Need a quick anwser please!
Date: Wed, 01/30/2008 - 09:37
"After receiving payment this office will consider this account paid in full and all 3 major credit report agencies will be updated as such".
Does this mean that my CR will be updated saying Paid in Full? Is this what the letter needs to say or should the wording be different? Should I pay by Credit Card or send them a Money Order? What is my best option?
Thank you.
It sounds as if they will mark your account satisfied. Never gi
It sounds as if they will mark your account satisfied.
Never give a collection agency a credit card number. Money order is safer!
I agree--send them a money order for the amount you agreed upon.
I agree--send them a money order for the amount you agreed upon. I would recommend sending it using a method that is trackable, so you can have further proof that they received it.
Congratulations! Good job on getting a debt squared away....thats one less headache! Just make sure that you keep the letter they faxed you as well as proof of payment. Hopefully the letter appears on their letterhead and not on a blank sheet of paper. If it does not look official, then ask for a better letter before you send a dime. I would hate for them to come back after you pay it and try to trick you by saying "we never agreed to that".
Are you saying not to use a credit card because they can come ba
Are you saying not to use a credit card because they can come back in a month and say they never agreed to a settlement amount and then try and charge my card again at a later date?
reply
NICE,BUT DO MAKE SURE YOU GET EVERYTHING IN WRITING.THAT MEANS ALL YOUR EMAILS,WHEN YOU ACCEPT THERE OFFER,ESPECIALLY THE PIF.I TOO HAVE SEEN PEOPLE THINK THAT A DEBT WAS CLEAR,ONLY TO HAVE A CA TRY AND COLLECT.IT IS GOOD TO HAVE ALL PAPERS IN ORDER.
Quote:Are you saying not to use a credit card because they can c
Quote:
Are you saying not to use a credit card because they can come back in a month and say they never agreed to a settlement amount and then try and charge my card again at a later date? |
We are saying to never give out your credit card to a collector for just that reason, as well as the fact that it is private information. If you knew the kind of employees that many collection agents hire, you would understand. These are NOT usually the kind of people I would trust with my credit card info.
But what I was getting at really involves the faxed letter they sent you. I was asking if it looks official--if it is on the CA's company letterhead, if it has the name of the person who authorized this agreement both printed and signed, and so on. If it is just written on a blank piece of paper, for example, then they can always come back a month from now and claim that they never made this agreement with you.
This is an old trick that some CA's have used. They know that on an older debt, for example, if they can get you to make any payment at all, it restarts the clock on the statute of limitations. This means they can try to trick you into "paid in full" and then lie about it later. meanwhile, when you made the payment, it started the clock all over again. hey, it has happened before.
I might even recommend going one step further. I would write a letter and include it with the money order. I would write a letter that says something along the lines of:
Quote:
As it was agreed upon, please find enclosed the payment of $___.__ to be applied to account #______. Also as agreed upon, this payment is to constitute payment in full on this debt. Upon your receipt of this payment, please revise the entries on my three major credit bureau files to show paid in full. Please also find enclosed, for your reference, a copy of this agreement which was agreed upon by (insert name here), an employee of (insert CA name here), sent to me on (insert the date of the fax here). I will consider this matter to be closed upon verification that the entries on my credit bureau reports have been changed to reflect the 'paid in full' status. Thank you. |
Hope this helps.
I sent a letter like above but you could also write on the check
I sent a letter like above but you could also write on the check the info in the memo. I believe that when they sign the check, they are agreeing to what is written in the memo.
