Text of Settlement Letter - is it enough?
Date: Mon, 07/06/2009 - 23:09
I have received a settlement letter from Wells Fargo stating, that
"Upon receipt of $xxxxx by Sept aug 16 this account will be considered settled, and as agreed we will discontinue efforts to collect the remaining balance due."
Is this language, strong enough? I realize it will prevent wells fargo from taking efforts to collect, but what about them selling the balance to a CA?
"Upon receipt of $xxxxx by Sept aug 16 this account will be considered settled, and as agreed we will discontinue efforts to collect the remaining balance due."
Is this language, strong enough? I realize it will prevent wells fargo from taking efforts to collect, but what about them selling the balance to a CA?
If you get the settlement offer in writing from the original cre
If you get the settlement offer in writing from the original creditor and then pay it off, then you are no longer liable to pay the remaining part of the debt, even if the OC sells it to a collection agency. However, you should always keep the settlement agreement and check whether the status of the listing has changed to "settled for less" or "paid as agreed" after you pay off the debt.
