strive4credit

Source Receivables Management validated

Recommended Posts

I sent a debt validation request to SRM for a family member. They sent some information back which may be suffice for validation. Family member is interested in settling the matter and I am encouraging a "pay for delete". Anyone out there have any experience with Source Receivables Management and/or a pay for delete letter I can use? Thanks in advance.

Link to post
Share on other sites

Dear SRM

Thank you for responding to my request dated [date] with debt validation in regards to account # [number] with [original creditor] for the amount of $X. 

In the interest of moving my attention on to other matters and moving past this in these confusing economic times I am offering to settle this matter.   At this time I am financially able to offer to settle this in full for $Y amount. SRM agrees that any remaining amount of $Z is disputed. 

This offer expires 30 days from the date on the green return receipt card as provided to myself by the post office as proof of mailing and receipt. 

If you agree to this settlement for the account in question please have an authorized representative sign and return a copy to me and I will abide by my agreement and tender a cashier's check for $Y amount within the allotted 21 business days.

Regards:

Make sure you list ALL the terms you want in the agreement.  Use the wording above along with this in a separate document:

Settlement of in regards to account # [number] with [original creditor] for the amount of $Y any remaining amount is disputed.

SRM agrees not to sell the account to another creditor as part of this agreement as well as to delete their trade line from all credit bureaus reported to within 30 days of receiving payment from [your name].  Once I receive a signed copy of this agreement back from an authorized representative I agree to make payment by certified check or money order within 21 business days of receipt of the signed settlement agreement.  

SRM and its assignees, subsidiaries, partners (look up the business terms that are used in all these kind of documents and copy that statement) are bound by the terms of this settlement and failure to abide by them shall immediately entitle [your name] to damages in the amount of $10,000 for violation of the settlement.

 

____________________________________________________                                                __________________________________________

your signature and date                                                                                                                     Their signature and printed name/date

 

Back after the recession I used a version of this on at least 4 accounts and got pay for delete's easily.  Send EVERYTHING certified mail return receipt.

Link to post
Share on other sites

Would the following letter from a CA be suffice for a "pay for deletion" letter:

 

Sprint has placed your account with Source Receivables Management (“SourceRM”) to recover the above referenced Amount Due.
 

Based on your conversation with our office on 3/1/2021, we will request removal of the above referenced account from the consumer
reporting agencies upon receipt of payment in the amount of $510.13 by 3/10/2021. Consumer reporting agencies may take 30 days
or longer to update their records and that is beyond our control.

 

Please call our office at 1-877-251-3780 to set up payment. You also have the option to pay online at www.paysourcerm.com or mail
a payment to the address below.
Sincerely,

Link to post
Share on other sites
32 minutes ago, strive4credit said:

Based on your conversation with our office on 3/1/2021, we will request removal of the above referenced account from the consumer
reporting agencies upon receipt of payment in the amount of $510.13 by 3/10/2021. Consumer reporting agencies may take 30 days
or longer to update their records and that is beyond our control.

Right there, it is stated that the CA will request the CRAs remove  SRM’s TL from your credit reports once the agreed upon amount is received.

Note that it will have no effect on Sprint’s TL (if Sprint is reporting).

Link to post
Share on other sites

Thanks for your response. So moving forward, I should ask them whether they can remove the Sprint TL. Also, get them to send me an official agreement or construct my own and have them sign it. Although the email they sent could be viewed as a binding legal agreement. Your input and suggestions are greatly appreciated and extremely helpful. Thank you sincerely.

Link to post
Share on other sites
2 hours ago, strive4credit said:

Thanks for your response. So moving forward, I should ask them whether they can remove the Sprint TL. Also, get them to send me an official agreement or construct my own and have them sign it. Although the email they sent could be viewed as a binding legal agreement. Your input and suggestions are greatly appreciated and extremely helpful. Thank you sincerely.

The CA cannot remove Sprint’s TL.  Only Sprint can do that.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.