Posted on
January 29, 2008
at
1:31 pm
I appreciate the help I've gotten here so far. I've written an initial settlement offer letter for one agency (basicly offering to settle 25%). Realizing it will take a while to hear back from them, what happens if they agree? In other words how am I assured the debt is actually settled as far as the original creditor goes. I know CA's buy debts for cheap rates, but I also know when I was trying to talk to Bank of America before that they had pulled back my debt at one point (I guess after a previous CA didn't get anything) and sent it to another one...
Posted on
March 22, 2009
at
9:13 am
They should send you some sort of correspondance. If they agree to your offer, that should be stated in the letter they send you. DO NOT send that original letter back to them with payment - make a copy and send them the copy with your payment. In the memo field of the check/money order you can also write payment in full. Once they recieve payment, they are required to send you a reciept and update that on your credit report. If they do not follow through with this, pursue it with the FCA and BBB. You can also fight it on your credit report yourself.
