settlement letter...look okay?
Date: Mon, 11/10/2008 - 10:30
Collections Manager,
I have have learned that you claim I own a debt to your collections agency in the amount of _____. While I have not verified this debt, I would like to settle this matter with you.
Below is my offer. Upon receipt of final payment, your company agrees to remove all mention of this account with all credit reporting agencies. Your company also agrees to remove any mention of delinquency related to this account.
Account will be satisfied for the total amount of $ "40%"
"35% of settlement" to be sent to your company through Western Union within 1 business day of receiving signed agreement.
Payment #1 "1/3 of remainder"to be sent to company by Dec. 30th, 2008.
Payment #2 "1/3 of remainder" to be sent to your company by Jan. 27th, 2009.
Payment #3 "1/3 of remainder" to be sent to your company by Feb. 24th 2009.
If you agree to these terms please acknowledge this with your signature and return it to me. You agree that the terms herein are confidential and you have authority to make such decisions. No payment will be made without written agreement. This is not a renewed promise to pay. This is restricted offer only.
Thank you,
hi i think you should send the debt validation letter first if u
hi i think you should send the debt validation letter first if u send it to debt collector bf offering them settlement. That way it verifies if they really have your debt. There are a few sample letters in this web site. Look under Do it yourself tab above.
Actually i have sent my original Credit card companies the settlements letters twice a few months ago but never get replies.
I heard that is is better to call the CR co if u can negotiate but I'm too scared to do it by phone.
Syrencyn, unless you're absolutely dead certain that this is you
Syrencyn, unless you're absolutely dead certain that this is your account and everything the CA says is spot on, I wouldn't try a settlement just yet. Send them this letter first. You have a legal right to validation before you pay dime one. If the amount's large enough that you're proposing settling in 4 installments [never a good idea, BTW], it's big enough to make them prove it first.
And don't try negotiating over the phone. Insist that all contact be by mail only. No phone, email, or smoke signals. Mail gives you two priceless advantages. It slows the exchange enough to help keep your emotions [fear and anger, primarily] from becoming engaged. And it creates a paper trail, allowing you to prove what was said, when, and by whom.
