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Paying By Check

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MortgageMinded
Frequent Contributor

Re: Paying By Check

Thanks for the responses.

 

At this time they are not willing to put it in writing.   They want the checking account number first and will "fax" the settlement agreement second.   I know it's very deceptive to do this, thus the reason I am seeking other means of payment.    I don't trust them and they know it.   I have read countless posts that says never give a CA your checking account info.   

 

Now, I am trying to clean up my credit for a mortgage and will probably be stuck paying them in full as I feel they have no intention on settling this without being able to take the full amount (somehow).  I don't know why they just can't give me the letter and I will pay them by Cashiers Check or Money Order.  There are too many things that can go wrong with this type of model, and I just want to pay the bill without having to disclose any more personal info.  

 

Thanks again...

 

 


Starting Score: Jan 2014 EQ: 595 TU: 575 EX: 550
Current Score: Feb 2015 EQ: 615 TU: 650 EX: 643
Goal Score: Hoping to join the 700 Club this year!


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Message 21 of 28
polno1234
Contributor

Re: Paying By Check

gleaning all the info i can from previous posts this is what i gather from what you have said. you called the company to settle this debt to help you on your goal to get a mortgage. when you called you did not have the money to PIF or they just offered a settlement amount. i think the former applies because of the wondering about taking money out at a later date. you accept this debt and are willing to pay in full. if you have the money to pay in full there are some things to consider.

you can just pay in full and it will be marked as PIF on your account. this is the best option except for a PFD. since it is in the sol and you are afraid of it PIF is going to look good to lenders. you could since you have the money to PIF go ahead and accept the deal and have them fax you the settlement. they could take the rest later but no worries because you have the money anyways. but this will be marked as settled not PIF on your accounts. i dont know how lenders look at that but my guess would be one step below PIF. (and if they took the money at a later date it gets marked as PIF anyways). right now they have the bargaining power since you are still within the sol. you still have alot of options its just what you want to accept as risk. you can still send a PFD letter. but they can still take you to court aswell. so essentially its up to you. ask away and we should be able to give you answers as to the ramifications of each avenue you can take.

Current MERRICK SECURED-$200 EMBLEM MC-$250 EXPRESS NEXT-$350
In the garden till 10/9/14
Fico 8 start 02/15/13 488
Current TU Fico 8 641, EX 734 EQ 740
Goal 650 by 02/15/15
Message 22 of 28
Whitneyy
Valued Contributor

Re: Paying By Check

Honestly, I've did PFD for plenty of collection accounts and I have had no issues with them taking anything extra out of my account.

 

But to each it's own. 

 

 

GOAL - 700 FICO across the board!
Message 23 of 28
kris10smom
Valued Member

Re: Paying By Check


@polno1234 wrote:

mortgaeminded. have you asked them to send you the terms in writing? thats all you need. no need to go thru all this hassle of prepaid debit cards. if they provide you with written statement that they will settle account for x dollars then you would have legal recourse if they did not hold there end of the bargain. simple.  if they are not willing to send said contract to you the it is probably a tactic to get more out of you. as to the idea of a checking account or prepaid debit card. read the fine print. i don't know of any that specifically say " you will never be allowed to go over the amount you have in your account" they have clauses in there to protect themselves. that means the ca could still get the rest of the money and you would be stuck with overdraft fees. just get get them to send you a settlement agreement for the amount that you discussed by an agent of the company that is authorized to make these agreements. done


Are you sure about that?  I've used many debit cards when I didn't have a checking account and NEVER experienced anything like this.  If the money isn't on the card, it gets DECLINED.  Period.  No negative balances, no OD fees...even when using checking account numbers.  I've used Walmart, Green Dot, PayPal, Upside, and others.

 

No matter, I was just trying to help MM from my experience.  I'm not trying to argue about debit card checking accounts with anyone.  She either takes my input or she doesn't.  That's all.


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Message 24 of 28
polno1234
Contributor

Re: Paying By Check

kris10smom wrote


Are you sure about that?  I've used many debit cards when I didn't have a checking account and NEVER experienced anything like this.  If the money isn't on the card, it gets DECLINED.  Period.  No negative balances, no OD fees...even when using checking account numbers.  I've used Walmart, Green Dot, PayPal, Upside, and others.

 

No matter, I was just trying to help MM from my experience.  I'm not trying to argue about debit card checking accounts with anyone.  She either takes my input or she doesn't.  That's all.


im not attempting to argue Smiley Happy it is just my pessimistic never take at face value attitude. and it is the purpose of this forum to help each other. you have definatley given her a viable option.my glass is however...... always half empty. (my gf says my head is half empty aswell)'  

 

i would say again be wary.  i just read thru the cardholder agreement for the rush card. although i saw no overdraft fees i also saw nothing about an overdraft at all. this leads me to believe my statement is correct. i searched prepaid overdraft and found stated on cfpb's website "in general, prepaid debit cards are set up so that you can't overdraft; if you attempt to use your card and don't have enough money in your account it will be declined" trust me the card issuer will have a way out. since the customer was the one who innitiated the 'overdraft' it will not be to the benifit of the customer. unless within the cardholder agreement it stated that "i personally in no way be held liable for an overdraft on my account inniated by me or a third party who has my consent". then i would be wary. a glitch in the system allows your overdraft to go thru. who is liable? it just opens a can of worms. and a legal process or whatever. i digress though i've never seen the use for a prepaid debit card. so ive never had one. to many fees not unlike a sub sub prime cc company.

 

'

Current MERRICK SECURED-$200 EMBLEM MC-$250 EXPRESS NEXT-$350
In the garden till 10/9/14
Fico 8 start 02/15/13 488
Current TU Fico 8 641, EX 734 EQ 740
Goal 650 by 02/15/15
Message 25 of 28
sdwalt
Regular Contributor

Re: Paying By Check

PRS told me the same thing, that they would only take checking account  number. I told them I would only pay by CC and that was all I had. After some back and forth (about one min) they accepted and I paid by CC.

Message 26 of 28
MortgageMinded
Frequent Contributor

Re: Paying By Check

Thanks for the post sdwait, Can I ask how long ago you were able to pay with a credit card?

Starting Score: Jan 2014 EQ: 595 TU: 575 EX: 550
Current Score: Feb 2015 EQ: 615 TU: 650 EX: 643
Goal Score: Hoping to join the 700 Club this year!


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Message 27 of 28
MortgageMinded
Frequent Contributor

Re: Paying By Check

Thanks Kris10smom.... I appreciate the input and the feedback, I have spoke with several others and found out they do take CC's. I may go this route to get rid of this. Lesson learned from this, "Pay my bills on time".

Thank you all again for your kind responses.

Starting Score: Jan 2014 EQ: 595 TU: 575 EX: 550
Current Score: Feb 2015 EQ: 615 TU: 650 EX: 643
Goal Score: Hoping to join the 700 Club this year!


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Message 28 of 28
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