Incorrect Info On Restrictive Endorsements
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Posted by Why Chat (209.240.222.130) on June 04, 2002 at 22:31:21:
In Reply to: Helpful Info on those interested in settling posted by joanne on June 04, 2002 at 21:58:43:
It is true that most States uphold restrictve endorsements.HOWEVER, it is only limited to the company agreeing to it. It is used more often in commercial transactions then in debt negotiation. The only time it can work is if you are dealing with the original creditor.If you deal with a ca--yes THEY have to accept it,BUT! They can still resell the balance to another ca who is NOT bound to the agreement.
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