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What all of this means regarding the settlement of the debt and the different companies in the different states is that they have given you some verbal assurances that this matter will be over and done with once you send a cashier's check for the full amount of the agreed upon outstanding balance of the overall loan -- and they are trying to make you comfortable enough to believe that this will happen when you send the money to the. If you receive a letter from them stating that the entire loan is paid off and complete then that letter is good enough to use as proof of settlement of the entire case and you will no longer have to worry about this case. A 1099 tax form at the end of the year is a different matter than a settlement letter -- that tax form shows that you owed a certain amount of money which was the outstanding principal balance of the loan and when the company agreed to settle the matter with you , the company wrote off an amount of money that was the amount of $$$$ -- so the 1099 is the amount of money that you did NOT have to pay to complete this matter with them and end the account.
what should I DO hold off with payment until I GET this letter or pay and trust that it will be done as they say
Hello again Dan --
You want to receive the settlement offer and amount in writing before you sign anything. In the letter, you want a written agreement from the company holds the Note stating that "in the event that $XXXXXXX dollars is paid then the debt of $XXXXX is Paid in full AND no further collection activity against you will be continued."
You should never send money to a company like this without the written settlement agreement ---- The company may then just credit the amount you pay as a payment towards the outstanding debt and will not use it as full and final settlement of the overall debt they claim that you owe to them. If they are sincere about wanting to settle this debt for you in an amount that is less than the amount owed on the cargo then they should have no problems putting the settlement agreement offer in writing at this point.Once they do that you can sign it and keep a copy and then send the payment and signed settlement agee ment back to them to finish up these matters.
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