What do settlement agreements with credit cards need to clearly state?
Date: Sat, 03/20/2010 - 08:55
I am working with my various credit card accounts in which I am close to 5 months deliquent on. I am trying to avoid Bankruptcy thus I want to settle with the credit card companies.
What are the things that a settlement agreement need to clearly state? (is paid and settled acceptbable terminology?)
Is a faxed copy of a settlement agreement acceptable?
They want to draft a check from my checking account is this ok? I have a checking account that I keep no money in and I can put $$ in that account the day before the draft date. Is this ok? My father is giving me the money to settle.
What are the things that a settlement agreement need to clearly state? (is paid and settled acceptbable terminology?)
Is a faxed copy of a settlement agreement acceptable?
They want to draft a check from my checking account is this ok? I have a checking account that I keep no money in and I can put $$ in that account the day before the draft date. Is this ok? My father is giving me the money to settle.
There are some good examples at the link below: http://www.debtc
There are some good examples at the link below:
http://www.debtconsolidationcare.com/letters/
I wonder the same thing poster! shazzer can't seem to find a cle
I wonder the same thing poster!
shazzer can't seem to find a clear answer in any of these sample letters?????
Quote:Originally Posted by Anonymous Is a faxed copy of a settl
Quote:
Originally Posted by Anonymous Is a faxed copy of a settlement agreement acceptable? They want to draft a check from my checking account is this ok? I have a checking account that I keep no money in and I can put $$ in that account the day before the draft date. Is this ok? My father is giving me the money to settle. |
A faxed copy from them will suffice, as long as it's on their letterhead and it's signed. Do not give them access to your personal account, send them a money order, that's what I would do.
Quote:Originally Posted by AnonymousI am working with my various
Quote:
Originally Posted by Anonymous I am working with my various credit card accounts in which I am close to 5 months deliquent on. I am trying to avoid Bankruptcy thus I want to settle with the credit card companies. What are the things that a settlement agreement need to clearly state? (is paid and settled acceptbable terminology?) Is a faxed copy of a settlement agreement acceptable? They want to draft a check from my checking account is this ok? I have a checking account that I keep no money in and I can put $$ in that account the day before the draft date. Is this ok? My father is giving me the money to settle. |
Sorry, make sure you state the amount settled for, the name of company, account number, and I asked for them to remove negative remarks from my credit report. I can show you a little copy that I sent them and ask them to sign but it was a collection agency who was collecting on their behalf, I actually got the little contract from the sample letters at this forum.
Hope I Helped
All of that is fine. Paid and settled is not a problem. And it is actually better if they draft the account because if 1 payment is missed all settlement arrangements and your money paid up to them will be a loss. Make sure no bank numbers are given until you have settlement letter in hand and everything is agreed on.