11-20-2010 09:31 AM
06 What is a general release? How would one go about requesting this when asking for a PFD?
A General Release is a legal document that acknowledges something such as a payment as total satisfaction of the debt and releases you from any and all further liability. You can Google and find one that you can download.
Generally I would have them sign the document upon presentation of payment with good funds. In your case, you may have to just send it to them along with a cashier's check or money order and ask them to sign it and return it to you. Since there is always the possibility that they will not, make sure in any PFD offer that the amount eventually accepted is in complete and full satisfaction of the debt and by accepting payment they release you from any further liability. A restricted endorsement referencing this on the check you send them is also a good idea if you believe they will not live up to their end of the bargain.
11-20-2010 06:44 PM - edited 11-20-2010 06:45 PM
Excellent advice. I only post further to consolidate the two excellent recommendations given by sidewinder and O6.
Before you continue to press them on PFD acceptance, first know if the debt is still within SOL. This is particualry true if your PFD is for less than the full amount. It may prompt t hem to just bring legal action prior to SOL expiration, and thus their hope for recovery of the full amount of the debt, and no need to do any CR deletions.
Then, if you pay for less, secure as a term the suggested general release.