I am working with a collection agency to settle a debt. I agreed to two payments. Before I send the final payment, what should I write on the check? "Paid in full," "payment 2 of 2 for settlement of account 12345," or is there some other legal statement that I can use to show the agreed upon amount was paid in full to settle the debt?
2006-11-01 01:21:02 · 6 answers · asked by L H 1 in Business & Finance ➔ Credit
If you are sending a personal ck, you may want to put the account num and the Paid in Full, or you can send a bank ck that has a little bit more ground if ever you need to go to court.
The other thing is for you to request a letter from the company that the debt has been paid, or in a couple of weeks you can contact the original debtor and obtain a paid in full letter from them.
2006-11-01 03:02:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
In the memo on the check write Payment In Full and if it's cashed it's viewed as being cleared of ALL debt.
2006-11-01 02:35:47 · answer #2 · answered by big gurl 1 · 0⤊ 0⤋
No write Payment In Full
2006-11-01 01:28:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You've covered everything with the notation of "Paid in full", the payment number and the account number. You can also add a notation to the back of the check stating "By cashing this check X Company accepts this amount as payment in full"
2006-11-01 01:28:55 · answer #4 · answered by Barbara C 1 · 0⤊ 0⤋
I disagree with a lot of what has been said below... BUT it depends on your country... Ive been in mental wards all my life due to a lot of mental inless.... Ive never had any debt though.. Physical and materials mean nothing no me... I dont care if I life in a box or the hilton.. it really is the same to me.... Ive only heard from other people who accumulated debt... they talk to me a lot in hospital... and THEY DO, assistance... IF YOU can proove you are not all there.. I am obviously 'all there' and it doesnt matter to me because I have no money issues... BUT a lot of my friends in the hospital I am in spend 23 hours a day trying to proove they are insane or not far off.... Sooooooo in the end it really comes down to how mentally ill you are.... With me I am just a sad ******... so who cares....
2016-03-19 02:26:49 · answer #5 · answered by ? 4 · 0⤊ 0⤋
cashing of this check constitutes complete and full payment on account number #
make sure you send a letter to the credit agency stating that your account is paid in full so they will take the outstanding debt off your credit report.
good luck! p.s. you can get one free copy of your credit report a year. a good thing to do just to make sure everything is the way it is supposed to be.
2006-11-01 01:25:13 · answer #6 · answered by annie - rainbow goddess 4 · 1⤊ 0⤋
"Paid in Full" will do. Or "final payment per settlement agreement".
2006-11-01 01:26:00 · answer #7 · answered by paleblueshoe 4 · 2⤊ 0⤋