ggarso

Santander Settlement Letter Not Liking wording

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The whole talk of payments just worried this will screw me. I have agreed to pay 1000 for settlement and be done. What do you guys think of this?

Thanks

Outstanding Balance: $4,132.44

The purpose of this letter is to confirm the agreement made between you and Santander Consumer USA ("SCUSA") regarding your account.

As discussed in our telephone conversation on 9/3/2012, SCUSA agrees to allow you to settle your account by making payments on your account as follows, subject to the terms and conditions in this letter:

• Settlement Amount: $1,000.00

• Down Payment: $0.00

• Balance Due: $1,000.00

• Settlement Expiration Date: 9/14/2012

We have updated your account to reflect your agreement to make payments to resolve your Outstanding Balance in accordance with the terms of this letter. If you fail to make payments in accordance with the terms of this letter, SCUSA will consider this settlement offer automatically revoked and null and void without further notice. In addition, SCUSA may pursue its right to collect the full amount due in addition to pursuing any other available remedies.

Once all payments have been received by SCUSA, posted to your account and cleared in accordance with the terms set forth in this letter, SCUSA will (i) forgive the remaining portion of your Outstanding Balance, (ii) consider your account as settled, (iii) adjust our records to reflect the settlement of your account and (iv) report the status of your account to the credit reporting agencies as settled for less than the full balance.

You also agree to allow SCUSA to request a refund of any credit insurance, life insurance, GAP coverage and/or service/warranty contract(s) that were financed under your contract or loan and apply any and all refunds to the remaining balance due on your account after the payment made by you of the Settlement Amount Payment of the Settlement Amount must be received by one of the acceptable methods of payment set forth above and by the 9/14/2012.

This settlement may have tax implications. Please consult a tax advisor to determine the impact on your specific tax situation. SCUSA cannot provide tax advice to you.

Edited by ggarso

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Outstanding Balance: $4,132.44

The purpose of this letter is to confirm the agreement made between you and Santander Consumer USA ("SCUSA") regarding your account.

As discussed in our telephone conversation on 9/3/2012, SCUSA agrees to allow you to settle your account by making payments [how many and how much?] on your account as follows, subject to the terms and conditions in this letter [what terms and conditions?]:

• Settlement Amount: $1,000.00

• Down Payment: $0.00

• Balance Due: $1,000.00

• Settlement Expiration Date: 9/14/2012 [First payment or entire amount]

We have updated your account to reflect your agreement to make payments to resolve your Outstanding Balance in accordance with the terms of this letter [what terms?]. If you fail to make payments in accordance with the terms of this letter [what terms], SCUSA will consider this settlement offer automatically revoked and null and void without further notice. In addition, SCUSA may pursue its right to collect the full ]amount due [are you in agreement as to the "amount due"?] in addition to pursuing any other available remedies [what other "remedies" in addition to amount due?].

Once all payments have been received by SCUSA [what constitutes receipt?], posted to your account and cleared in accordance with the terms set forth in this letter [what terms], SCUSA will (i) forgive the remaining portion of your Outstanding Balance [1099?], (ii) consider your account as settled, (iii) adjust our records to reflect the settlement of your account and (iv) report the status of your account to the credit reporting agencies as settled for less than the full balance.[permission to continue to inflict damages]

You also agree to allow SCUSA to request a refund of any credit insurance, life insurance, GAP coverage and/or service/warranty contract(s) that were financed under your contract or loan [what were they and how much is due?] and apply any and all refunds to the remaining balance due on your account after the payment made by you [in addition to a 1099?] of the Settlement Amount Payment of the Settlement Amount [what is that?] must be received by one of the acceptable methods of payment set forth above [what acceptable methods?] and by the 9/14/2012. [1st payment or balance?]

This settlement may have tax implications. [veiled reference to 1099] Please consult a tax advisor to determine the impact on your specific tax situation. SCUSA cannot provide tax advice to you.

This was written by an idiot.

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Thank you. all Excellent issues you pointed out. I was having problems with the whole payment talk they keep repeating. Settlement amount 1000 and then balance due 1000 worded like that, is that supposed to be my next payment. Going to have to do a little work on this lol

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If I had received this, I would think it is acceptable, however, there seem to be many here who are more knowledgeable in this aspect.

It is probably a form letter but does seem to state, once they receive the 1k it is settled.

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I was just told by some low level supervisor that they don't "settle" on accounts. I don't believe this, but was unable to get any further contact information from her.

Which department did you work with to get a settlement offer from them?

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Doesn't say anything about not selling the remainder of the balance.

 

Also, who was the OC? I'd elect Arb if that was a possibility and then see if they want to settle for $100.

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And what is this statement all about, I would be wary of it.  

 

"You also agree to allow SCUSA to request a refund of any credit insurance, life insurance, GAP coverage and/or service/warranty contract(s) that were financed under your contract or loan and apply any and all refunds to the remaining balance due on your account after the payment made by you of the Settlement Amount Payment of the Settlement Amount must be received by one of the acceptable methods of payment set forth above and by the 9/14/2012."
 

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