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What to do after settlement?


ty24
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Perhaps this is addressed elsewhere, but I could not find anything. I recently settled a court case against me by Cap1 with prejudice. What should my next step be in making sure that i get my CR updated? Do I need to send a copy of the dismissal/settlement letter to the CR agencies, should I try to get something from Cap1 indicating my current balance is zero? Please advise! TIA for the help....

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By "settled" do you mean you won? Was the original debt valid, and is it reported correctly on your current reports?

Yes it was vald, yes it was reported correctly. I did not win anything. I settled with them prior to it going to trial. This settlement just took place one week ago today, so I have not gotten an updated copy of my CR. I figure I will give it at least a few weeks before i check in order to give them time. What I am wanting to know is if I need to ask for something from Cap1 in case they do end up reporting wrong or is the dismissal with prejudice and settlement letter good enough?

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Your CRA reports should have no public record, and your Cap1 TL should show as "settled" (if it is not more than 7.5 years old, in which case it should not appear at all).

If 60 days down the road from now it doesn't look like that, come back and let us know.

It usually takes 60 days for them to update? Blah!!

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If you paid them in full, then your reports should be marked with a $0 balance and "paid".

If you settled for less than the full amount, then your reports should be marked "settled for less than full amount" and the balance due $0 (assuming that was your agreement...if not, they may still report the balance or even sell it to a JDB).

In either case, it could take up to 60 days. If it takes longer, you might try disputing with the CRAs as "inaccurate" to rattle their cages a bit.

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If you paid them in full, then your reports should be marked with a $0 balance and "paid".

If you settled for less than the full amount, then your reports should be marked "settled for less than full amount" and the balance due $0 (assuming that was your agreement...if not, they may still report the balance or even sell it to a JDB).

In either case, it could take up to 60 days. If it takes longer, you might try disputing with the CRAs as "inaccurate" to rattle their cages a bit.

I settled for less than the stated balance, however the wording in the settlement agreement was "we agreed to accept the lump sum payment of XXXxx as full settlement....". Shouldn't this mean that the report states "settled in full" regardless of whether I paid the stated balance or not?

Since it was dismissed with prejudice they can't legally sell the balance can they?

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I settled for less than the stated balance, however the wording in the settlement agreement was "we agreed to accept the lump sum payment of XXXxx as full settlement....". Shouldn't this mean that the report states "settled in full" regardless of whether I paid the stated balance or not?
No...probably not. They'll probably report "settled for less".
Since it was dismissed with prejudice they can't legally sell the balance can they?
And again...no...all that means is they can't sue again for the same thing. Unless the settlement agreement stipulated they won't sell the balance, you might not be done with this.
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No...probably not. They'll probably report "settled for less".

And again...no...all that means is they can't sue again for the same thing. Unless the settlement agreement stipulated they won't sell the balance, you might not be done with this.

I guess I don't understand what "full settlement" means then. To me it means that there is no balance owed and the balance is now zero, which means there is nothing to sell.

I guess I should have refused until they signed my settlement offer and returned it. My offer had all of these terms in it, but they chose to call me to state they agreed and then send me their own version of a settlement letter, which did not include these stipulations. I am going through another negotiation process with them at this time (same lawyers for cap1). This time i will ensure that they sign my settlement letter. Thank you for clarifying. This is bizarre to me.

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