will sending Advanta Final Payment Settlement Letter work?

Date: Thu, 03/18/2010 - 11:10

Submitted by Jenf
on Thu, 03/18/2010 - 11:10

Posts: 7 Credits: [Donate]

Total Replies: 4

Will be sending final settlement payment to ADVANTA Bank Corp at the end of the month and want to have as much covered in it as possible, i.e. this satisfies the debt in full, etc. even though the agreement letter does state this. DO we request a statement back showing "paid in full". I am unable to pull up our account on-line anymore to see if they have applied the first payment. It had just gone to charge-off before we settled and it is showing as charged-off on credit report.

I've looked through the letters, but none seem to fit. Any suggestions on what should we include.

Just want to say this website has been a savior, still have more to go, so much information. TX

congrats jenf. best of luck with the remaining ones :) .

lrhall41

Submitted by bakerjon on Thu, 03/18/2010 - 23:35

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I guess you are dealing with a collection agency, right? If you

I guess you are dealing with a collection agency, right? If you are settling through payments then you may ask for the statement from the CA. It would show how your payments are getting applied towards the account.

If you have received the settlement offer in writing on collection agency's letterhead, then it must suffice. Does the letter state that the account would be regarded as 'paid in full' once settled? Then it should be the status that would be reflected in your credit report.

lrhall41

Submitted by SC on Thu, 03/18/2010 - 23:41

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Well, until the settlement is complete the acconut would be rega

Well, until the settlement is complete the acconut would be regarded as charged off. The CA may update its status once the settlement is complete. You have to make sure that they live upto their words.

And, yeah, congrats on the settlement.

lrhall41

Submitted by SC on Thu, 03/18/2010 - 23:45

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Thanks for all your input. Yes settlement letter from ACE/Advan

Thanks for all your input. Yes settlement letter from ACE/Advanta. It was still showing on credit report under Advanta, it was only 4 days past the charge off date. It states, agreed to accept $7k as "settlement in full" on above ref. account. My question, should I request or put in my last letter that they return it signed stating that this closes the account per agreement, etc.......

lrhall41

Submitted by Jenf on Fri, 03/19/2010 - 06:11

( Posts: 7 | Credits: )