I am sending a collection agency a pay to delete letter and on my check I wrote " Upon cashing as agreed, this account will be deleted from all CRA's" If they cash the check, do you think it will work. The collection is 4 years old.
2007-11-27 03:27:04 · 5 answers · asked by dthomas484 2 in Business & Finance ➔ Credit
NEVER send any money until you have an agreement from them in writting. If they cash the check they will not be legally bound to what you wrote. You also may cause yourself more problems because you may reset the legal Statute of Limitations. This is the period of time they can file a suit against you. Depending on the state this varies from 2-6 years from the date of the last delinquency. At 4 years you may be beyond the point they can sue you so your bargining power increases.
If you have any doubts of the debt being valid, or the amount they are saying you owe. You should send a debt validation request. This will require them to prove to you that it in fact is your debt and you do owe that amount.
If you know the debt is valid then you need to send them a Certified letter stating the offer of your payment. You also need to state that they must remove the collection account once paid in full. Only when they send you a letter stating they accept the offer should you pay them any money.
2007-11-27 03:41:17 · answer #1 · answered by OC1999 7 · 2⤊ 0⤋
The collection company may be sneaky and cash the check but send the remaining balance that you did not pay to another collection agency. They do this all the time. I wouldn't do it if I was you but you need to have something in writing from them before you send the money stating that if you pay this amount they will remove it from your credit.
2007-11-27 04:29:58 · answer #2 · answered by R.Womack 3 · 0⤊ 0⤋
The 7 years (actually 7 a million/2) won't be in a position to be began as quickly as greater. The reporting era is counted from the day that the unique debt replaced into located in cost-off or default prestige. From that element on, no count who owns the debt or while it replaced into became over or offered, it won't be in a position to be stated to the credit bureau after 7 a million/2 years have handed. If the debt is offered and stated as new (referred to as re-turning out to be older), all you do is dispute the debt with the credit bureau. The credit Bureau will look into, examine the 1st date of record and if 7 a million/2 years have handed, get rid of it. in case you sense morally required to pay the debt and function the skill to accomplish that, i might write the sequence enterprise employing a pay-for-delete letter (templates are on the internet), sending the letter signature required/return receipt asked (keeping a replica for your self). Do all touch employing letters and return receipt and in simple terms remember to change over no techniques (do no longer enable them get entry to to any of your money owed - pay through funds order in case you're able to).
2016-10-18 05:42:16 · answer #3 · answered by sander 4 · 0⤊ 0⤋
sure sounds good LOL
I have no clue!, but as soon as you pay the debt they'll need you to send a letter back that the debt was paid off and then you can have it removed!
2007-11-27 03:34:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not a chance. You just wasted a half penny's worth of ink.
2007-11-27 03:34:52 · answer #5 · answered by acermill 7 · 1⤊ 1⤋