What Method of Payment Should I use to pay my Settlement
Date: Tue, 07/26/2011 - 14:45
Please give us more information. It will help us to answer your
Please give us more information. It will help us to answer your query in a better way.
Settlement
I'm assuming you mean a collection agency or creditor when you are referring to "them".
If this is a collection agency, please be sure that it's a large, well-known agency before forwarding funds. Whether this is a collection agency or creditor, it's also important that you have the settlement details in writing before you forward funds, as well.
You can certainly pay with a money order, but I suggest you send the money order (or any paper payment), via certified mail or FedEx. You'll definitely want to track your shipment to avoid the possibility of it getting "lost" in the mail.
Finally, it's perfectly okay to pay your settlement via electronic funds. Our clients do it all the time. This is the safest way to ensure that your payment is made by the deadline. You needn't worry about a creditor or collection agency going into your account and taking funds that are not authorized by you. This is illegal and there aren't too many collection agencies or creditors that will risk a huge fine just for a few hundred dollars. Yes, you've heard the stories that this has occurred, but I can assure you that when it has happened it was done in error, and these entities always correct the issue if it takes place. And, our office has processed thousands of electronic payments for our clients, and I can think of only one instance where a creditor or collection agency ended up debiting one of our client's accounts for more than the settlement amount. Again, this was quickly remedied as soon as we contacted them.
Good luck!
Marie Megge
Donaldson Williams, Inc.
Always send a
Money order or cashiers check.
Also make sure you make copies for yourself of the money order or cashiers check and the letter they sent to you accepting the debt settlement offer.
Send the payment and their letter US Mail signature required so you have proof of when it was send and that it was received.
:)
A copy of a money order or cashiers check is NOT proof of paymen
A copy of a money order or cashiers check is NOT proof of payment. You would need to get a copy of the paid item front and back from the bank or company that sold you the item.
I agree...electronic payments are fine, particularly if you have a settlement offer.