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Need help writing a settlement offer ASAP


mrsbadcredit
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Ok here is the problem here. Trying to close on a home ASAP (before the end of Jan.)and we need to settle 2 accts. I need help proposing a settlement letter. I was informed that I need an agreement where I don't admit to any liability warrant the debt, this is not a re-affirmation of the debt. They agree to delete tradeline, not sell any remaining balance, and not to attempt to collect it themselves. Does anyone have any idea where to look to find sample letters that will help me to write this settlement letter. I need these letters written and faxed out today.

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I'm sorry to hear you are under such a time constraint. This could be touchy for you since the CA's will invariably pull your reports and may be difficult to negotiate with once they notice that you are in the mortgage process.

 

I haven't yet settled any past debts, but hopefully others here who have can provide you with some good language to include in your letters. Good Luck!

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To Whom It May Concern:

 

This letter acknowledges that on XXX XX you received a demand for validation letter.

 

I am hereby willing to make a compromise to make this alleged debt be expunged from my credit immediately. Upon an authorized agent of Applied Bank signing this “paid in full” agreement and returning to us, we will then forward a cashiers check in the amount of the settlement $XXXX to any address specified.

 

Upon deposit of these certified funds, Applied Bank agrees to delete all reference of this alleged debt from my credit history and agree that this is a paid in full settlement of the alleged debt of $XXXX (per credit report). Your company further agrees never to pursue (or sell to another collection source) any balance of this alleged debt, left by this compromise. Time is of the essence - Failure to respond to this offer within 5 business days, results in removal of this offer completely and we will contest entire debt with zero payments with all three repositories.

 

Please update my report to all three repositories. We respectfully request you fax credit deletion order confirmation (fax to XXX XXX XXXX) within five days of your business account deposit. This fax number is good for all correspondence on this issue.

 

Thanks

 

Am I headed in the right direction w/ this settlement letter?

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