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Restrictive Endorsements


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Hello,

I have a question about restrictive endorsements. I know a lot has been said on this topic and I think that I've read it all, except that the case law that I've read and the discussions on the forums seem to all talk about settlements for less than full amounts.

I would like to know about paying an account in full to an OC, but requiring them to delete the trade line from the CRA's.

Specifically, I have a charge off that is about 1 year old (DOFD is 2 years). I don't mind paying this at all. In fact, the item would have never even defaulted except that the OC stopped sending me statements and I was at the time in the process of paying off all of my credit cards so I assumed that this was one of them. I never heard anything at all about it until I looked at my credit report and an account that I thought was paid in full and on time 2 years ago is actually listed as a charge off.

I'll pay if I owe them, but even though they've already written it off, the rude CSR that I spoke with was completely uninterested in a PFD. I was hoping to be able to send them a check with a letter stating that by cashing the check they are agreeing to remove the tradeline from my credit report along with a restrictive endorsement on the check stating the same.

I live in New York now, but the agreement was signed when I lived in Florida. If I move to another state would that make a difference?

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Evan if accompanies by and stapled to a letter spelling out the terms? Many states to enforce restrictive endorsements from what I've read and the case histories that I've seen. Just my state does not fully, but those things I read about were regarding trying to pay the company less than what you owe.

That sucks.

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You might try Recovering Attorney's approach. Find someone a little higher up the food chain at your creditor. Send them a nice "gee, golly, gee whiz, I just found you guys on my CR...I forgot all about this...and I really truly like you guys...oh my, here's a check for what I owe...and another check for $10 to your favorite charity...can you help me get this off my CR?"

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Here's the problem with that... The account went delinquent 2 years ago. It went to charge-off 1 year ago. They are being jerks and from what I've read, CBUSA (CitiCards) are real jerks when it comes to PFD's.

I would try your approach if someone could give me the name and contact information of someone that it worked on. However, I do not want to pay them to extend the 7 year expiration of the TL on my CR. If I pay them now with no agreement and they don't delete, then I've actually tacked 2 years onto this item being on my credit report vs. just letting it fall off. I tried the nice approach and they tried to bully me.

I want to continue the nice approach, but I need a new contact. Afterall, it is me contacting them to try and give them money that they wrote off a long time ago and have not even attempted to call me to collect. I thought that would count for something, but it did not.

Thanks.

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