Settlement Question. (Important) Please Help

Date: Mon, 06/01/2009 - 13:41

Submitted by dfawaz
on Mon, 06/01/2009 - 13:41

Posts: 131 Credits: [Donate]

Total Replies: 7

I have been paying off 1st financial bank usa. I have a settlement letter that states after the final payment clears it will be considered paid in full. The settlement was for $9500 of a debt for 17000.

I just received a letter and they are stating that the payments are ending and I should contact them about the remaining money and set up another series of payments.

I have the letter signed by first financial bank usa stating it will be paid in full. Should I contact them and tell them they can no longer collect. I'm curious what I should do thanks!!

What is there to consider? If you have a settlement letter in h

What is there to consider? If you have a settlement letter in hand that states that once payment of $9500 clears the account is PIF. (I hope the letter also states that the remaining balance will not be sold!) Send them a copy of that...if they don't abide by it, then you can sue them for breach of contract!!! Very plain and simple here...

Do everything by mail CMRRR - create a paper trail in case you do have to sue them.

lrhall41

Submitted by desperatelyseekingsanity on Mon, 06/01/2009 - 14:22

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This is word for word what it says. " We will consider the ac

This is word for word what it says.

" We will consider the account settled in FULL and the balance will be reduced to zero as soon as the final payment clears the bank."

After that it states if i miss a payment the payment agreement is null and void. I have paid all of them and have copies of all payments.

lrhall41

Submitted by dfawaz on Mon, 06/01/2009 - 14:26

( Posts: 131 | Credits: )

Does it specifically state that $9500 is what you must pay? If

Does it specifically state that $9500 is what you must pay? If so, then do as I suggested above.

If so, then you are okay here and they can FOAD!!

lrhall41

Submitted by desperatelyseekingsanity on Mon, 06/01/2009 - 14:32

( Posts: 1129 | Credits: )

I just contacted the creditor. Talked to the guy who sent me the

I just contacted the creditor. Talked to the guy who sent me the letter. He stated that any situation like mine IE Settlement or settle for less. An automatic generating letter by the company. He told me i can disregard and check with him by the end of the month to make sure that the payment is 0 on my credit report.

lrhall41

Submitted by dfawaz on Mon, 06/01/2009 - 14:43

( Posts: 131 | Credits: )