restrictive endorsement
Date: Wed, 05/13/2009 - 10:36
I am hoping to use restrictive endorsement as a last ditch effort to avoid a judgement (and wage garnishment). The original credit limit was $500 and they are now saying I owe $1700 due to lawyers fees, interest, other BS fees, etc. I want to send a letter and check for $500 and have it be paid in full using restrictive endorsement.
My first question is, will this work? My second question is, who do I send the check to....the law firm, the collection agency, or the original creditor?
My first question is, will this work? My second question is, who do I send the check to....the law firm, the collection agency, or the original creditor?
You may use restrictive endorsement, but it will be of use only
You may use restrictive endorsement, but it will be of use only if the creditor cash out your check. But I think that you can give it a try.
Before you send in your check, you need to find out who owns your debt at present. If it is the CA, you should send it to the CA and if it the OC, you need to send it to the OC.
What state do you live in? It would be state dependent if an RE
What state do you live in? It would be state dependent if an RE is binding.
