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Hey Linda ! Tell me what you think, please
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Posted by Mike
on December 03, 2001 at 23:34:00:
Linda,
This is a follow-up to a post I made on November 20 which you were so kind to answer and help me understand some terminology.
I did what you suggested and contacted the "in-house" collector who was indeed willing to "deal". Here is what we worked out:
1) They agreed to take a lesser amount than the balance owed if I pay it in a lump-sum.
2) They say that this payment will "reflect positively" on my credit record.
3) They say that once my payment "clears" that my account is then settled in full and that I will be under no further obligation on this account.
How does this sound to you ? Isn't this what you said I needed to look for in a settlement ?
They would not budge on my request to remove the "late" designation already reported to the CRA, even though I insisted. By the way, the payment is to be made out and sent to the original creditor.
Thank you for your consideration and helping me understand some of the "ins and outs" of this business.
Mike
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