antman450 Posted March 14, 2005 Author Report Posted March 14, 2005 I have a $30 balance with a collection company for a medical bill. I called them and had them send me a letter saying that if I paid them the $30 (plus $300 for the other accounts I have with them which are not on my credit yet) they would remove it. I have no problem with paying this for deletion. Here is the letters I recieved verbatim. Please let me know if the wording is okay and whether or not I will be protected if i pay and they do not delete. Again thank you for all your help guys and gals,Letter 1 Per our agreement, if the sum of $30 is recieved at our office onor before 3-22-05, said sum will constitute settlement in full fo rhte above listed creditors. We further agree to instruct the credit bureaus to delete al credit reporting as to theis account(s).Thank you,John Mathew EXT 628(No signature included)Letter 2Per our agreement, if the sum of $306 is recieved in our office on or before 3-22-05, said sum will constitute settlment in full for the above listed creditor(s).Thank you,John Mathews EXT 628(again no signature)I must add that when i spoke to this guy, he was very nice and agreed to the settlment and deletions very quickly. My concern is that it is not signes and whether there is a way that they could come after me for the difference between settlment amount and actual balances.Thanks again for everyone's help.
antman450 Posted March 14, 2005 Report Posted March 14, 2005 I have a $30 balance with a collection company for a medical bill. I called them and had them send me a letter saying that if I paid them the $30 (plus $300 for the other accounts I have with them which are not on my credit yet) they would remove it. I have no problem with paying this for deletion. Here is the letters I recieved verbatim. Please let me know if the wording is okay and whether or not I will be protected if i pay and they do not delete. Again thank you for all your help guys and gals,Letter 1 Per our agreement, if the sum of $30 is recieved at our office onor before 3-22-05, said sum will constitute settlement in full fo rhte above listed creditors. We further agree to instruct the credit bureaus to delete al credit reporting as to theis account(s).Thank you,John Mathew EXT 628(No signature included)Letter 2Per our agreement, if the sum of $306 is recieved in our office on or before 3-22-05, said sum will constitute settlment in full for the above listed creditor(s).Thank you,John Mathews EXT 628(again no signature)I must add that when i spoke to this guy, he was very nice and agreed to the settlment and deletions very quickly. My concern is that it is not signes and whether there is a way that they could come after me for the difference between settlment amount and actual balances.Thanks again for everyone's help.
jeffr Posted March 14, 2005 Report Posted March 14, 2005 Get everything in writing including a full signature! DO NOT send any moneywith out a signature. Is that really his name? Have you personally called and asked for him? Be careful!!!
jeffr Posted March 14, 2005 Report Posted March 14, 2005 Get everything in writing including a full signature! DO NOT send any moneywith out a signature. Is that really his name? Have you personally called and asked for him? Be careful!!!
antman450 Posted March 15, 2005 Author Report Posted March 15, 2005 I just spoke to them and they said that they are drafting new letters and gettting them signed by the appropriate person.I guess my other concern is, are the letters detailed enough? Should they say that they will not further seek the remaining balance or sell it to another CA?
pford Posted March 15, 2005 Report Posted March 15, 2005 Should they say that they will not further seek the remaining balance or sell it to another CA?Yes, you should include that. Spell everything out! Don't assume anything.Here is a sample letter.======================(Name of Collection Agency), referred to as CREDITOR, and (insert your name), 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 $__________ (spell out the dollar amount). The parties agree that the CREDITOR shall accept the sum of $________ (spell out the dollar amount) 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 check. In addition, upon accepting of the $_________, 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 payment being received by ___________________. If the DEBTOR fails to pay the compromised amount by ______________, 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.Dated:_______________________________________Signature:___________________________________(Insert Collection Agency Name)CREDITORSignature:___________________________________(Insert Your name)DEBTOR=============================When you get this back signed, then send the money.
workinninetofive Posted March 15, 2005 Report Posted March 15, 2005 Make sure that you have an agreement for EVERY acct that you have with them. Make sure they are all listed individually with appropriate acct numbers. You have to watch these CAs.
score booster Posted March 15, 2005 Report Posted March 15, 2005 Good point 9 to 5; acct. numbers are necessary. Most CA's just want your money; they don't want to trash your credit any more than you want it trashed. However, a few can be spiteful and may try to pull a fast one. Is this CA local? I've had success settling these ones in person.
retmar Posted March 15, 2005 Report Posted March 15, 2005 At this point, I would not ask them to send you a letter as displayed in the previous post. And, yes, the later displayed is perfect and does cover all necessary protections.My problem lies with the fact you have already caused them to send new letters with an authorized signature. Therefore, if you now send them this letter, they may decide to tell you to stuff it and consider you as being a PITA.Their letter does meet the requirements of your requests. It states the debt is paid in full and the CRA's are to delete all TL's. Though account numbers are important, as long as the creditor's name appears and the amounts, you are safe.
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