Debt Settlement Payment options

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Really dont think wells will be collecting a debt out of SOL...by the time it falls out of SOL it would have been long since sold or a CA would be working it...Wells themselves would not be calling.

I have read other instances on this board where the OC would settle and refused to put it in writing and everything came out OK.

this debt is still with the OC, i am nearing charge off, i am at 164 days. The man was firm that i pay with a checking account over the phone and said that they would not accept a money order because "it would take too long". They also were reluctant to put it in writing.

Tell him you will overnight a money order.

You always want it in writing. Soaplady or myself can guarantee we are going to give you a mass amount of money but if it is not in writing it simply isn't true. It puts you in a place where you are liable. Put the liability on your creditor. They want your money but don't give it to them until something is in writing indicating that the settlement offer will satisfy the debt. Even after you get it in writing, I would notate on the check or money order in the memo section "paid in full" so if the creditor cashs the check or money order they are agreeing to the debt being paid in full.

I have settled two Credit cards with the original creditors one week before charge off and am waiting for the arrival of the settlement letters. I have two questions:

1. What should I make sure these letters contain, in order to make sure that the money will be for full payment? I have heard some horror stories of the money only being applied to the balance and the remainder being charged off.

2. What is the best method of payment? Should I write "paid in full" on the check or is this a myth

I got US bank to settle a 6000 debt for 2000 and wells Fargo to get a 7000 for 3500, Wells Fargo was a real pain. US bank was easy. I learned so much in this process, i heard a different thing, from every different representative. Thanks for all the help.