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Difference between Settled vs Settled in full?


navi
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I don't know if reading too much info around these forums is making me paranoid or whatever is happening is how it works...Here's my situation.

BMW(OC) sold a balance of 13K from repocession to CA.I have been talking to CA over phone for settlement.They agreed to settle the account for 6K. Now I asked them to put the settlement offer in writing.They did type up something along the lines we discussed and faxed me.

My first question is : Is a fax considered valid settlement offer doc?

Now the letter is not signed.So I called back, somebody signed it.There is no designation or name of person who signed, however there is a phone number below the signature.

My second question:Is this signature wihtout designation or name valid?

In the content they mentioned something like, 'after the payment is made as per the following settlement terms the account will be considered settled.'

Now the real question:Does the word 'settled' give me any problem with this account such as re-selling this account to somebody else or any other problem?is there a difference that i'm missing between settled & settled in full?

Well, I called them again and asked them about adding 'full' to the word settled and they were showing frustration for a 4 letter word to be added.They kind of laughed at me and said, take the settlement offer, make payment and move on...

Am i too paranoid? or what should i do?

I asked for deletion...but they won't agree..I'm hesitating to press them because I don't want to miss this opportunity and don't want to deal with them or anybody else in a court at a later date.

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Since no one else has answered yet I'll take a stab at this one and at least give your post a bump...

IMHO: Yes, there is a difference between settled and settled in full.

I called them again and asked them about adding 'full' to the word settled and they were showing frustration for a 4 letter word to be added.

First Off -its 2 words, a two letter word and a four letter word.

Second, yeah they were frustrated that they haven't yet collected your $6k for a debt they purchased for $750.00.

They kind of laughed at me and said, take the settlement offer, make payment and move on...

Yeah, it would be a real shame if they couldn't sell the remaining $7K of indebtedness to another CA / JDB.

I'm hesitating to press them because I don't want to miss this opportunity and don't want to deal with them or anybody else in a court at a later date.

Remember, If they do sue you they will have additional costs to pay, and will have to wait at least 45 - 60 days for the judgement and longer for the money to start rolling in to them. Yeah you need to settle this efficiently, but you have the cookie. You have the money they want. Don't be too anixious to give it to them, 2 or 3 days won't kill them or the deal.

Just my 2 cents...

However, You need some other opinions from some more knowledgeable people than me before you act on my humble opinion. I'm sure Doc, Methuss, Lady or Grim can weight in here with a more authoritative opinion.

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Your input was right on, Radio_Guy.

The two phrases are "settled for lesser amount" and "paid in full". "Settled in full" doesn't make any sense as there is no "settlement". You paid what they asked. "Settlement" indicates you agreed on a mutually acceptable payment - usually less than the amount they claim you owe.

With that in mind, "Paid in full" is better than "Settled for lesser amount", which has a more negative connotation to not being able to meet your financial obligations above and beyond the late pays being reported....

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