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| *Ostroff, Fair and Company>>>Credit |
Collections/Settlement Letter? |
I recently sent out a C&D letter to a collection agency along with a settlement letter which the settlement offer was turned down. The collection agency notified me that the account would be turned over to their legal dept. I was advised to make another settlement offer to avoid further cost of this going to court and having a possible judgement/garnish wages/or lein on my house. I'm willing to bite the bullet and pay what they are asking but I would have to pay that amount in installments which I'm not even sure they will aceept....how would I word such a letter? Sounds like peaches went thru a lot of trouble. You cant hide your car and house like what peaches suggest. If you try something like that you'll get into more trouble. call em up and agree on something then have them send it to you in writing. Thats what we did. just settled a 16k credit card bill for 8k. They will agree on payments. Depends on how long its been since you've made a payment.The longer its been the more likely they will settle. I'd call em everyday. eventually they'll settle. go to daveramsey.com and listen to his radio show or find a station near you to listen to. He has lots of GOOD advice on money and debt. Changed the way i think about it. if you didn't have the money then why do they think you have it now. tell them how much your willing to settle at and see if they bite. they usually will settle at 51% of the total. I work for a law firm, and the standard is 10% down with payment terms no longer than 24 months on the total due. FYI a settlement has to be paid-in-full at the time it is offered. Payments are not allowed on a settlement. To them it's like having your cake, and eating it too. If they counter you to an amount you can live with why not get a home equity loan, and pay them. You can get terms of up to 15 years on that. First of all the letter wasn't written professionally. The Collection Agency only turned you down because they have to get there cut first before they give the Creditors their portion. The Collection Agency will get paid ONLY if they get the settlement. You follow me? Next step, by pass the collection agency and write the letter to the company. Pay an Attorney to write the letter for you. Don't you write it because it sounds like you are begging. That's why you were turned down they got you over a barrel. Go to an Attorney and have them to negotiate a price for you. or better yet the amount you want to pay. stick to it. Put your house under a corporation name and get a business ID #, then they can;t put a lien on your home. If you have a car put it under your child;s name not an adult but a someone 21yrs old. Take your savings out of the bank and put it in a safe deposit box in another bank. Make an offer to the company NOT the collection agency. Meet personally with them offer them a cashier's check don't look scared or anxious. The transaction and conversation should go well if you have an attorney on your side. I just did this it took me a year to show no money no investments and I own nothing. My transaction just happened yesterday meet with the creditor with a cashier's check , got my Satisfaction of Judgement signed by him, I had a witness with me to show the transaction. was completed I took my paper to the courthouse and filed the Satisfaction of Judgement on my case. Today it is a done deal. I am free and I don't owe anybody nothing. Try it - Please. Good Luck!!! Thumbs up to you. If you are uncertain, you may want to hire a 3rd party intermediary to negotiate on your behalf. It will be much quicker by the pros. www.totaldebtsolutionsllc.com |
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