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Is this agreement ok to send to the CA?


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This is the letter I am going to fax over to the collection agency this afternoon. I'm desperate to resolve this because my mortgage lender says I can't have a mortgage if I don't resolve this. My house is sold, we are packed, and closing is supposed to be 3/15... is this ok?

XXXXXXX, referred to as CREDITOR and XXXXXXXX, referred to as DEBTOR, agree to compromise the indebtedness as between them. CREDITOR, hereby agrees to compromise the indebtedness due the CREDITOR on the following terms and conditions:

The CREDITOR and the DEBTOR agree that the present debt due is $1726.00 (one thousand seven hundred twenty-six & 00/100 dollars). The parties agree that the CREDITOR shall accept the sum of $1340.00 (one thousand three hundred forty and 00/100 dollars) as full payment on the debt. The acceptance of the payment will serve as a complete discharge of all monies due. The payment shall be made by cashier’s check.

In addition, upon accepting of the $1340, the CREDITOR will notify all Credit Reporting Agencies that account is PAID AS AGREED, and delete any entries showing this account as ever being late.

This compromise is expressly conditioned upon the DEBTOR receiving the signed agreement back by Wednesday, March 2, 2005. The payment will then be sent by Federal Express to be received by CREDITOR by Tuesday, March 8, 2005. If the DEBTOR fails to pay the compromised amount by March 8, 2005, the original amount owed by the DEBTOR will be reinstated in full, and immediately due.

This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.

Please help! Thank you so much.

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This is my cover letter. Is it ok?

And, this may be a stupid question, but do I sign the form now, or wait for it to come back to me then sign it and send it with the check?

Dear Sir or Madam:

In regard to the above referenced account, I would sincerely like to settle this account. Therefore, I am respectfully offering you $1340.00 to get this account paid in full and would like you to agree to delete any entries showing this account as ever being late.

Therefore, if you accept, please sign and return the attached form by certified mail, return receipt so that the day I receive it, it can be recorded.

Upon receipt of the original copy, I will Federal Express you a certified check.

Thank you!

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