i sent a letter to a collection agency and they have not reponded i know they received the letter i had it delivered certified mail in the letter i explained my financial situation and listed a payment play i can afford. i also wrote on the money order by cashing this money order you agree to my payment agreement. i found out that they cashed the money order on the 19th of june is is safe to conclude that they accepted my agreement and should i be looking for a letter in the mail. or should i call them up to see what happened?
2006-06-25 11:10:25 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
What you are attempting to do is called "contract volation". It's a tricky game. As mentioned in the previous response, you must meet certain conditions for it to be legal. And you may need to research your local state laws, or consult with an attorney.
From my research (in Michigan) you may get away with it if the creditor accepts 3 payments in a row.
I wish you had asked this question before you sent out your first check. You missed several important steps, like getting the collection agent to fix your credit once the balance was paid.
2006-06-25 16:53:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What you tried to do is initiate a contract on the back of a check.
There are basic elements to a contract-
offer
acceptance
financial consideration
lawful purpose
and sound mind
Assuming all of those elements are present, you may have a valid contract.
I say may because the interpretation of a valid contract is usually to the benefit of the person who didn't write it. If they wanted your money and didnt want your agreement, they could probably get a judge to say it's not valid. They could also sue you and get a judgment for the full amount.
If a contract is completed under duress, it may be voided. In essence, by trying to make the check a contract, you are forcing them into it, which may not be binding.
There may also be specific case law in your state prohibiting this type of one-sided contract.
2006-06-25 11:21:49 · answer #2 · answered by C R 3 · 0⤊ 0⤋
If you phone them they will hassle you for immediate payment. As long as you sent them some payment they are bound to accept the arrangement. Don't miss any payments keep on schedule and their hands are tied.
2006-06-25 11:17:52 · answer #3 · answered by Kenneth H 5 · 0⤊ 0⤋
It's possible. You might want to call to make sure.
2006-06-25 11:14:56 · answer #4 · answered by Mike 2 · 0⤊ 0⤋