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Hi, I am trying to negotiate a settlement for a credit card…

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Hi, I am trying to negotiate...
Hi,

I am trying to negotiate a settlement for a credit card debt that has gone into a charge off on my credit report. The account is with Chase Bank but they it turned over to a debt collector. I allegedly owed $16,696.91. I offered them $8,500 and they sent me a fax saying that their client, Chase has agreed to accept this sum as settlement in full conditioned upon receipt of a check on or before 25th of June. Is a fax although it is signed by their director of operations enough to protect me in case something goes wrong like trying to come after me for the difference at a later date, not reporting it to the credit reporting agencies, etc.

Thanks,

Adrienne
Submitted: 8 years ago.Category: Legal
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Answered in 3 minutes by:
6/24/2010
Lawyer: Ely, Counselor at Law replied 8 years ago
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 103,583
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
Verified
Hello Adrienne,



My name is XXXXX XXXXX I am one of JustAnswer's attorneys. I'll be helping you resolve your matter today.



Please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



A faxed signature indeed IS enough - although you need to ask them to send the original in letter form JUST IN CASE. If they completely refuse, then something is wrong, but they should not have a problem with it. Most deals are indeed concluded this way in this case.

Best of luck in your matter. I'm here if you need any more clarification or follow up information.



I hope you found my answer helpful, and if so please click on the ACCEPT button. This is the only way for me to get credit for my work - when you put in your payment information, I receive no credit for my time with you unless you press ACCEPT.



There is no fee for follow up questions should you wish to continue in this thread.



Remember, sometimes the law under which your situation falls does not give you the outcome or the choices you wanted - please understand that this is not the attorney's fault, but the way of circumstance.



There might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



If you feel that I went an extra step to help, a bonus would be appreciated!



You can always request me for a future legal consultation through my profile at http://www.justanswer.com/profile.aspx?PF=7286322&FID=7 If you do this, make sure to begin the question with “This Question is for Eli…”




















Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 103,583
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
Verified
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Customer reply replied 8 years ago
Hi Eli,

Thanks for the prompt response.

In the fax sent to me by debt collections they stated that upon timely receipt of said payment, their office shall advise their client that the account is settled in full. Thereafter, in due course, our client will notify the appropriate credit reporting agency of the accounts settled status. Does this give me guarantee they will actually report it to credit reporting agencies as settled in full? Also I am not sure the wording," in due course" will guarantee they will report it in a timely manner. Is there a limit to the time they can take to report to credit agencies?

Thanks,

Adrienne
Lawyer: Ely, Counselor at Law replied 8 years ago
Yes, they're actually pretty good at keeping their word with this believe it or not - I advise collection agencies so I know. They can typically report to a credit agency at ANY time within 10 years of the debt, but if it's satisfied, you don't have to worry.God forbid they do, then do this - when you find something incorrect in your credit report, you should alert, in writing, both the credit bureau who provided the report and the information provider. This is the process to dispute credit report information.

If you have statements or cancelled checks that support your claim, include copies of them with your statement(keep the originals for records). In your statement, include your name, complete address, the information you are disputing, and the reason the information is not accurate. It will be helpful to include a copy of your credit report with the disputed information highlighted.


Send your credit report dispute via certified mail with return receipt requested. This way you not only have proof that you sent the dispute, but also that the credit bureau received your dispute. Keep a copy of the letter along with any enclosures you sent.


The credit bureau has 30 days to investigate your dispute and respond to you, in writing, with the results of the investigation. Any data you provided about the inaccuracy of the information will be forwarded to the original information provider. The information provider is then required to investigate and respond back to the credit bureau.


Once the investigation is complete, the credit bureau will provide you with the results, along with a free copy of your credit report if the dispute resulted in a change. You can request that the credit bureau send a correction notice to any company that accessed your credit report within the past six months.


If there is inaccurate information in one credit bureau’s version of your credit report, it’s likely that the information will be inaccurate on the other two bureaus' reports as well. You should check all three credit reports to be sure that the information in each is complete and accurate.


Equifax
P.O. Box(NNN) NNN-NNNNBR>
Atlanta, GANNN-NN-NNNN

Experian
Dispute Department
P.O. Box 9701
Allen, TX 75013

TransUnion
Consumer Solutions
P.O. Box 2000
Chester, PANNN-NN-NNNNBR>

Sample letter:

Date
Your Name
Your Address, City, State, Zip Code

Complaint Department
Name of Company
Address
City, State, Zip Code

Dear Sir or Madam:


I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received.

This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is already paid out (include their letter). I am requesting that the item be removed (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records and court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,
Your name

Enclosures: (List what you are enclosing.)

That's exactly what your attorney would have done! Really. You just saved yourself $500. :)

Best of luck in your matter. I'm here if you need any more clarification or follow up information.



I hope you found my answer helpful, and if so please click on the ACCEPT button. This is the only way for me to get credit for my work - when you put in your payment information, I receive no credit for my time with you unless you press ACCEPT.



There is no fee for follow up questions should you wish to continue in this thread.



Remember, sometimes the law under which your situation falls does not give you the outcome or the choices you wanted - please understand that this is not the attorney's fault, but the way of circumstance.



There might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



If you feel that I went an extra step to help, a bonus would be appreciated!



You can always request me for a future legal consultation through my profile at http://www.justanswer.com/profile.aspx?PF=7286322&FID=7 If you do this, make sure to begin the question with “This Question is for Eli…”















Ask Your Own Legal Question
Customer reply replied 8 years ago
Hi,

I had one more question on the form of payment. They did not give me enough time to get the payoff money all in one place since some of it had to be borrowed, so if I mail them a check now it will not get there in the time they allowed and they said they would withdraw the offer. They want an electronic bank transfer and at this point it would have to come out of a relatives account in order to make their deadline. Do you see any problem in doing it this way?
Lawyer: Ely, Counselor at Law replied 8 years ago
No, but make sure you coordinate your payment schedule with them so they don't think you withdrew from it!
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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