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Account Settlement - Post Lawsuit


gt95stang302
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I successfully defended myself against a lawsuit and was able to get the suit dismissed, however without prejudice. I want this account to stop being reported on and to settle the debt.

The attorney stated they are waiting on their evidence from BofA, so I thought this would be a good time to offer them a settlement.

Here is the settlement I have come up with, based on the letter on the site:

AGREEMENT TO COMPROMISE DEBT

Max Creditor, referred to as CREDITOR and Jane Doe, 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 $1436.18 (one thousand four hundred thirty six & 18/100 dollars). The parties agree that the CREDITOR shall accept the sum of $1000.00 (one thousand & no/100 dollars) 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 via money order or cashiers check.

In addition, upon accepting of the $1000, 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. CREDITOR will also agree to cease all collection activities on this account, and not attempt to sell or collect upon any remaining balance.

This compromise is expressly conditioned upon the payment being received by (within 30 days). If the DEBTOR fails to pay the compromised amount by (within 30 days), 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: ____________

Max Creditor

CREDITOR

Signature: ____________

Jane Doe

Debtor

Is there anything I should add?

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I successfully defended myself against a lawsuit and was able to get the suit dismissed, however without prejudice. I want this account to stop being reported on and to settle the debt.

The attorney stated they are waiting on their evidence from BofA, so I thought this would be a good time to offer them a settlement.

How did you defend yourself? Did the JDB lack proof of the debt? Why was it dismissed? Waiting on Evidence? Let's hear more before you offer for settlement!

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Good advice from computerguy. I woudl just add that if you end up setteling this and if there is a significant amount of money involved, I would suggest you not create your own document...I would either hire an attorney to draw up the document or at least use a document prepared by an attorney.

It's not so much that the average consumer doesn't have the brain power needed to tackle these matters; it's a matter of not having the training (especially since the law can vary significantly from location to location) - unless you've had the training/taken the time to learn exactly what needs to be said and how then you can't really prepare an ironclad document.

It's better to spend a few bucks up front and get it right than risk a major problem down the road.

Just my $0.02

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