Help with debt settlement, making sure I cover my bases
Date: Wed, 03/08/2006 - 20:09
If I am correct I want them to send me something in writing stating that the account is "Paid" once they have received the check, is this the best option other then getting it removed from my report entirely?
What wording should I be looking to receive stating that I will no longer owe anyone the remaining balance? If I settle with the lawyer the collection agency can no longer hold me responsible for the balance, correct??
Do you know if the original credit card company can attempt to collect payment if this has been listed as charged off for many years? (I only have 6 months left on my SOL)
I realize that I do not have a lot of room to argue with the lawyers since I have to come to an agreement in the next three days without them taking further action, so any advice on how to make this as smooth as possible is greatly appreciated!!!
Thanks for reading!
Matt, It seems that you are already on the right track. You h
Matt,
It seems that you are already on the right track. You have done your home work very well. Anyway, you should ask for some document that states they will report your account #......... as paid once they receive $___ . Mention the check # that you are going to send them as well. Keep copies of all the documents with you.
Charged-off account represents the debt to be uncollectible. Creditors can try to collect it even though it has been declared as charged-off. However, if the SOL has expired, no legal action can be taken against you.
You have to make sure that they will not sell the forgiven amount to another collection agency. I think the agreement will help you in this matter. Also consult a tax advisor if 1099 C form can help you at this point. Keep us posted.
