Settlement letter
Date: Wed, 05/19/2010 - 16:54
This is from GC services Collection
( We owed usaa credit card for about $14k )
In an effort to assist you in resolving your account, our client authrorized us to offer you the opportunity to settle your account, this means instead of paying the full balance due on your account, you can pay 40% of the total amount due and the above mentioned client will consider this account settled.
If you wish to take advantage of this offer, contact our office or mail
your remittance, in the form of cashier's check or money order, in the
amount of $5,359.78. If the settlement amount is not received within 16 days of the date of this letter this offer will become null and void. Please note that this letter does not reduce your rights as stated on the reverside of this letter. ( at the back in the letter is just stated if i
want to dispute the balance and if not then that means i the amount owed is valid )
GC services does not report any information to any credit bureaus or agencies.
( this part which i do not understand? what they mean? what information
that they won't report? )
If you dispute this account or any portion thereof, please refer to the reverse side of this leter of explanation of your right.
Note: the internal revenue services any may require financial institutions to file a form 1099-c cancellation of debt to report the discharge of
indebtedness of $600 or more.
signed by GC collection manager
we are just really want to make sure that once we pay them - we are done with them - they don't even want to settle lower than 40 %....
Has your account been charged off? GC Services might have been
Has your account been charged off?
GC Services might have been hired by your creditor to continue the collection activities on their behalf.
Was the letter in the letterhead of GC services?
Bing I just went thru a settlement exactly similar to yours ..
Bing
I just went thru a settlement exactly similar to yours .... Same wording to a tee..... although mine was for about 13,500k....
I would have liked a better letter... but I thought it would be ok.... I also recorded the entire final settlement call with a supervisor.
I settled with them at 20%.... Citi prob still owns your debt... at least in my case they did.... GC services is just trying to collect on citis behalf
Its time to play a little hard ball with them.... if you are up for it
You just have to do a good job convining them of your dire situation
In my case , unfortuantly , it is all true
Alot of Unsecured debt !
Looking hard at chapter 7
In foreclosure
5-6 months late on all credit cards
maybe thats why I got 20 % .....
just my experience
I settled with them before I had to DV them.... I was about ready to send the DV when they agreed to settle
Mac
Has your account been charged off? GC Services might have been
Has your account been charged off?
GC Services might have been hired by your creditor to continue the collection activities on their behalf.
Was the letter in the letterhead of GC services?
Probably my account is already been charged off because its been 11 months that we stop making payments.
Yes the letterhead is GC services
Mac, Thanks for response of my post. Thats good that yours
Mac,
Thanks for response of my post.
Thats good that yours was 20 %. We owed USAA & they will not go down to 30 or 20. They said only 40% and thats it so we will just go ahead and pay it & be done with it before they will sue us. CITI already sue me for $11k & they will not willing to settle less than $8k and if i can't have that amount then we can set up a monthly payments but it will be the actual balance + interest & atty fees & court fees - they are monster!!!!! and american express is playing hard too - we owed them $4800 & they offer us $2400 & thats it so i will go ahead & take it rather than they will sue us. I really want to get this done- its too much stress in our lives. I just wish i had a better offer from CITI but they wont.