IS IT OKAY TO TAKE SETTLEMENT

Date: Sat, 09/13/2008 - 05:15

Submitted by dj2787
on Sat, 09/13/2008 - 05:15

Posts: 9 Credits: [Donate]

Total Replies: 2

Universal Fidelity offered me a 80% settlement in the mail for a old bill from Charter One Bank. I know that it is my debt. Should I have them DV the bill? I want to pay it but I don't want the other 20% to come back to haunt me. I have had no contact with either one yet and wanted to get the community's advice of what to do.

Is the debt still w/in your states' SOL? If it's out od SOL, 80%

Is the debt still w/in your states' SOL? If it's out od SOL, 80% I think is too high, 40-50% would be more like it. If still in SOL, and you can afford to make the settlement, stipulate that they do not sell off the remaining 20% and that they update the tradline to read "Pays as Agreed". If you can't get them to agree to this in writing, then no deal.

lrhall41

Submitted by NASCAR_Devil on Sat, 09/13/2008 - 10:51

( Posts: 4671 | Credits: )

nascar is right--ALWAYS get the details in writing BEFORE agreei

nascar is right--ALWAYS get the details in writing BEFORE agreeing to send them one penny. If they arent willing to do that, then they arent legitimately conducting business.

It isnt only important to know it's your debt--its important to validate the amount they claim you owe, and also to make sure that they are legally entitled to collect on this debt. If they arent, then the money you spend today is simply stolen and it wont cover the bill, so you will still owe it.

lrhall41

Submitted by skydivr7673 on Sat, 09/13/2008 - 11:56

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