1st Settlement!

Date: Sat, 10/03/2009 - 11:10

Submitted by Jo-Jo
on Sat, 10/03/2009 - 11:10

Posts: Credits: [Donate]

Total Replies: 3

I just got my first settlement offer @ 30% from Chase not even 60 days out. Question is the letter says "we will stop all efforts to collect" and credit bureau will show "settled. Is that ok or can they still sell to a CA?

Thanks!

No the settlement offer and acceptance by you would be a new con

No the settlement offer and acceptance by you would be a new contract. They have no legal grounds to sell all or part of it at that point. Make sure you retain the offer and proof that you settled the account in your records in case there is a screw up down the road and some CA attempts to collect on that account. Usually once you show the settlement that will be the end of it.

lrhall41

Submitted by Damon on Sat, 10/03/2009 - 11:19

( Posts: 80 | Credits: )

If I may ask, what was the balance you owed?

lrhall41

Submitted by aubrey on Mon, 10/05/2009 - 10:00

( Posts: 1203 | Credits: )

30% settlement is pretty good. Can you scan a copy and attache i

30% settlement is pretty good. Can you scan a copy and attache it here so we can look at it to make sure everything looks sound ?

lrhall41

Submitted by mobile0311 on Mon, 10/05/2009 - 10:55

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