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SoconfusedTX
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I sent a settlement letter to a JDB to settle a debt for 15% of the balance and they agreed to it. I just want to run their response by the forum to ensure I am not backing myself in a corner because I know they are not to be trusted:

Here's the verbiage that was in my settlement letter:

I sent them a letter asking for the settlement offer to be "payment in full" and that they do not place the item on my credit report, or, if the item has been placed on my credit report, that it to be removed from all three major credit agencies permanently. I also stated that the account be considered 100% settled and that the account can not be sold or transferred.

I got a response from them agreeing to the offer with the following language:

JDB has agreed to accept less than the full balance as payment-in-full regarding the referenced account.

Upon clearance of this payment your file will be updated as Paid in Full and JDB will request their trade line be removed from your credit file.

Do you guys see this being a good settlement agreement and that if I pay them and they do not remove this item, the letter they sent me will be enough evidence for the CA to remove the item from my credit report?

I had them validate the debt and they sent me monthly statements, which I know will be enough evidence to stand up in court (I am still within the SOL). I just want to be done with this but I want to make sure it is removed from my credit.

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I sent a settlement letter to a JDB to settle a debt for 15% of the balance and they agreed to it.

Hate the idea of paying a JDB, but if you must, nice job making them take peanuts.

I just want to run their response by the forum to ensure I am not backing myself in a corner because I know they are not to be trusted:

Good idea.

I sent them a letter asking for the settlement offer to be "payment in full" and that they do not place the item on my credit report, or, if the item has been placed on my credit report, that it to be removed from all three major credit agencies permanently. I also stated that the account be considered 100% settled and that the account can not be sold or transferred.

Leave off considered, who cares what they consider. I consider myself the President of the United States. Something tells me nobody else considers me the president.

I got a response from them agreeing to the offer with the following language

What you got was garbage.

JDB has agreed to accept less than the full balance as payment-in-full regarding the referenced account

Total B.S. let's see, they agree to accept less than the full balance as payment in full. Okay let's assume the debt is 1K, you offered $150.00 and they agree to accept less than the full amount as payment in full. You send them $150.00 bucks, they sue you a few months later, why? Because they wanted 999.99 because that is also less than the full balance.

That's right you have your letter you can produce showing it was 15%. Guess what, they were not referring to that letter, they were referring to the phone call where you offered them 800.00 to settle in full, no way they would settle for just 15%.

Upon clearance of this payment your file will be updated as Paid in Full and JDB will request their trade line be removed from your credit file.

Let's see how this can go.

JDB- Hello, we request this trade line be removed because we did a pay for delete with this consumer.

Credit reporting agency- No

JDB- Thanks anyway, hey we requested but they said no, thanks for the money.

Screw their requests. They shall do this and they shall do that and they will settle for an exact, to the penny amount. Also the account will be settled in full, not considered settled in full.

Do you guys see this being a good settlement agreement and that if I pay them and they do not remove this item, the letter they sent me will be enough evidence for the CA to remove the item from my credit report?

No, the credit reporting agencies hate pay for deletes and it is probably written in the contract with the JDB they are not allowed to do such agreements. In addition, the credit reporting agency does not give a crap about your agreement. The law says the information that is on your report must be accurate. They can take the position of so what, sue the JDB, the info they are reporting is correct, we have complied with the law.

I had them validate the debt and they sent me monthly statements, which I know will be enough evidence to stand up in court

Not unless those are talking statements that can authenticate themselves. If that is the case, pay the 150.00 to the JDB, join the local carnival and charge twenty bucks a head to see your talking credit card statements.

The simple fact they accepted 15% from you and did not even counter your offer, should alone, tell you they even know those statements would hold up in court.

(I am still within the SOL).

All that means is you don't have an affirmative defense of the debt being past the statute of limitations. That's like saying you're going to plead guilty to speeding because you ran a stop sign before you got pulled over for speeding, even though you did not even get a ticket for running a stop sign.

I just want to be done with this but I want to make sure it is removed from my credit.

Well this won't cut it, if they don't follow through. Watch this.

JDB tradeline 2/1/2012

Soconfused owes JDB 1,000.00 as of 2/1/2012

You pay them 150.00 on 3/1/2012

JDB tradeline from 2/1/2012 is removed, per the agreement.

JDB tradeline 3/1/2012

Soconfused settled for less than balance owed.

They removed the trade line and did not put the trade line back on. You got no case against them.

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If you do settle, don't forget the nasty 1099C that will show up within three years of the time you settle for the balance with the IRS. Cute little trick they have of getting back at you.I have my 1099C before a tax consultant right now trying to see if I can over turn it.

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TomnTex, what was the verbiage you used in your settlement offer.

Was it similar to the verbiage I used, and did you have any problems with them staying true to what was written?

Should I call and get them to confirm the letter written by me on date, is the agreement that will be reflected as paid in full?

I don't have a clue what to do now.

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I agree with Coltfan about not settling with a JDB, but if you are going to go that route, one possible option is to get them to agree to a non disclosure clause where they have to pay you the rough amount of the debt if they violate (liquidated damages) and any other damages allowable under the law. This way, if they provide any information to the CRAs, they have violated the NDA.

Also, I absolutely would not ever admit that you owe them a dime. The theme should be 100% "I am willing to pay you to avoid the hassle of a legal battle, nothing more."

That being said, and knowing what I know now, I would probably send them a flat rate box with a baggie full of sand stabled to a "Certificate of Genuine Unpoundedness."

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USA - that was my approach. I denied in my letter of oweing the debt but I stated to expedite resolving the issue, I will pay xxx amount to have this not appear on my credit.

Weeks prior I had them validate the debt and they sent me 3 months worth of statements.

I got my free annual credit report just now and they have added the entry to my credit report (I am pissed about that).

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USA - that was my approach. I denied in my letter of oweing the debt but I stated to expedite resolving the issue, I will pay xxx amount to have this not appear on my credit.

Weeks prior I had them validate the debt and they sent me 3 months worth of statements.

I got my free annual credit report just now and they have added the entry to my credit report (I am pissed about that).

My problem with CRAs is that, from what I've read, they have no specific guidelines for furnishers to prove a right to report. The furnisher can pretty much just state that you have or had an account with them and owe the money.

JDBs claim to own a debt. In court, if pressed, they would have to prove it. CRAs don't require that proof even though that JDBs entry could affect your life.

It may require more consumers taking CRAs to court in order for meaningful changes to be made.

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I got my free annual credit report just now and they have added the entry to my credit report (I am pissed about that).

The second a JDB figures out what you hot button is, in your case, not having this on your report, that is where they attack first.

I had one that called my ex-wife and I chewed them a new one. So guess what they keep doing in an effort to get me to pay, yep, not put it on my report but call my ex-wife.

They told me depending on how I handled making payments on this account would determine how and to who future calls were made. Problem for them was they said that on tape (thanks again for the TV asset acceptance), but the point is they found my hot button and tried to use it against me.

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Basically, they "weaseled" you. They restated the offer in a way that benefits them and hurts you, but cleverly so you might not notice it. Specifically, they did not state the exact amount, and merely said "less than full ...".

Well, that's what it seems like, since you didn't say they wrote the exact amount in, and President Coltfan1972 rightly caught this.

Edited by Torden
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