Reneged on settlement offer!!! :-(

[jetel01]

Hi,

I am in the process of trying to work out settlement agreements for my credit cards. I received settlement offers from two of the companies -- one made the offer online and one made the offer through a letter in the mail.

I accepted both offers and paid the amount that was asked last month. I now have received statements from BOTH companies where they just applied the amount I paid to the balance and did not close the account as agreed!!!!!!

Is there anything I can do about this? I do have a confirmation number for the online transaction, but no longer have a copy of the letter. (Which is incredibly stupid of me, I know. I just thought since I was dealing with the original creditor and not a collection agency, I didn't think I had to be that cautious. Definitely won't be that naive again!!!!!)

Any suggestions? Or am I out-of-luck?

[Amerikaner83]

"if it's not in writing, it never happened".....

I think a GW type letter to the biggest big wig you can find @ each company will be your best bet if you have no proof still of the deal.

A warning to everyone - KEEP EVERYTHING!!!!!!!!

[jetel01]

That's what I was afraid of....

Just for future reference, though, can anyone give more details about the info found on this page, where it talks about it being illegal for creditors to come after the balance after a settlement:

http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml

Thanks for your help! Definitely will not be making this mistake again!!!!

[scardKaren]

Hi,

I am in the process of trying to work out settlement agreements for my credit cards. I received settlement offers from two of the companies -- one made the offer online and one made the offer through a letter in the mail.

I accepted both offers and paid the amount that was asked last month. I now have received statements from BOTH companies where they just applied the amount I paid to the balance and did not close the account as agreed!!!!!!

Is there anything I can do about this? I do have a confirmation number for the online transaction, but no longer have a copy of the letter. (Which is incredibly stupid of me, I know. I just thought since I was dealing with the original creditor and not a collection agency, I didn't think I had to be that cautious. Definitely won't be that naive again!!!!!)

Any suggestions? Or am I out-of-luck?

You might try acting like you still have it in writing. I'd also get the best computer guy I know to try to find a copy of the "letter" for the on-like offer. It might still be in your computer.

[BrokeBob]

It is only because of this forum that I demanded to have a settlement offer from First National Bank of Omaha in writing before I agreed to any payments. I paid the last installment of the settlement on November 1, but they sent me a bill afterwards for the remaining balance, plus interest. I cannot reach the proper department until Monday. I will try to get this straightened out, assuming an honest clerical error. If not, I have the written agreement.

Thanks so much to the folks on this forum! I could be up the creek if I hadn't followed your excellent advice.

[BrokeBob]

You might try acting like you still have it in writing. I'd also get the best computer guy I know to try to find a copy of the "letter" for the on-like offer. It might still be in your computer.

I like this idea. Be nice, act as if this is a simple case of one department not knowing what the other is doing, and continue to mention that you got it in writing! They should know they sent it to you in writing, so they may not want to call your bluff. Depending on the state law, they could be in a lot of trouble if they call your bluff and you are able to produce the document.