Intent To Settle Letter To Creditor
here goes,
I just faxed a very well put together intent to settle letter to a creditor. The letter states that there will not be any deals unless the claims are completly removed from my credit report.
The creditor just finished laughing in my face and told me they would not agree to any removals. The worst part is that I believe them.
geeeze, I'm so confused & pissed at myself for letting this happen.
I also told them that my only option at this point may be bankruptcy (not true). They urged me to go bankrupt so they can quickly sue me.
This creditor holds claims 5 checks that I bounced when I was 18 years old, none over $20.00. Now they say I owe $904.00.
What should I do?
Should I just pay it?
The claim is already 4 years old after 7 years will it vanish all together? or will it start a new 7 year cycle showing paid in full?
What should I do? What should I do? What should I do? What should I do?
pay it and move on with your life!!!!!!!
make sure by paying it that it will come off of your credit report.
thanks for your reply yeaman,
Not sure what you mean by "make sure it's off your credit report".
Do you mean completly off or Paid in Full?
I tried to get it completely off with the intent to settle letter I faxed the creditor.
Please advise
I had something similar come up from years ago when I was in college and didn't even realize I owed on it. If your credit has been good for the last 5-7 years it is doubtful that an old claim like this will have much effect.
That said, you owe the $$, if they won't take your offer to pay then pay waht they ask.
As for suing you after bankruptcy, forget it! They are dreaming, just make sure you list it in you debts.
Bottom line, pay the $$ and then ask them to send a letter to the three credit services. And I would send one yourself with all the documentation that you have paid off this debt.
Good Luck!
I guess your both right, just pay the debt.
Should I try and stand tough for a lower price even though there playing hardball.
They want $904.00 & wanted $1,200 to begin with. Should I go lower?
Offer to settle for $200.00, which is twice the original amount. If they come back with a counter offer, take it and move on. Don't park your attention on this matter. Once this one is off your records, you stand to make much more than whatever you finally settle for.
JR
Thanks for the advice, I wish it were that easy..... these guys are tough but I'm gonna try.
It's a Law office and they think there un-touchable.
I agree with trying to settle for $200 and seeing what they come up with. You didn't mention how old this debt is? It is probable that if it has any time on it at all that they have sold the note/bad checks to a collection agency that is making a percentage. Probably a couple of hundred on the deal but hard to say with the info you have here.
Good advise is to get on with your life!
The checks went bad in November 1999, don't know if this helps...
I already told them that $904.00 was just too much and they said "too bad.... good day to you" and hung up on me.
Should I call back and say that I've rounded up $500.00 dollars and that's the best I can do?
I signed on to the Experian credit monitor and it groups all paid and unpaid debt into whats called "potentialy negative items"
When the bad marks on my credit are paid off will my credit score improve?
Or will the marks still discount my score the same as showing un-paid.
Either way I'm going to step up and pay my debt, just wondering the effects of paying them.
tm,
"When the bad marks on my credit are paid off will my credit score improve?"
YES...
If they still remain, file a dispute with
Experian...
"Either way I'm going to step up and pay my debt, just wondering the effects of paying them."
That is the RIGHT thing to do!
YOU WILL BENEFIT FROM IT...
GoodLuck,
Rocky
thanks Rock,
I'll let you know how it goes.
tm
Hi, certainly there must be somebody over that idiots head at that place that you owe money to that has some wherewithall. First, you need to check and see where the bad checks are on your credit file. Are they listed as just a balance due and you know they are bad checks? Is it a judgement and the extra is the interest and it is listed in the public records section? The second thing, if he wanted to sue you, why didn't he before? Lastly, in your state, bad checks may be considered illegal and may be treated differently than a debt. At any rate, if it appears in the public records or in the trade lines....that can stay up to ten years...My advise is to settle, with a full release in writing, but, try to do it with some one that isn't a smart ass. Good Luck.
Do not pay them. The statute of limitations has run out. If they want to sue you, they had to do it within 3-4 years. If they want to play hardball, when you are trying to do the right thing, forget about it. If it's 4 years old, it doesn't have much affect on your credit now anyway.
However,
If you are trying to get a RE loan, you will probably have to pay it to satisfy the lender.
I agree with bfit01. If you are trying to do the right thing and this guy wants to be a jerk, then talk to his supervisor. Tell his supervisor that you are trying to make a reasonable offer and this guy is being rude. If you can't get through to his supervisor, then call his bluff. Tell him you've checked with your bankrupcty attorney and you know there is no way they can sue. Tell him you know it will fall off in a few years anyway so it's really no big deal. Say' If you want to get anything at all, you'll consider my offer, if not, well then you're the one out of luck" Sometimes these guys have been picked on too much and now they think it's their turn to do be the bully.
Good Luck!