Posted on February 17, 2010.
Can anyone make this exception? Dear Me,
This letter is in response to our conversation with our office on June 29 regarding the above debt. Please be advised my client has authorized this office to accept a total of $ X (there is a real number im not displayed) as full settlement of this account. Since this adjustment represents a substantial reduction in this account, we add the following provisions in the proposed settlement agreement.
6 Straight monthly payments of x amount of dollars.
This regulation will be considered null and void if you fail to honor one of these stipulations. My balance will return to its original amount, less payments made. Make payments payable to bla bla bla in cashiers or money order only.
Is this a scam or something common or do you think they are legitimate?
I had my debt reduced from 15000.00 to 4800.00 over by shenanigans. Ive learned these people are garbage and do not trust them as far as I could throw one of them. I want to take a throw of them if! ;-)
It is a type of response. They simply indicate their client is willing to settle for less, then the original amount as you meet their requirements (monthly payments).
However, did you contact them, is that debt in your state statute of limitations? if it is prescribed, then you're out of luck as you said debt by the contact for a settlement.
If you have any of those answers, then I would not trust them as far as I can throw them away.
Also be warned, they will report to the IRS of the remaining $ 10,200 on a 1099C form and also send you a copy. IRS rules require that creditors who have more than $ 600 in debt to file this report.
You must file with your income tax and income for the year! See the link provided in the source domain.
Hope this helps answer your question.
I think it could be a scam. I only say that because most, if not all collection agencies accept forms of payment. Such as automatic withdrawal from your account or even your arrival card. When a company makes a full settlement, they usually want the balance in one or two payments. Do you remember talking to this company about this arrangement? If not, then it's another way you can say is not true. They will not send you a letter to an agreement that you do not.
Total # sh buul T. its a scam. Put it in your spam folder.
Seems pretty standard for me. Just find what they are reporting it to credit agencies once the debt is repaid.
Bob D has no idea what he is talking ABOUT
You do not accept it.
Remember, they are a collection agency. Doubt has purchased the debt for a fraction of the nominal amount, perhaps even the OAS low 2 to 3 cents on the dollar. Whatever the amount they collect from you is almost pure profit for them.
It's your money, you have it. They want.
Adjust the accounts will not help your credit score. An account set is still a mark on your derogatory credit.
Instead, try to negotiate a "pay for delete" agreement with the collection agency. In exchange or payment, they must agree to all the information they reported about you to credit bureaus.
Be patient, do not seem too desperate to settle. Remember, you have the money. They want.
