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Sent Settlement letter...this is what I got


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I sent a settlement letter to the Attorney's office who now owns my debt. I DV'ed them, they sent me my last 5 CHASE statements (proper validation)....so I sent this settlement letter to them:

Creditor: CACH

Original Creditor: CHASE Manhattan


Greetings Mr. Collector:

I am in receipt of your letter dated 6/07/06 in regards to account #XXXXXXXXXXXXX.

However, after careful thought and consideration, I am willing to offer the sum of $XXXX.XX as “Settlement in Full” on the above named account. In addition, I would ask that (name of law office), will agree to:

1) Forever cease collection activity on this account through (name of law office), its successors and/or its assigns. The(name of law office) agrees not to seek $XXXX.XX after amount of $XXXX.XX has been paid in full.

2) Notify all Credit Reporting Agencies that this account is “PAID AS AGREED”, and delete any entries showing this account as ever being late, sent to collections, or charged off. This is a “Good Faith Offer” to settle this account in lieu of the above.

Should you choose to accept this settlement offer, and upon receipt of your signed agreement, I will submit to your office, a check for the sum of $XXXX.XX as "payment in full" on the above account.

This is not a renewed promise to pay, nor am I waiving my right under the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 in the event this Settlement Offer is rejected. This is a “Good Faith Offer” to settle this account in lieu of the above.


broke debtor

I have read and accept this offer of settlement in its entirety.

____________________________ ______________

Printed Name Date









Then on 7/6/06 I received this from them:

Dear (Debtor):

This office has agreed to accept a settlement arragnement on the above-referenced account. Payment is due in our office no later than July 31, 2006.

This is an attempt to collect a debt any information obtained will be used for that purpose.

It is our sincere hope that you will be able to arrive at a method of payment on this obligation. However, we cannot work with you unless you contact us......and it gives me their 1-866 number.

So do I now send them another settlement letter asking for something in writing to show my account as "settled in full" or "paid as agreed"....because this letter they sent back to me just states that they've agreed to the settlement amount, but nowhere on the letter does it state or show the amount we've agreed upon. In fact on the letter they sent me, it just shows my account number and the amount that I originally owed (in the header)......need advice, thanks!

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By not paying, will this cause the Collecting Attorney to sue me, since I attempted to settle with them, and they accepted, and then I decide not to settle with them afterall? Do I then send them a letter stating that I am no longer willing to settle, or do I just not respond at all to the acceptance letter, and let the settlement date pass and then see what happens? I will go ahead and dispute with CRA's, though...thanks!

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Protect yourself or you're GOING to get ripped off. At the very least, tell them you want your arrangement in writing...NOW. NO BS.

If they try to jerk you around, you'll know they never intended to deal honestly with you. I agree with sif, save yourself some money.

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Guest sifxpert

Look, this is a sold account. I see no point in paying them. The attorney handling the account I would bet is not even a local attorney therefore, a suit can not happen. Look at letterhead and let me know if they are local to you.

In my opinion, what will happen is you will have the original creditor on your CR as a charge off and then you will have these guys CACV also as a settled account if you choose to do so. It is so simple to have a JDB removed from your report what is the point in paying.

I always let these accounts go. I DV them and never hear anything for ages and when I do it is from the next JDB, DV them too and so on and so on. The only times I ever settle is if the client is served and if they are, we file an answer and poof gone.

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Sif....the collecting attorney is in AZ, I live in TX, so you were right about them not even being local. I will dispute with CRA's.....thanks so much for your advice....I've read a lot of other advice you've given to others on this board, you really know your stuff and are very helpful...you are indeed the expert! :D THANKS again!

nascar...thanks for your advice as well :wink:

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