Jump to content

Settlement amount with OC


Recommended Posts

I recently paid a settlement amount with Wfnnb/American (an original creditor). I paid 60% of the balance due.

The woman that took my payment by phone on 2/10/07 told me to contact her at her extention that she gave me in 21 business days in order to request that she send me a confirmation letter (i.e. receipt) for my payment.

I am just wondering if that is normal?

Why wouldn't they just automaticly send me confirmation of my payment?

and why do i have to wait 21 days?

She did say that they will notify all 3 major credit reporting agencies of my settlement payment because that is required by law.

But should i be concerened about the method of getting my proof of payment?

Thanks for any help.

Link to comment
Share on other sites

I don't mean to alarm you, but did you NOT get your settlement offer from them in WRITING?

I ask this because now, you've already paid 60% of what was owed thinking you've settled and if they didn't indicate in writing that this would mean your account is "settled in full" than you could very well be responsible for the remaining 40% at some point.

I'm concerned that money exchanged hands without a formal, written agreement.


Link to comment
Share on other sites

No, I did not get anything in writing because of the following statement that is presented on THIS WEBSITE under "how do deal with Original Creditors"

You don't need anything in writing from the original creditors in order to accept a deal.

As a matter of fact, they will refuse to give you anything in writing. That's ok.

So, i took that at face value....So what would you do if you were me now?

Link to comment
Share on other sites


1.) On main page of this website on the left hand side there are topics to choose from, click on REBUILD/REPAIR.

2.) then choose settling your debts for less from the options given

3.) That takes you to a page on settling your debts Part 1

4.) Scroll down on that page and you should see in red letters the word NOTE:

5.) the note says that the page your viewing is for settling debts with a CA and for debts with original creditors go here.

6.) that takes you to a page of NEGOTIATING WITH ORIGINAL CREDITORS

7.) half way down that page in bold letters is the statement about not needing anything in writing from an original creditor to accept a deal.

Thats were i found the statement. I hope i didn't get screwed now by following that advice. What should i do now?????

Link to comment
Share on other sites

Okay, I just read the reference...

Hmmm...I guess I'd agree that you should be okay. OCs are regulated and are a lot more ethical than CAs and JDBs.

It is curious that the lady said it would take 21 days for you to receive any confirmation. But truthfully, the only way I can see this falling apart on you is if it was really a CA that you talked with.

I'd suggest you just wait and see what happens. (And, make sure you've got good notes of everything you talked about.)

Link to comment
Share on other sites

This account is with the OC and that is who i paid. I know it is the OC because when i opened the account in 2002 wfnnb/american is who sent me a bill every month, and that is who i just paid the settlement amount to.

I did call them again last night just to get some idea of why i need to wait for a confirmation letter. The woman i spoke to says that they are required to wait that long in order to verify funds are good and its just company policy. She gave me her name and extention # and told me that i could call her or the woman i made the payment with around the 1st of March to make sure that a conf. letter is sent out to me. She again reiterated to me that they WILL NOTIFY THE 3 MAJOR CREDIT REPORTING AGENCIES THAT MY ACCOUNT HAS BEEN SETTLED.

So i guess it is just a wait and see situation now. I am due for another look at my free credit report as of 2/18/07 so i will be pulling it at that time.

Or now that i think of it maybe i should wait until after the 1st of march so that i can make sure they listed my account as settled.

Thanks for everyones insight.

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.