Debt Settlement Letter Creditor
debt settlement letter creditor
Collection agency does not agree to settlement offer?
I received a settlement offer(for 40% less than original debt) from a collection agency for a debt that is about 5 yrs old. I have ignored all the other offers and letters from this agency, I have never spoken to them. I have decided to repair my credit, so I wrote them a letter saying I agreed to pay the monies owed IF they wrote on my credit report that I have “PAID AS AGREED”
They responded with that they will write “Settled in full” This does nothing for me. Having those words on my report, such as “settled” have negative connotations. This does not help me. What should my next step be? I want to pay the debt, (and actually don’t even mind paying it in full) if they will at least write PAID, on my credit report. Should I stop correspondence with the agency, and try my original method with the original creditor? I’d like to pay as soon as possible, but “settled in full” is not acceptable. Any ideas? Thanks
Don’t bother getting an outside agency to help.
Pay it off and accept the “settled in full”. At least you saved a chunk of money.
After that is done, it’s time to begin your campaign to remove the account from your credit report entirely. Almost every account listing on your credit report has a valid error you can use to dispute the account. Hopefully, eventually the collection agency will not bother to respond to a dispute on a paid account. If they don’t respond, the credit bureau must remove the account permanently.
Debt Settlement Letter – Example Of A Good Debt Settlement Letter
Debt settlement letters are very important because they set terms to help you rid yourself of debt.
They’re a binding contract and can help fix your credit rating if done correctly. There are a number of things that should always be included in one of these letters to make sure you aren’t setting yourself up for trouble. Here’s an overview of what you need to include along with a sample letter.
Aurora Lillo Editor of the “Best Debt Relief Programs” website — http://www.BestDebtReliefPrograms.net — pointed out;
“…Always make sure your name, address and zip code are located on the letter, along with today’s date. The collector’s name and address should follow, along with your account number. Address the letter to someone helpful you spoke with by phone if possible. Explain your debt situation and what you plan to do. List the amount of debts you have and what you can do to improve your chances of repayment, such as a new job. Be sure to include a proposed settlement amount, along with your terms. When you receive a letter back agreeing to your terms, include a payment. Sign the letter and date it…”
Your name
Address
City, State and Zip
Today’s date
Creditor Name
Address
City, State and Zip
Re: Your Name
Creditor’s Account Number
Your Social Security Number
I (name) wish to settle the outstanding debt with (creditor). (Explain why you’ve fallen into debt.) I strongly wish to pay back this debt.
Currently, the outstanding debt balance is (dollar amount). I am willing and able to settle this amount for (amount you can afford to pay). As part of this settlement I am making the following requests:
My account will be shown paid in full.
Any litigation is dropped.
All negative listings will be deleted from the three credit bureaus below.
Equifax
Experian
TransUnion
Upon acceptance of this letter (creditor name) agrees to the terms and settlement conditions and I (name) will send an overnight money order in the amount of (settlement amount) paid to (creditor name).
(Creditor name) agrees to forward this letter to the three credit bureaus listed so negative listings may be deleted.
(Print Your Name) (Print Date)
(Sign your name)
Further Information By Visiting; http://www.BestDebtReliefPrograms.net
About the Author
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
House Session 2010-04-15 (21:59:50-22:50:40)
