Settlement question...

[norman]

I am in the process of setting a Chase MC balance 10,000+ with Beltzer Law Firm. They sent me an email today stating the following:

We Belzer Law Office agree to settle the Chase account XXXXXXXXXXXXXXXX (acct number)...by

XXXX XXXXXXX (my full name).

The settlement is $3,500.00 due today by check over the phone...That will

close out the account showing settled in full.

Thank You

Dave

Today was the first time that I spoke with them or had any contact. This is obviously a good offer, 3500 on a 10,000 debt. However, is this agreement legal/binding since it was sent by email? Can the balance be sold to a junk debt buyer?

Thanks in advance!

[LadynRed]

Who is "DAVE" and DOES he have the authority to settle the account ??

If you don't get a letter stating that it IS paid, then it is possible for them to re-sell the difference to some new CA.

[NJGrl]

Norman- I don't know if giving them a ck over the phone is a good idea... Once they take the $$ from you they're probably not going to cooporate with you.. Why such deadline of today??

If you haven't read this you might want to on settling debts:

http://www.creditinfocenter.com/debt/settle_debts.shtml

I think it'll be wiser for you to get everything in writing from them before you even consider writing them a check! It might save you a lot of headaches down the road.

Here's another interesting post on writing settlement letters to CAs to avoid them re-selling your balance to other CA companies.

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=42982&highlight=restrictive+endorsement

Norman-do some reading and follow these ideas... I would hate to see you post again down the road w/some problem relating to this.

Good Luck!