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Debt Settlement Letter Sample


finaldebt
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Hello,

 

I am trying to write a settlement offer to collection agency I spoke over the phone, they agreed on verbal settlement, but I need it in writing and they refuse to send it, so I said I will send them my own letter.  The problem is that I found a bunch of samples online, but all them have "Your Name" and "Your Signature" on the bottom of the letter, I have a problem with this, because where then do they sign?? Am I the only person who has to sign the letter, I thought they had to sign too to agree to the terms (paid in full or settled, etc)??

 

Can anybody direct me to a good letters sample source, or can anybody share their letter that they had good experience with?

 

Thanks,

R

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If they refuse to send the paperwork, what makes you think they would be willing to sign yours?  The CA has already shown you that they prefer to screw you over instead of negotiate in a civil manner.  You can tell them that I said so.

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Let's see, they will take the money but won't put in written, either because they are too lazy or they wanna screw you, chances are option 2, so why would you think that writing them a letter that they got to sign will get them to sign it and return it?, I mean if they want money they need to at least do the minimum effort of sending a proper settlement letter. If it ain't in written it never happened!

 

If it never happened they don't have to comply with whatever they told you over the phone, so ..

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Ca's do not like signing agreements like this. One reason is it give you recourse if they sell the balance of the debt to another debt buyer. Another reason is it takes them out of being in control of the situation.

 

Before you agree to pay, consider these issues

1) the age of the debt

2) Does the ca own the debt and can they prove they own it

3) How much in extra charges have they added to the debt? If they can not provide a contract that states they can add these charges, they cannot legally collect them unoless a judge says so.

4) Have they violated the FDCPA with their collection actions.

 

Here is how I feel about debt collection, and this is my opinion and should not necessarily be adopted by other people and I am not encouraging they do so.

 

The debt collection industry are crooks, they operate under laws that do not apply enough of a punishment to stop them from violated consumers rights. They have mega bucks, and we have to struggle and they do not care about a consumers situation.

So why would a person pay someone what they claim you owe them without challenging what they claim you owe? Why would you pay someone that cannot even prove they own the debt or are entitled by right to collect the debt? Why would you pay someone all the extra charges they add to the debts they collect until they prove you agreed to pay those charges?

 

ANY i repeat ANY debt collector can be beat in court, even the OC if you learn how the courts work and what proof is required by law. Why throw in the towel before the bell even rings for the first round?

 

I choose the fight all the way and make those crook CA's prove what they claim. I will not whip out my check book for anyone who sends me a claim they cannot prove. If a man tried to steal your wallet while you were pumping gas. would you just let him have it or would you fight the crook?

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Well said!

 

So the most important thing I can do is to verify debt, even if they don't sign the settlement offer, at least I know they own it.  Can they sell the debt when they agree on settlement offer, for example, they agree on the offer to settle for 20%, I send them the payment, then they sell the debt before the payment is charged, and once debt is sold to another CA they deposit my payment? 

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Well said!

 

So the most important thing I can do is to verify debt, even if they don't sign the settlement offer, at least I know they own it.  Can they sell the debt when they agree on settlement offer, for example, they agree on the offer to settle for 20%, I send them the payment, then they sell the debt before the payment is charged, and once debt is sold to another CA they deposit my payment? 

@finaldebt - yes, they can.  That's why you need an agreement that says this is payment in full.  

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@admin - That is really good to know! What if there is an agreement but no signatures?

No signatures = no agreement.

 

Send them your settlement agreement with room for their signature as well as yours. You sign it and insert in it a section that payments are not due until the signed agtreement is returned to you.

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They will not sign it. CA's hate to sign settlement letters.

 

I would send them a dv letter. As soon as the dv comes back in the mail, it will not show much as the fdcpa is vague on this issue, i would send a refusal to pay letter.

 

If they sue, so what, they cannot in any way prove they own the debt. The mere statement that they own it is not enough in court.

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You may get lucky with this but it is hard to get them to sign these kind of agreements. For one it stops them from selling the balance to another debt collector. It also stops them from filing a suit on the balance. When a debt collector tells you that a settlement will be accepted as paid in full, they are lying. Its all about making as much money as they can on the debt.

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You may get lucky with this but it is hard to get them to sign these kind of agreements. For one it stops them from selling the balance to another debt collector. It also stops them from filing a suit on the balance. When a debt collector tells you that a settlement will be accepted as paid in full, they are lying. Its all about making as much money as they can on the debt.

@BTO429 - I've seen companies sign this if they want their money bad enough.  

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