wording on settlement letter - help!
Date: Sat, 12/05/2009 - 16:03
Hi I just had a quick question and was wondering if anyone could help me out. I made an agreement to settle an account with HSBC through a collection agency in three payments. They initially sent me a letter regarding my payments, but no word of settlement. So I called them and told them they needed to send me a statement stating that my account would be reported to the credit beareus as "settled in full", and they told me that they didn't report to the credit beareus. And they told me they would send me a settlement letter. It states:
"Our client has agreed to accept your offer of payment(s) totaling %1,265.00 as settlement monies owing on your account. Please make your check or money order payable to our client." "This settlement offer is void if the agreed payements are not made as stated as above. Our client may be required by law to report this settlement to the IRS"..etc
It says nothing about reporting to creit beaureas, or not selling the debt. I also asked them to state they would not sell the debt, and the collector said, "maam, we do not sell debts after they are settled." They refuse to change the wording on the settlement in any way. Is this a valid settlement letter? Or do I need to back out of these payments?
Thanks in advance!
"Our client has agreed to accept your offer of payment(s) totaling %1,265.00 as settlement monies owing on your account. Please make your check or money order payable to our client." "This settlement offer is void if the agreed payements are not made as stated as above. Our client may be required by law to report this settlement to the IRS"..etc
It says nothing about reporting to creit beaureas, or not selling the debt. I also asked them to state they would not sell the debt, and the collector said, "maam, we do not sell debts after they are settled." They refuse to change the wording on the settlement in any way. Is this a valid settlement letter? Or do I need to back out of these payments?
Thanks in advance!
The CA is working third party so they do not necessarily report
The CA is working third party so they do not necessarily report to the credit bureaus, nor would they be able to sell it since they do not own it.
The letter they sent is what the client permits them to write...the settlement letter is valid. Save the letter and paid copies of your checks. Down the line if HSBC does sell the remaining balance, you will have proof that you do not owe it.
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