ghost722 Posted October 16, 2006 Report Share Posted October 16, 2006 Hi all, well I had a citi card that charged off about 7 months ago. I've been laying low and haven't heard anything until about a month ago when I received a letter from Academy Collections offering 80%. I never responded to it and today I received this from them"We are you sending this letter in an attempt to clear this long overdue debt. Our client may accept less than the current balance as settlement for this account.***Settlement Amount $1480.74 You Save $1480.74****Upon approval, receipt and clearance of the agreed upon amount, our client will notify the appropiate credit bureaus that this account has been settled."I can pay this amount, but should I call the CA and ask them to send a new settlement letter with better language, such as considered settled in full, all collection activities will cease? Link to comment Share on other sites More sharing options...
Recovering Attorney Posted October 16, 2006 Report Share Posted October 16, 2006 You can, you are unlikely to get it. Did the letter also say you will get a 1099-C for the 1400 discount? If not, they may have violated the FDCPA Link to comment Share on other sites More sharing options...
admin Posted October 16, 2006 Report Share Posted October 16, 2006 You might also want to read this...http://www.creditinfocenter.com/debt/settle_debts.shtml Link to comment Share on other sites More sharing options...
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