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i just came to agreement with debt collector, (i co-signed for nephew's apartment! bad idea) iq data agreed to accept 1/2 the total debt. the total was $7,000.00. I gave them my bank check route numbers and check number to withdraw the funds. They sent me a letter stating: we aknowledge receipt of your payment and release you and you alone , pending check clearing, from any further liability regarding the original debt. also they will remove any negative info off credit . They said verbally they will go after my nephew and his girlfriend for the rest. Am I ok or do i need more???? Help
State/Country relating to Question: California Already Tried: I agreed to pay $3500.00 of the 7000.00 iq data was trying to collect. they agreed and i gave them a check number and the routing numbers. they sent a paper acknowledging receipt and releasing me & me alone from any further liability to original debt and to remove any negative info on credit . Will this end my liability and close my case am i ok
<p>DearCustomer- so long as you have the release in writing you should be fine. Of course they can sue your nephew but that is no your problem. Make certain to keep the release in a safe place in case anyone ever tries to come after you in the future.</p><p> </p><p>If the remainder of the debt is sold to some other creditor they could mistakenly think you are still on the debt so you would need to have this document to prove you have been released.</p><p> </p><p>Dave Kennett</p>
can they take more than the $3500 out of my account?
Not if that is all you agreed to and what is shown on the document. It would have been better to have given a bank check than your account number etc but since it has alreday been done you should contact your bank and tell them not to release more than the $3500. Dave
Lawyer (JD)
25 years experience in general law, including real estate, criminal, traffic, and domestic relations