Established Member
Posts: 78
Registered: ‎10-12-2012

Paying off old Debt HELP!!!

Hey guys,+

       I've been rebuilding my credit for over a year now with some decent sucess. My scores are almost all 600+ now when I started they were in the low 500's MyFico score was 638 last month. In the next few months I will be getting a decent sum of money enough for a down payment on a house. My goal is to beable to buy a house end of this year early next. That being said I have 2 debts that are from 2008 showing on my credit. I know it effects me because my latest credit card from my credit union I had to pull teeth to get because they both show up as Aug 2012 now as the debt was resold. One is for Citi Fini for around $4800, in octover they wanted to settle for $1000 but I lost my job and couldn't. After I sent them a Cease and Disist letter they sent me an offer for $1100.  The Letter states "Once payment is processed and applied to the account, the account will be considered Settled in Full. You will be released from any further financial liability" .   Now before I can buy a house I know these 2 accounts need to be taken care of. Do I need anything else in the letter like Debt wont be resold ect....  ? Also if I don't pay in full can they come after me for the rest later ?



Thanks for you help guys.

Posts: 22,406
Registered: ‎01-17-2008

Re: Paying off old Debt HELP!!!

Is the from the OC?  You can't send an OC a C and D letter.


It states you will be released from any further financial liabilty so that means they won't sell it.  I wouldn't put that in the letter anyway.


No, they can't if they are saying you will be released from any further financial liability.

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