this offer, please send one payment of $5,000.00 by May 20,2009. For your convenience, you can make your payment over the phone by using our pay-by-phone service.
A fee may be charged for this service. Please have your checkbook ready when you call. If you prefer, you can mail your payment to P.O. Box 15726, Wilmington, DE 19886-5726. When mailing your payment, please keep in mind that we must receive the payment by May 20, 2009.
Although this account is now closed, please note that any new or third-party charges posted to this account will be your responsibility. When you have satisfied the terms of the above arrangement, your account will be reported to the national consumer-reporting agencies as settled and you will not be obligated to pay the remain ing balance, provided no additional charges are made to the account after tyhe date of this letter. Also,any future credit balances on this account will become the property of FIA card services. Failure to satisfy the terms of this agreement will result in FIA Card Services requiring you to send the full amount of $18,422.96,including any finance charges. Please keep this letter as confirmation of your settlement, as the terms of this offer will not be reflected on your monthly statement.
If the remaining amount is equalto or greater than $600.00, we are required by Federal Law(IRS section 6050P) to reportthis amount. You will be receiving a Form 1099-C from FIA Card Services no later than next january 31st. If you have any questions regarding your personal taxes, we recommend that you consult a certified public accountant or other tax professional.
Remember, to accept this agreement, you must call us and we must receive your payment of $5,000.00 by May 20, 2009.
What do you guys think..... This is about 27% of the balance owed. I told her that I could pay it in one lump sum. She wants to draft it out of my Bank account tonight. I have a seperate account already with only $5,000 in it.
Is this a fair offer, or am I missing something important that I should be aware of?
Submitted by desperatelyseekingsanity on Wed, 05/20/2009 - 08:40
( Posts: 1129 | Credits: )
does this letter include your full address, account number, is y
does this letter include your full address, account number, is your name spelled correctly, is it signed by a representative from Suntrust FIA Card services or BofA? Does it state your balance?
