Reply
Regular Contributor
Posts: 217
Registered: ‎04-17-2007
0

Settlement Offer on CC Debt

Just received a call from a CA offering me a settlement offer on a closed/charged off CC. When I asked for a letter outlining the terms of the settlement in writing so that I could consider it, she said she could not provide me with anything in writing unless I agreed to the terms of the settlement in advance and gave her a date by which the account would be paid off.

Is this legal? And is it inappropriate for me to request this document in writing so that I can consider the settlement offer PRIOR to committing to it?
Established Contributor
Posts: 560
Registered: ‎05-03-2007
0

Re: Settlement Offer on CC Debt

i would tell her to go peck $hit with the chickens...
Established Contributor
Posts: 905
Registered: ‎05-09-2007
0

Re: Settlement Offer on CC Debt

It's not inappropriate to ask... I've got the reposnse in the past but pressed. I agreed on the phone to settle on an agreed upon date but made clear that I would not be in agreement if the TL wasn't going to be removed.
 
If it's not reporting get it taken care of before it does.
 
Rob
Established Contributor
Posts: 578
Registered: ‎06-18-2007
0

Re: Settlement Offer on CC Debt



dog wrote:
i would tell her to go peck $hit with the chickens...



My response would have been something similar.
 
But to answer your question, yes, of course you have every right to see what you're agreeing to in writing.  What if the agreement says if your payment isn't cleared they'll ship you to Oman to work off your debt by herding sheep.
 
Not trying to be smart, I'm just saying.
 
Don't agree to anything you cannot read.
 
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: Settlement Offer on CC Debt

Yes you have every right to have it in writing.   They just don't don't want to do the paperwork and they also feel that it is a delay tatic, so they want to get anything they can from you over the phone.   You don't have to fall for that.   They like to intimidate because they take the chance that most people don't know their rights and such.    
 
Do not agree to any settlement unless it's in writing.   You have every right to push forward with that.
Valued Contributor
Posts: 1,065
Registered: ‎04-26-2007
0

Re: Settlement Offer on CC Debt

You can even take it one step further and have them email you the settlement offer in pdf form if it's trust factor on their part.
 
I would say if you don't want to mail it email me it and we can get this going.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.