Re: Trying to settle with debtors but with no response what is next?

Posted by Genny (24.172.69.147) on August 25, 2002 at 21:24:56:

In Reply to: Re: Trying to settle with debtors but with no response what is next? posted by dessy on November 14, 2001 at 18:51:56:

Referrence the account name, account #, which agency reported it, last active date, your name, current address, social (might help them locate the account), and advise them of your desire to settle the debt, the amount you want to settle it for, and request a settlement offer letter to be returned by the creditor REFLECTING THE DATE THEY MUST RECEIVE FUNDS BY TO HONOR THE SETTLEMENT OFFER, THE AMOUNT OF THE SETTLEMENT, WHO TO MAKE THE PAYMENT TO AND WHERE TO SEND IT. IT IS VITAL FOR YOU TO SEND THIS PAYMENT WITH A COPY OF THE SETTLEMENT OFFER (FROM THE CREDITOR- REFLECTING THE TERMS OF THE OFFER) WITH CERTIFIED FUNDS.

ALSO REQUEST FOR THE CREDITOR TO SEND A ZERO BALANCE/ ACCOUNT SATISFIED/ PAID IN FULL AND CLOSED LETTER UPON RECEIPT OF THE FUNDS. THIS LETTER WILL HELP YOU BE ABLE TO GET THE CHARGE OFF OFF OF YOUR CREDIT REPORT IF IT SHOWS UP AGAIN.

I USE TO BE A COLLECTOR AND FROM MY EXPERIENCE CREDITORS ARE LIKELY TO SETTLE FOR UP TO 70%. BUT IT WILL NOT HURT TO TRY TO GET THEM TO SETTLE FOR LESS. JUST MAKE SURE YOU GET THE LETTER SO THEY WILL HAVE TO HONOR IT.

SEND A CERTIFIED LETTER WITH THE CERTIFIED FUNDS STATING THAT YOU ARE SETTLING THE ACCOUNT PER THE TERMS OF THIS SETTLEMENT OFFER AND REQUEST THE 0 BALANCE LETTER TO BE SENT BACK TO YOU. OH AND ALSO REQUEST FOR THEM TO SEND THE UPDATED STATUS TO THE CREDIT BUREAUS.

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