I know in some states that if the company cashes it, that is final and there is nothing they can do about it. The reason I'm asking is because I got caught up in a subprime credit card that has all these fees. I know that legally I only have to pay for my charges which will probably show up as a settlement on my report. Any thoughts?
2006-08-04 11:46:33 · 6 answers · asked by Tiffany S 1 in Business & Finance ➔ Credit
It is a myth that someone can write "Paid in Full" on a check, and then, if the payee cashes the check, the remaining debt is considered null and void. It doesn't really happen that way.
The credit card company would be able to continue their efforts to collect the money you owe them, and can sue you. They would probably win, unless you can prove that they defrauded you in some fashion.
2006-08-06 11:54:32 · answer #1 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
sounds like an old wives tale.. That means nothing.
if you want to pay in full for a lesser amount, you will need to cut a deal with the credit card company, and have them send you IN WRITING that that amount will settle the account IN FULL.
then you pay them, and expect a 1099 form at the end of the year so you can pay tax on your extra income! (the difference between what was owed, and what was paid)
either south dakota is wacky, or you have all kinds of weird ideas about credit.
2006-08-04 12:05:58 · answer #2 · answered by kvuo 4 · 0⤊ 0⤋
The total disclousure should be on the ck but all the creditor needs to do is write Without Prejudice on the back.
Unless you have something in writing it may not fly. But I have seen cases which the courts have favor the individuals. If you are looking to fork out some real cash. Is not Worth It. Imagine if everyone starts sending that to the mortgage companies!!!!
2006-08-04 12:34:55 · answer #3 · answered by Rafael R 2 · 0⤊ 0⤋
Where did you get that information? Just putting a notation on your check doesn't change the amount of money you owe to a credit card company.
2006-08-04 11:50:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If a balance is owed on an account,
"Paid in Full" on the check means nada, zilch.
Can you see everybody doing this?
2006-08-04 11:52:32 · answer #5 · answered by ed 7 · 0⤊ 0⤋
you know this for a fact ? I would think it easy to contest.
2006-08-04 11:51:09 · answer #6 · answered by The Advocate 4 · 0⤊ 0⤋