Help me with settlement
Date: Tue, 12/19/2006 - 10:42
I need help with a settlement letter to send to different collection agencies in order to reach mutually agreeable terms with them.
I owe 2939.00 in debt all of which is verified to be mine. However, most of this money is from collection agency fees etc and I would like to attempt to cut some of that off if possible.
I desire to own my purchase my own condo sometime within the next 1.5 to 2 years and from what I understand banks will look more favorable on me if I pay the debt rather then file bankruptcy.
Any help will be apprecaited
Thanks :)
Steve
You may tailor this settlement letter according to your requirem
You may tailor this settlement letter according to your requirements.
Quote:
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 |
I will edit this letter slightly to suit my needs. Do the follow
I will edit this letter slightly to suit my needs. Do the following things sound OK to ask for in the letter?
1.) Settlement for the amount I propose
2.) Copy of original letter signed and dated
3.) Letter from agency reporting that they will report to the credit reports that it is PAID AS Agreed and that it will be deleted
4.) giving a time limit that they have to report that the account is PAID AS AGREED... I want to give 15 business days from the day that I receive delivery confirmation of the cashiers check I send them.
Thanks for the help
1) Yes, you need to mention a settlement amount that fits to you
1) Yes, you need to mention a settlement amount that fits to you.
2) Not clear.
3) By law, negatives cannot be removed from the credit report until the creditor is willingly interested in reporting your account with positive information.
4) You will have to wait at least 30 - 60 days for seeing the effects in your credit report.