I settled my collection staus with an electronic funds check. Shud I have done that? They said they sent me a settlement in Full letter in the mail. Was I wrong for doing this???
2007-02-01 07:29:19 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
An EFT is still a check drawn on your account. The reason they want to send a PIF (payed in full) letter is that way both you and them have a written record of it. If you haven't received the PIF letter in about a week after making the payment call them and tell them you haven't received it and pleas send another.
2007-02-01 07:58:55 · answer #1 · answered by topdawgco97 4 · 0⤊ 0⤋
Actually , ask your bank if they mail a check or electronic transfer your payments. Often times the bank pulls the funds when you make a payment then wires "batches" of payments on certain days- or mails a check .Then ask your credit card company how long it takes to process an electronic payment- many take up to 72 hours once they receive a wire to process the payment. Check into your credit card's payment options- often times they offer a low cost/free online payment option such as auto draft-where the payments are taken out automatically on the same day every month with no penalities. ( I use to work for one of Satan's minor minions- Citi Cards)
2016-03-29 00:12:35 · answer #2 · answered by Rosa 4 · 0⤊ 0⤋
Make sure that you write down the information and record the electronic fund transaction (date time and number). If there is no letter, forward the information to the credit reporting agency. Always keep a copy of everything that has to do with your money and credit. If ever you here from someone trying to collect these funds again, report the matter to your state banking authority.
2007-02-01 07:37:33 · answer #3 · answered by whatevit 5 · 0⤊ 0⤋
No, you basically wrote them a check without wasting the paper and the stamp. I have done this before. You will get a letter stating your account has been settled. If they called you and you do not have their number it may have been a bad move. I always make sure I can call them back. You should have an account number or a confirmation number. If not call them to confirm the payment was made.
2007-02-01 07:37:27 · answer #4 · answered by Jnine 3 · 0⤊ 0⤋
Generally this is okay to do, as long as you know the agency is legitimate.
However, in the future before any agency gets your money you should request that they send you a letter stating the terms of the settlement. Most will send this to you that day because they want their money. This way you don't have to worry if they "forgot" to send you a paid in full letter. As you have the letter that states what they are going to accept as well as the EFT to prove that they took it out.
2007-02-01 08:18:39 · answer #5 · answered by OC1999 7 · 0⤊ 0⤋
No. That was probably the easiest and fastest way to settle it. You will have your bank draft as proof of payment and the letter they will send.Plus you don't need to worry about it getting there safely. I use to work in collections and that was the number one payment service we used.
2007-02-01 07:34:00 · answer #6 · answered by Anonymous · 2⤊ 0⤋
I personally wouldn't have done that. But at least that way you truly have proof that they received it. I'd look into getting a different checking account now just to be safe.
Perhaps I'm being paranoid but I've heard nothing good about that industry.
2007-02-01 07:37:00 · answer #7 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
No, I don't think so. There shouldn't be a problem if it went to the intended party (who sent you the letter). I've done that before and there were no negative repercussions.
2007-02-01 07:35:37 · answer #8 · answered by chole_24 5 · 0⤊ 0⤋
i dont think so, ive done that before, no harm done. it takes alittle bit to get the letter. give them a call and make sure.
2007-02-01 07:33:22 · answer #9 · answered by loveboatcaptain 5 · 1⤊ 0⤋
yepper more than likely
2007-02-01 07:36:45 · answer #10 · answered by sunbun 6 · 0⤊ 0⤋