What should a debt settlement letter contain?
Date: Tue, 01/18/2011 - 18:37
I've been working on negotiating a settlement for an AMEX debt I have outstanding. The debt has been referred to NCO Financial and we have come to terms on the amount of the settlement.
They have sent me a letter stating the settlement amount and that AMEX will be notified that the account is settled once NCO receive the funds.
I want to make sure that they are not playing me and that when I pay this amount that the debt will be settled.
Is there anything else I should add to the letter? Like what status should this debt show on my credit report for example.
Any other ideas or help? I just want to get this settled!!
Thanks
Stevo
You wont be permitted to add anything to the letter. Settlement
You wont be permitted to add anything to the letter. Settlement letters are standard and are set by AMEX and the CA may not change it.
So it's okay to be wiring the money to NCO? Is the wording abov
So it's okay to be wiring the money to NCO? Is the wording above sufficient for me to be guaranteed my interest in this debt is being released?
Should I ask about what they will put on my credit report or is that just wasting my time?
Once you reach a settlement amount, you can request a settlement
Once you reach a settlement amount, you can request a settlement letter.....tell them to fax it to you. Send funds that you can prove has been cashed....a check, western union. A copy of a money order receipt is not proof that a debt has been paid....you would need to get a copy of the paid item. Staple them together and keep them for at least 10 years.
They will not change your credit report other than reporting the balance is now zero.
Make sure it lays out any payment plan and make sure it states t
Make sure it lays out any payment plan and make sure it states that this is a final settlement and no more attempts at collection will happen. Make sure it states that this will be considered fully collected, no matter how it's reported to the credit bureaus.