Settlement offer while litigation pending help

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A civil suit was filed against me by OC Barclays.  I filed an answer with the court the end of May with general denials and the affirmative defense of improper venue due to the Contractual Binding Private Arbitration clause in the card agreement.  I also filed a motion to compel private contractual arbitration with my answer.

I have received a letter from the OC’s attorney agreeing to a settlement of the debt for less than the amount in the suit which is agreeable to me. There has not been a hearing calendared with the court yet as I did confirm with the court today.  But our county has a mandatory arbitration program for any contested civil action under $25,000 and the arbitration coordinator did confirm she will be sending information for arbitration sometime this week.

My question is do I need the OC’s attorney to include anything in addition to what they have already sent in a letter prior to me remitting payment to make sure the pending legal action goes away?  Please see the verbiage they sent to advise:

“I write concerning the above-referenced account placed for collection.  We are authorized to accept $XXXX.XX in full settlement of your account if the funds are received in our office on or before [date redacted].  Our client has not waived any of its rights by making this offer, nor has it suspended any collection activities while this offer is pending.  We are not obligated to renew this offer.  Your prompt acceptance and payment will settle this debt in full.”

It goes on to give payment options and mailing address. Then continues as follows:

“This settlement May have tax consequences.  If you are uncertain of the tax consequences, consult a tax advisor.  Upon receipt of your final settlement payment plus a 15 day waiting period to ensure funds are not returned as non-sufficient, your account will be settled for less than the full balance.”  

Some additional verbiage about them submitting to the consumer reporting agencies to reflect the settlement.

My plan is to pay via mail by cashiers check.  Do I need anything additional in writing from the attorney before making payment to dispose of the court case?  This is my first rodeo so any advice is greatly appreciated!

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It's an OC, so they have you over a barrel.  If you're happy with the settlement terms, you should probably take the deal.  I would probably hold off on sending payment until you have a copy of the agreement signed by the plaintiff/attorney.

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