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How does this settlement letter sound?


JasonG
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How does this settlement lettter sound? For more info on my backstory, see my other threads.

Re: Your letter dated June 20, 2007, reference file #:xxxxxxxxxx

Dear Mr. XXXXX

According to my records and your letter the balance of this debt is $5651.28. I am no longer disputing this debt however; my current financial situation prohibits me from paying the amount you're demanding. I am able to make payments on this account every month on the 15th day to your company in the amount of $ 117.73.

I would appreciate a call from you confirming your acceptance of my payment terms. However, if I do not hear from you, I will consider your cashing or depositing my check as confirmation that you accept my payment terms. If you do not accept my terms then I expect the enclosed payment to be returned to me immediately in the enclosed self-addressed stamped envelop.

As a show of good faith I've enclosed my first payment in the amount of $117.73. If my financial situation improves enough for me to increase my payment amount I will contact you immediately. Thank you for understanding.

Sincerely,

-----------------------------------

One question... Should I send him a post dated check for August 15th or send a money order now? I really do not have the $$$ to send a money order now, but dont want to get sued either.

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personally, I wouldn't send any money now. I doubt they are going to go for the settlement since it would be a 4-year pay off. You may want to actually talk to them (I know, everyone says stay off the phone) to see if you can work out something acceptable.

Just my personal opinon.

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I also would not admit the debt. You are saying you are no longer disputing. Bah! Never admit the debt is yours, especially in writing. Also, where is the settlement? That isn't a settlement letter. That's a payment plan letter. If you want to settle, offer something less than 100% of what you owe.

Start with 50%. Also, you should insist that they remove any and all negative information being reported to the CRAs and promise that it will never be reinserted by anyone.

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Whatever you do...DO NOT...send a letter like this to a CA!!!

and NEVER, NEVER, NEVER, NOT EVER...do you send money to a CA like this!

Please...spend about 100+ hours (I'm not exaggerating) researching the threads on this board and others before you make more well-intentioned but clearly uneducated propositions like the one you have proposed.

As far as a time frame to settle this account...whatever you hear from them is a lie...simply a mechanism to intimidate debtors. A threat mechanism that is very clearly working on you. You will learn this by spending time on the boards and learning from everyone else's experience.

Please understand that very very few accounts are actually sued on...although a suit is threatened in EVERY situation by a CA...as this is a threat that works in getting 'normal' people to cave in to their threats.

Please......spend A LOT more time on the boards.......and after you are more educated (maybe in like a month) you will be able to approach this situation more objectively.

And whatever you do...STAY OFF THE PHONE!!!

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there are so many things wrong with your letter.. ( sorry)

as stated by others earlier...

but also

you want to make sure that they will delete after you have paid them.

also, you don't want to give them your checking account info.

if you get on a payment plan like that, always open a new checking account

and only keep the payment amount in there from one month to the next.

:-)

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if you get on a payment plan like that, always open a new checking account and only keep the payment amount in there from one month to the next.

:-)

I wouldn't even do that. MO only. CA's are known for taking more than you've authorized and if they attempt to take X when Y is authorized EVEN if you only have X in your account, it can create overdraft and penaltys to you. This may even affect your other accounts held at the same bank. MO only if you are going to pay.

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