2 replies to this topic

[jamesny]

Hi all,

I'm hoping you guys can give me some input about my settlement letter that I plan to send to the CA, I'm pretty nervous about things. Some background: the debt has been validated, it's not on the credit report (hasn't been reported yet), I would like to pay in full and be done with it but I don't have the full amount and definitely don't want to go on a payment plan with a debt collector. The original debt is for $12,500. I posted a question about negotiating with medical debt collectors on the medical forum and didn't get much help, so I did the work on my own and I am posting here hoping to get feedback or opinions. I am hoping to negotiate the debt down $6,000. I have no idea if this is feasible and what the chances are of them accepting.

Thanks!


Dear Sir or Madame:

I am writing in response to a letter I recently recieved from your agency regarding a medical debt. This is not an aknowledgement or acceptance of this debt.

I suffer from several ongoing health problems and my only current source of income is social security disability income. However, I would like to take care of my debts as best as I am able and I appreciate any efforts your company is willing to take to work with me. I am currently negotiating medical debts with several creditors and I have a limited amount of money to pay my creditors due to my continuing disabilities.

The amount I propose to settle my debt is $6000. This money will be a personal loan from a friend, whom I will then repay over two years time. Therefore, I will be paying in a lump sum.

If you accept this settlement, you agree not to report any imformation regarding this debt to a credit agency nor any third party.

If the above is acceptable to you, please send me a letter agreeing to these terms, at the address listed above. Upon receipt of this agreement I will send you the agreed amount via money order.

Thank you for your time.

Sincerely,

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[msfgrp11]

Depending upon the type of debt you are talking about and when the original default occurred, it is likely that you would be able to settle it for a much lesser amount. Collection Agencies generally accept anything they can get their hands on when you offer a cash settlement like you are doing since they have typically paid pennies on the dollar to purchase the debt from the original creditor. Make sure that whatever agreement you strike with them, you get it in writing. Don`t forget that CAs are a totally unscrupulous bunch!



Hi all,

I'm hoping you guys can give me some input about my settlement letter that I plan to send to the CA, I'm pretty nervous about things. Some background: the debt has been validated, it's not on the credit report (hasn't been reported yet), I would like to pay in full and be done with it but I don't have the full amount and definitely don't want to go on a payment plan with a debt collector. The original debt is for $12,500. I posted a question about negotiating with medical debt collectors on the medical forum and didn't get much help, so I did the work on my own and I am posting here hoping to get feedback or opinions. I am hoping to negotiate the debt down $6,000. I have no idea if this is feasible and what the chances are of them accepting.

Thanks!


Dear Sir or Madame:

I am writing in response to a letter I recently recieved from your agency regarding a medical debt. This is not an aknowledgement or acceptance of this debt.

I suffer from several ongoing health problems and my only current source of income is social security disability income. However, I would like to take care of my debts as best as I am able and I appreciate any efforts your company is willing to take to work with me. I am currently negotiating medical debts with several creditors and I have a limited amount of money to pay my creditors due to my continuing disabilities.

The amount I propose to settle my debt is $6000. This money will be a personal loan from a friend, whom I will then repay over two years time. Therefore, I will be paying in a lump sum.

If you accept this settlement, you agree not to report any imformation regarding this debt to a credit agency nor any third party.

If the above is acceptable to you, please send me a letter agreeing to these terms, at the address listed above. Upon receipt of this agreement I will send you the agreed amount via money order.

Thank you for your time.

Sincerely,
[/quote]