Whychat or Scott - Citibank Settlement Offer
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Posted by IsThisLegal
(65.70.76.46) on June 28, 2003 at 13:26:13:
Im in Oklahoma and this is an unsecured credit card debt, no payment since Nov. 2002. Got a call from Alianceone about a debt settlement, I ask for the following in writing: 1)The account on my credit report to say "paid as agreed in full". 2)A 1099 would not be issued for the remaining balance 3)The remaining debt amount would not be resold to another CA. The settlement amount is about 30% of the original amount. Please review this offer letter and advise if you think this is legal and binding: Allianceone, on behalf of Citibank, will settle the above entioned account for $ XXXX.XX. This will release you from further obligations regarding this matter once funds have cleared. Be advised that any settlement writeoff over $600.00 could be reportrd to the Internal Revenue Service by Citicorp Credit Services/Citicorp. (the account rep hand wrote "no 1099 per XX (intials)arter this sentence) Based on the arrangement set, and once Allianceone has received the agreed upon amount, we will request Citibank to notify the credit bureaus that your account is paid/settled in full with a zero balance.
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