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Pfd/settlement Letter


lazymae
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Have aquestion, I disputed 4 COs on my CR that all came back verified from the CRAS and the OC. I would like to offer a settlement amount and a PFD. But in the letter wanted to clearly state that if the money order or check for the settlement amount was cashed that would be their agreement to delete from all CREDIT REPORTING AGENCIES including three big three CRA'S (EX,EQ,&TU). Would this work?

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Have aquestion, I disputed 4 COs on my CR that all came back verified from the CRAS and the OC. I would like to offer a settlement amount and a PFD. But in the letter wanted to clearly state that if the money order or check for the settlement amount was cashed that would be their agreement to delete from all CREDIT REPORTING AGENCIES including three big three CRA'S (EX,EQ,&TU). Would this work?

Yes, that is exactly how you want to write it up.

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I'm no attorney, but you may want to do some research on restrictive endorsements before you do that; I think they can be defeated in a court of law when they are seen as an attempt to avoid negotiating in good faith. I'm sure there have been instances where they have worked, but worst case scenario will leave you having paid in full with not leverage to negotiate the credit reporting.

It's much better to get a separate signed agreement outlining the creditor's duties if you PIF.

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:?:

I'm no attorney, but you may want to do some research on restrictive endorsements before you do that; I think they can be defeated in a court of law when they are seen as an attempt to avoid negotiating in good faith. I'm sure there have been instances where they have worked, but worst case scenario will leave you having paid in full with not leverage to negotiate the credit reporting.

It's much better to get a separate signed agreement outlining the creditor's duties if you PIF.

But I can't PIF that's why I want to offer a settlement. Cap 1 says I owe three different amounts. I'm just shooting for a delete.

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It has been my experience that it is better to use one of the settlement letters requiring a signature before sending payment. Also if you settle for any amount which leaves a $600 balance or more, this amount will be sent to the IRS and you will receive a 1099 form to include the balance on your taxes for the year. As I first indicated, I have had better experience getting the agreement in writing first with a signature. Once I received the settlement agreement in writing with an agreement as to the payment plan, I would then send the money per the agreement. My agreement also stated that once full payment has been received, it would be removed from the credit bureaus. I sent my last letter with the final payment certified with a reminder of removal from the credit bureaus.:)++

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It has been my experience that it is better to use one of the settlement letters requiring a signature before sending payment. Also if you settle for any amount which leaves a $600 balance or more, this amount will be sent to the IRS and you will receive a 1099 form to include the balance on your taxes for the year. As I first indicated, I have had better experience getting the agreement in writing first with a signature. Once I received the settlement agreement in writing with an agreement as to the payment plan, I would then send the money per the agreement. My agreement also stated that once full payment has been received, it would be removed from the credit bureaus. I sent my last letter with the final payment certified with a reminder of removal from the credit bureaus.:)++

No, I don't have any that would leave a $600 balance or more. Thanks for the info. Would you send it via fax or CMRR?(the agreement)

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If Cap1 is verifying three different balances on the same account, this is a violation of the FCRA. If your balances are low enough, you can use that as leverage for a delete that won't cost you a dime.

okay here are the balances, the co amounts are different sorry about the mix up:

Eq has $851 bal as of 9/2006 $566 co amount

Ex has $851 bal as of 9/2006 $557 co amount

TU has $851 bal as of 10/2006 $861 past due high bal $557

What do you think?

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