Doing a crash course on how to settle...I think
Date: Tue, 08/01/2006 - 23:40
I have 4 month old Charged-Off account that was purchased by Sherman Acquisition, LP who in turn placed it with MRS associates for collection.
The 1st letter I received (Introduction/Please pay) stated the above however the 2nd letter referenced lvnv funding llc and included some options for a settlement with dates that I could not meet at the time. Isn't Sherman and LVNV the same?
I checked my credit report and Sears shows as being charged-off. I now have LVNV Funding listed and it references Sears in the account number. The date of last activity is the same on both entries.
I didn't do the debt validation letter because I do owe the money and the credit report looked correct. I'm now in the position to pay a settlement.
I called them this morning and stated what option I wanted and that I would mail it in 3 days via USPSCRR. She put me on hold and after 2-3 minutes had a better offer. I repeated the amount a few times in different ways, got her full name and phone number/extension. I am to call with the certified mail number on the promised day.
I plan to include a "By cashing this check you agree..." settlement agreement letter with the check.
This seemed to go to easy. I wanted to send them the agreement letter first then the check but when I didn't have to fight with them I just lost my concentration. I know that I might have been able to get an even lower amount, but I just want this setteled. Did I miss something?
She offered you a settlement amount? That is great, but make su
She offered you a settlement amount? That is great, but make sure that she is going to report it as paid in full (request that...at the very least settled in full...but paid in full looks so much better on your cr) and make sure that you get everything in writing. You don't want this biting you in the butt later on, or them selling off the remaining portion, or having to file it on your taxes later on.
Thank you for your reply! Is the "By cashing this check you agr
Thank you for your reply!
Is the "By cashing this check you agree..." letter just as good as getting a signed settlement before hand (from a legal standpoint)? How do I know if the cashiers check or money order was cashed? Or how would I get the proof I need?
Dose anyone have a sample of such a letter. I seen one somewhere but of course now I can't find it!
You need to call back and see if the company does report paid in
You need to call back and see if the company does report paid in full or paid or if they report settled for less than full balance. Some companies don't but many Charge off Companies do. Including that they must report it paid in full when they don't do that as a company policy into a letter with a check could get your check not cashed so it's best to always check these thins out before thinking you will have somehting taken care of when you won't.
Not tring to be a downer here but you need to be sure. You need to also ask when you can get your zero balance letter and how often they report to the CBR agencies.
A cashiers check can be tracked by your bank. A money order has a reciept number that can also be tracked.
You can edit this letter as per your needs. Quote:(Send via C
You can edit this letter as per your needs.
Quote:
(Send via CERTIFIED MAIL) YOUR NAME YOUR ADDRESS CITY, STATE, ZIP CODE Date: CREDITOR NAME ADDRESS CITY, STATE, ZIP CODE RE: Acct.# Creditor: I recently obtained a copy of my credit report and noticed that your company has reported me as having the above listed account as: (delinquent, sent to collections, etc.). I wish to bring this account to a resolution that will be fair and beneficial for both of us. Therefore, I propose to pay you X monthly payments of $, or forward a check to you in the amount of $ as payment in full, provided that you are willing to send me a letter stating you will report this to any and all credit reporting agencies as: 'PAID AS AGREED' or notify me in writing that you agree to delete this item from any and all credit reporting agencies. I WILL NOT agree to accept a 'PAID P & L' or 'CHARGE OFF' for an additional amount of time on my credit report. It is my position that I have suffered enough as a result of this problem. Upon receipt of your letter I will send you a cashier's check or money order in the amount of $. Sincerely, Signature Date signed Your name Date printed |
What worries me is that I didn't even think about the fact that
What worries me is that I didn't even think about the fact that if I did the "By cashing this check you agree..." and they said NO -- now they have my money tied up in that uncashed cashier's check. Ouch.
Plan B...I'll fax them a settlement leter restating the terms that we aggreed on over the phone.
Question: Who has the authority to report to the credit agencies a "Paid As Agreed". Is it the Colliction Acency or the company that bought the charged-off debt? It's listed as LVNV Funding on the credit report.
Why do I keep getting logged out? I was logged in as crt123 when
Why do I keep getting logged out? I was logged in as crt123 when I wrote the above reply. O'well.
crt123, the company signing the contract with you is responsible
crt123, the company signing the contract with you is responsible to update your file with the bureaus. I guess, the responsibility is of LVNV Funding in your case.
Regarding problems getting logged out in the forums, press ctrl + f5 together before you post the reply. 'Username' box should not appear when you are doing the 'quick reply'. When you see this box, press both the buttons together. The page will reload again with you logged in.
Ok, I got a signed settlement letter from the CA with the terms
Ok, I got a signed settlement letter from the CA with the terms we agreed on.
This letter states that they are authorized to accept $$$ as settlement in full on behalf of their client. When paid, I will be released from any further obligation to the creditor and that my credit will be noted as settled. (paraphrasing)
I dose his mean that this matter is over. I don't want the creditor selling the unsettled balance months down the road to another CA.
They should teach law-English in school! I looked up 'consummated' in Websters...Finnish, complete, to make complete by sexual intercourse!
Good for you, crt123. It's pretty hard working with the CAs and
Good for you, crt123. It's pretty hard working with the CAs and convince them with your point. Keep the signed settlement letter in your important folder. This will be an important fact that the debt has already been paid off after you have finished the payments. This way, no other company can attempt collections later on the remaining balance.
