Reply
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: PFD Response

 


O6 wrote:

 


IMPROVELIFE wrote:

  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.


 

+1

 

 

Good Luck
May all your dreams and wishes become a reality!
Epic Contributor
Posts: 21,221
Registered: ‎03-19-2007
0

Re: PFD Response

[ Edited ]

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.

Valued Member
Posts: 58
Registered: ‎11-04-2010
0

Re: PFD Response

Thank you all for clearing everything up, I appreciate your assistance.


Starting Score: 550
Current Score: 570
Goal Score: 750


Take the FICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

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. 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.