Settlement Letter
Date: Thu, 10/20/2005 - 20:51
Dear GBank54,
Based upon our contact on Oct, 20, 2005 the following settlement has been established. The terms are as followes:
Total settlement amount: ####.##
All agreed upon payments must be recieved by their due dates. Failure to satisfy the terms of this Settlement Plan will result in the revocation of all dicounts and reinstatement of the original terms and conditions of the original account. Please that a discounted settlement plan is a one-time offer. If defaulted upon, you will not recieve this offer in the future.
Once full payment is recieved and the monies have cleared the banking system, this account will be considered "settled with no further obligation." At that time we will notify the credit reporting agencies of the paid status of the account and provide you with documentation for your records.
As always we are pleased.....yada, yada, yada..
If this letter is not sufficient, what do i need to request them add to it, and what are some common "reasons" they say they can't add stuff to the letter so i can be prepared for them...
Thanks
Looks good to me, however, I would have insisted that they indic
Looks good to me, however, I would have insisted that they indicate it will be reported only as "paid" or "paid as agreed". That way if they report it in any other manner, you can provide documentation to the CRA this is supposed to be reported otherwise.
You've got a good start going there! The "settled with not further obligation" is good to have in case the original creditor tries to re-sell the account for the difference.
What agency is this? From the letter you posted it actually sounds like they may be one of the better ones out there.
Hi gbank54 This letter sounds good to me and you should go ah
Hi gbank54
This letter sounds good to me and you should go ahead with your payment arrangements. However, as Clay suggested, it will be better to get a status with 'paid' or 'paid as agreed' in your credit report. Though the settlement company is working on a debt settlement program with you, I guess you might insist them for a better reporting towards your account.
Now onwards, do not miss your monthly payments with them. As they have clearly specified on paper that you will lose all the discounts and other benefits upon defaults, please consider the payments on priority.
Regards
Roxette
