When making installment payments on a settlement amount, do you receive monthly statements?

Question

If any of you have had a collector agree to waive extra fees, and accept monthly payments on a settlement amount, did you receive monthly statments, or just mail in your payments on the due date? Thanks

Also, this would be from a bill collector, not original creditor. Thanks

Answer 1

No monthly statements; they will rake you over the coals if you miss by declaring the settlement null and void. dont miss any payments. get everything in writing

Answer 2

You need to get this from the creditor. Also you need to ensure that you have some method of tracking that you are paying the debt - like cancelled checks, etc. The credit bureaus sometimes dont like to erport the collection being paid down, so you need to have an agreement with the creditor or collection agency that they will report the account current or paid satisfactory. That is the only way that your credit report will be affected positively until you paid the debt off in full.

Answer 3

For the installment loans I have (student loans), I do not receive a monthly bill. I just mail them the money. At the begining, they gave me a payment book which lasted the length of the loan. I'm sure most car payments work the same. Car payments are also installment loans, so I'm guessing these examples would work the same as your settlement installment loan.

Answer 4

In Michigan the judgment creditor is not required to send you anything until the judgment is paid off. However they should do it for record keeping purposes.

I would imagine that it's within your rights to call them and ask for an accounting, so you know that you are not overpaying on the judgement.