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Want to confirm this is the right thing


sizax
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About a week ago i sent out a ptd letter and stated to sign the letter and mail it back and I would send out his payment within 1 week of acceptence. Well Today I got a call at work saying he was willing to accept my pfd letter but refused to sign it and mail it back. So I thought I will still send the payment but im going to attach this letter to it.

Dear Mr jack hole:

As per our conversation on November 18, 2005 you stated you would accept the terms of my previous letter stating you would settle the debt out by the following terms: I will pay you a total sum of 326.00 as payment in full and you will then remove all previous notation of delinquency, including removal from all 3 of my credit report, (ie. Experian, Transunion, and Equifax).

By cashing the enclosed check you agree in full to these terms and will hold up to your end of the agreed deal.

Im going to send this letter with my check as aggreed. Is this the correct way to handle this

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I'd say no. The CA has already made it clear that he isn't willing to signify his agreement to your terms. By sending a "cash the check and you agree letter" you MAY be protecting yourself from further grief....but...whether or not that would hold up in court would be up to the judge.

Do you live in a "one party" telephone recording state? If so, call the idiot back and record him saying he agrees...then send the "cash the check and agree" letter.

Problem is...you just can't trust CAs to do what they say they agree to.

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yes, but it is something i can send to the CRA as proof right? Its not something that is going to come off my credit for several years and it is hurting my chances for getting a house. they will require me to pay it off anyways in underwriting

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No, I don't think the CRA would accept something from you as proof. Their response would probably be that the CA must furnish info.

This is a real problem, and I'm afraid the only way you have to solve it is by suing somebody. Obviously, there's something in your letter that the CA doesn't agree to...he won't tell you that, because he wants your money.

But...let's start at the beginning. This is a CA, right? Not the OC? Have you done the DV process on them? Can they prove this is your debt?

By sending them a "by cashing this check you agree" type letter you're using a variation on "restricitive endorsement". That's not acceptable in court in all states. And, its certainly not binding on the CRs. So I guess I'm back to my orginal suggestion...call him...record it...and then sue him if he doesn't delete.

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I have not DV'd them as of yet. I thought this might be a much quicker and painless process since it wasnt a completely large amount of money and at this point in my life I can offord the couple hundred for the quick process. Ive disputed everything else on my report and had 90% removed and am about to start the same process on my wife's credit.

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If you don't have a written agreement signed by someone with the authority to do so that obligates this CA to do what they've promised to do then you have nothing at all.

You can certainly go ahead and pay the debt adn you may have to do so to get your house but if you think this CA is going to do anything for you once he has received your money then you are fooling yourself.

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You're right...$360 isn't much. So...upon further review...if the OC is gone from your CRs, then go ahead and send your "if you cash you agree" letter (CMRRR of course) and see what happens.

It could be that the CA knows that CRA frown on PFD and if he's caught, they might revoke his reporting privaledges. So, if he does cash the check, then you can always threaten to report him unless he does delete.

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You are all absolutly correct. Maybe what I will do then is in response to the fact that they wouldnt send me written notice back, ill DV them and then worst case scenario Is i have to pay it anyways, but I can at least show them I know what my rights are and make them work for it.

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  • 4 weeks later...

This is a perfect example of why you should tape record all your conversations. You have a verbal contract whose elements can be proven. Then, if the other party does not do as they have said, you have an open and shut case. In fact, after you sent them an ITS letter with a copy of the tape, the will usually call you wanting to settle. Get a tape recorder, call the guy back, get the agreement on tape. be very casual or he may realize that you are recording him, but get the date, who he is and that he has the authority to make such an offer. It is just as good as a signed peice of paper. I have done it myself before on several occassions.

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Not to be mean or anything but...

You are just the kind of sucker they are looking for when they talk on the phone. I guarantee if you do this, a month later you'll be posting about how they just updated to paid and didn't delete and asking for help on what to do now.

If they were really serious about the deal, they'd sign the letter. If you were really serious about the deal, you'd start off with a dispute and not a PFD. You probably admitted to the debt in your PFD letter too didn't you?

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I dont think so. this is the letter I wrote

Dear Collection Manager:

It has come to my attention through the credit bureaus that you claim I owe a debt to your agency. While I have yet to have the debt verified to me as legitimate through my right of the mini Miranda, I can however save us both some effort & time by "Settling the debt out".

Below is my offer. It is not a renewed promise to pay nor does it constitute any agreement unless you sign and return it. Note, I have not agreed yet that this debt is mine and have the option to seek further proof from your agency of this debt. It has also come to my attention that your agency regularly purchases debts in the course of doing business.

Suffice to say, you hold all the rights to report the debt to the credit bureaus as you see fit and you can change that listing at any time as the source reporting the debt.

I am sure you are aware of my right to dispute this debt and request full proof of the obligation. Paying this unverified debt to you means little to me if we cannot mutually agree that you will report the debt as mentioned below.

While I realize that your purpose is to collect debts as a collection agent, I am also aware of what a paid collection would represent for me, which is not favorable. That being said, I have concurred through the bureaus that you have the absolute right to report this debt as you see fit or not report it at all.

Please do not quote to me that you are unable to change the listing or I will be forced to cease and desist our communication and request full lengthy verification of the debt.

My goal is to arrange a term acceptable to both us since this debt is questionable.

I will pay your company the amount of $326.00 which is payment in full for the full satisfaction of this account. Upon receipt of the above payment, your company has agreed to remove all previous notation of delinquency, including removal from my credit report

If you concur with these terms please acknowledge with your signature and return it to me. You agree the terms herein are confidential and you have the authority to make such decisions. No payment will be made without written confirmation.

Upon receipt of this signed acknowledgment, I will immediately mail you funds priority mail within two weeks. This is not a renewed promise to pay but rather a restricted offer only. If no terms can be met, no new arrangements will be made and the offer will be void.

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Do not pay the debt until the CA puts it in writing as to what they will do. Your letter may not stand up in court, so why waste your time and money. Remember, in many states, the making of any notation on a check does not always apply or protect the person.

Your best solution to this is to compose a letter to the manager, by name, that on this date, at this time, while speaking to this agent, it was agreed that if I paid the amount agreed upon, that the CA would accept as payment in full and agree to not sell, transfer, or reassign to anyone, any other monies. At the same time, the CA also agreed tio delete all tradelines from all CRA's. Therefore, for the protection of all involved parties, I am requesting that you, manager, sign this agreement and return to me. Upon receipt of your signed response, as I already have the MO, I will rmeit payment.

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