cancel
Showing results for 
Search instead for 
Did you mean: 

when settling........

Regular Contributor

when settling........

is there ANY way you can be sure &/or try to prevent a collection agency from selling your debt to someone else after you've already paid a settled amount with them?

Message 1 of 7
6 REPLIES
Contributor

Re: when settling........

If you payed a collection try to get them to send you a confirmation that the account has been paid if another collection tries to collect on it you have proof that it was already paid and shouldn't have a problem getting it removed. Hope this helps


Starting Score: 607 (5-3-12) EQ FICO
Current Score:671 EQ FICO (12-15-13);669 TU FICO (12-5-13); 699 (12-2-13) WALMART FICO; 695 EXP FICO (6-24-13)
Goal Score: 700+ Across The Board


Message 2 of 7
Regular Contributor

Re: when settling........

Not from I read...I was told, they can sell and attempt to collect the amount that you didn't pay...which is one reason, why people shouldn't settle accounts and pay in full...

Chase Southwest $5000 - November 2012 Wal Mart $1000 - November 2012 NFCU Visa $5,000 - Sept 2012 NFCU NavCheck $3,000 - October 2012 Amazon $900 - Aug 2012 Kay's Jewlery $2700 - Aug 2012 Buckle $250 (Shopping cart trick) - October 2012 Roaman's $250 (Shopping cart trick) - October 2012 Capital One Secured $225 - April 2012 Capital One Platinum $2500 - July 2012
Message 3 of 7
Moderator Emeritus

Re: when settling........

If they send you confirmation that the account will be fulfilled to terms, they can't come back after the remaining amounts.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 7
Valued Contributor

Re: when settling........


Shogun wrote:

If they send you confirmation that the account will be fulfilled to terms, they can't come back after the remaining amounts.


+1

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 5 of 7
Senior Contributor

Re: when settling........


adio413 wrote:

is there ANY way you can be sure &/or try to prevent a collection agency from selling your debt to someone else after you've already paid a settled amount with them?


 IME, I asked for a letter that stated our agreement and to included the words ....debt settled/considered Paid in Full.

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Message 6 of 7
Regular Contributor

Re: when settling........

thanks everyone..............

Message 7 of 7