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Found 5 results

  1. I have a question on wording a settlement offer for a hospital on a medical debt. I have a settlement letter that will serve as an agreement for a regular cc debt, but I don't know if I should use the same letter or add extra wording to include HIPAA rights or so on. Backstory, which you will find on my other posts: Hospital original charge $3900, been paying for over 2 years now down to $3500, sent to collections. I have spoken with the manager of the billing department of the hospital and we reached a settlement lower than original amount and they have agreed to retract the account from collections once the payment has been made (that took time to convince because he wanted to just have the collection updated as paid "claiming" once it's sent it cannot be retracted, but everyone on this board knows it can). I will fax over the settlement letters for him to sign and I will not send the cashiers check until the letter is signed and returned to me. I have copied what the letter will state. I have not include important information such as name of hospital, blah, blah, blah. Please help me in the correct way to word this so I can get it sent to him as soon as possible. Thank you! Yes WhyChat, I have gone through all your steps and I'm on the step to "insert a" and make full payment, but I can't afford full payment but have saved up enough to settle. The Letter I Will Send: Dear Creditor, This letter is to confirm the settlement offer made between myself and your customer service representative ___________________ phone number _______________ made on ________, 20__. I really appreciate the fact that your company is willing to work with me on this matter; I wanted to make an honest attempt to settle this debt. The amount your customer service representative and I agreed to settle this debt in full is $___________. In addition, you will retract this debt from Collection Agency, any references on my credit reports (TransUnion, Experian or Equifax) relating to this debt as a collection or as late payment, paid collection or charge off regarding this account are removed from my credit file. If these terms are acceptable to your company, please sign the attached letter of agreement and return a copy to me. Upon receipt of this signed acknowledged agreement, I will express you a cashier’s check in the amount stated above. Yours truly, Your name Enclosed attachments. Agreement to settle a debt This contract shall serve to spell out the terms of a settlement offer between <insert your name>, hereafter referred to as CONSUMER and <insert credit card company’s name>, hereafter referred to as CREDITOR on acct number _______________________. Upon receipt of a certified check from the CONSUMER for $______________, the creditor agrees that this balanced owed on acct number _______________ is zero and that no further payment or fees are due from the CONSUMER at any time in the future. In addition, the creditor agrees to remove any references to late payment or charge off regarding this account from CONSUMER’s credit file, and will instruct any collection agency assigned by CREDITOR or its assignees to collect this alleged debt to do the same. This contract supersedes all other contract between the debtor and creditor. _______________________________________________ Date:___________ CONSUMER I attest that I am authorized to make decisions regarding the making and acceptance of settlement offers for outstanding credit card for the <insert credit card company’s name> company. Read, Approved and Accepted by:____________________ Date:__________ CREDITOR
  2. Hello, everyone and thanks in advance for your help! I've looked a lot and cannot find a sticky or a step-by-step guide to successful settlements. I am asking a LOT of questions in this post, but in return for everyone's help, I will commit to putting all questions and answers in a user friendly format to send to the site owners should they want to post this topic for newbies (like me) who are looking for some help. I did find one post with the following information (LMK if you agree or disagree, please): 1.Always get the settlement agreement in writing. 2.Send everything USPS (CMRRR). Tracking of delivery is very important. 3.Make copies of all checks and money orders sent. 4.Keep more than one checking account. Keep them at different banks. Just in case. 5.The phone is necessary when negotiating. However, it is wise to be cautious on the phone. 6.Never call them and offer a settlement. Let them come to you. They will trust me. 7.I always call the OC to make sure I am dealing with the proper agency. 8.I always verify with the CA and the OC who owns the debt. Here are the questions I have: What is the best way, step by step, to pursue a settlement? Do you always send a dispute/affirmation of debt letter even to the original creditor? Can/should this (DV letter) be done if the creditor has filed suit? Are there differences when trying to settle credit card debt, medical debt, etc? Is there a 'rule of thumb' regarding expectations of what the creditor will take of the original debt (20%, 30%, etc. of stated debt)? When do you ask for from the creditor (OC, CA, JDB, etc.) in regard to your credit report? I've found that they won't just delete the debt (maybe I'm doing something wrong...) I have settled a couple of debts which show on my CR as 'paid in settlement.' If you could, list the different options and explain how bad the line on the report would be as well as how realistic it would be to get them to agree to each thing. Is there a timeline in which one should do this if attempting to settle with all creditors? Is it okay to pay in payments or do you need to only do lump-sums? What if they will only agree to a settlement (payments or lump-sums) if it is drafted from a bank account? If the drafting is okay, should one set up an account solely for this purpose at a separate bank before beginning the process? If the creditor agrees to a settlement but won't send you the agreement in writing (even after payments and multiple phone calls) what do you do? If there is anything I didn't ask that I need to know, please don't hesitate to add your 2₵!!
  3. I am just starting to work to repair my credit and have a charge on my credit report from Central FINL Control in Anaheim CA for $450.00 from 2007. What are my steps in having this taken off my report or settling without a negative impact? I am completely lost, any help or assistance will be greatly appreciated.
  4. I have a cc charge-off that was settled for less than the full balance but they are reporting the difference that I did not pay as the current balance. I want this account deleted, not merely marked as paid/settled. How should I proceed? Any advice is appreciated.
  5. Hi folks! So I had enrolled in a debt settlement program with Freedom Debt Relief. After just a few days being late on my payment I got a call from Discover asking if I could make my payment. I explained that I was working with Freedom Debt Relief, and the Discover rep then advised that they don't work with Freedom Debt Relief, and continued to request a payment from me. At that time, I refused to make a payment and we ended the conversation. At just over 30 days past-due on the account it was sent to Zwicker & Associates (a law firm) for collection. I called Discover and they were no longer willing to work with me, and advised that my account was sent to Zwicker because I mentioned that I was working with FDR-- not because of the fact that I was late on my payments. I would think that regardless of what I said were my intentions, they would allow 60 - 90 days past-due before deciding I was definitely not going to send a payment and then send the account to Zwicker. Anyhow, after speaking with Zwicker 2 weeks ago, they wanted outrageous monthly payments ($1,000+ per month) on my $7,300 or so balance until it was paid off. I couldn't afford that so I told them I couldn't commit to anything just yet. I've received a few calls and voicemails from them since then, and I called them back today. They offered to settle at $5,853.00 (I'm sure 20% of my total balance, but I don't have my total balance to confirm this). I then asked how that might affect my credit report and the Zwicker rep advised that Zwicker does not report to the credit bureaus, only Discover does, and that there's a chance that Discover may enter the settlement as a charge-off/not paid in full. I can pay the $5,853 right now, but cannot afford to pay the full balance just yet. My biggest concern is being able to get a mortgage loan soon. Should I just give them maybe $5,000 for now, and do monthly payments on the balance until I can pay it off in full? This may take 6-8 months to pay off if I drop $5k on the balance right now. Will settling for the lesser amount be a good idea if I plan on getting an FHA loan at the end of this year, if possible? Or am I much better off just doing what I can to pay the full balance and avoid the negative reporting to the CRA's? For those that don't know, Zwicker & Associates is a sue-happy law-firm that is known for settling at no less than 80% of the balance owed. They're not a regular collection agency, so negotiating a bigger savings is nearly impossible with these guys from what I've read. Thanks for any input you all can give!!!
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