I need a settlement letter

[Debtors_Prison]

Hi folks,

I have about 33K in credit card debt that is over 3 years old and in the possesion of JDB companies.

I am now at a place that I can afford to attempt settlements with them as long as it is in the 10 to 30% range.

Does anyone have a good letter to send them to initiate negotiations?

I would prefer not to do this by phone at least in the early phase of negotiations.

Thanks

[BV80]

What is the SOL in Washington for cc debt?

[Debtors_Prison]

Half the sites on the internet say 3 years and half say 6 years.

[BV80]

Personally, I wouldn't pay a JDB. The problem with paying them is that they can settle for a lower amount, then turn around and sell the remainder of the debt to another JDB who can attempt to collect that remaining amount.

Not to be nosey, but is there a particular reason you're willing to settle with them?

Edited March 15, 2011 by BV80

[Debtors_Prison]

Personally, I wouldn't pay a JDB. The problem with paying them is that they can settle for a lower amount, then turn around and sell the remainder of the debt to another JDB who can attempt to collect that remaining amount.

Not to be nosey, but is there a particular reason you're willing to settle with them?

I'm being sued by one of them. I know that you can fight them but honestly I don't have the time or energy to do it.

I ran up this debt and I don't mind paying to get rid of it as long as it really gets rid of it.

That is why I was looking for a letter with the language that will make it clear that when I pay off the debt that it is paid off for good.

[workingpoor]

Try this;

http://www.creditinfocenter.com/forms/sampleletter6.shtml

I've used this to some success. But I've reworded part of it to read: "The acceptance of the payment will serve as a complete discharge of all monies due, and the COLLECTION AGENCY agrees to consider the debt paid in full and agrees to not take further action which includes, but is not limited to, selling, transferring, or disclosing information to collect on the forgiven balance. The payment shall be made in the form of a cashier's check or money order."

[Debtors_Prison]

What do you consider "some success" when doing this?

[workingpoor]

What do you consider "some success" when doing this?

Some people have accepted it, and some people haven't. It all depends on the settlement they are willing to accept, not the contents of the letter.