Post by iheartbanjos on Sept 22, 2014 12:50:54 GMT -5
I wouldn't do it. I would tell them that you have $x amount of money and if they aren't willing to put it in writing, then you will move down the list to your other debts.
Also, I'm sure this is obvious, but send them a cashier's check and do not give them access to your checking account.
I had mentioned last week that I have a settlement offer on the table from a debt collection company for a charged off debt. I called today and they verbally advised that once I pay the settlement amount, they will report it to the credit bureau and then within some period of time after that (I forget the number of days) they would remove it completely. There were a few other things that they said. I requested to have it put in writing, they refused. Asked to speak to the next person up and then the next. All of them told me the same thing, they wouldn't put it in writing, but that I was on a recorded line and that that should be sufficient. Thoughts on this? Settlement offer is 1/4 of the total debt amount, and would be nice to have it resolved since I'm working so hard to pay off the rest of our consumer debt, but I don't know. You all told me to get the offer in writing, but they won't do it, and now I don't know what to do. Thank you for all of your help.
I wouldn't unless it's in writing. Tmobile tried to do the "oh it's recorded don't worry about it" bit with me. When I tried to reference the earlier recorded phone call they said they had to pull the phone call which could take up to two weeks. And then, whoops, sorry, we don't have it anymore. I'd want something that you can physically keep.
If they won't put it in writing I'd skip over them and concentrate on a different debt to pay off. Then come back to them and hopefully you'll get someone to put that in writing for you.
Exactly! And I told them. Doing this would only help THEM! I've already taken the hit on my credit report and the statute of limitations is quickly approaching.
What happens when the statute of limitations is passed?
What happens when the statute of limitations is passed?
In my state, an organization has 4 years to file a suit in order to collect a debt. After that 4 years, they are out of luck and can't legally continue to try to collect. A lot of people don't know about this statute. It will continue to be reported on your Credit Report for up to 7 years I think. At least, that is my understanding.
make sure that the statute of limitations doesn't reset if you acknowledge that you owe the debt... I've heard horror stories about that happening in some states.