topic Should I call them?? in Rebuilding Your Credit

Should I call them??

fishone4 — Tue, 10 Apr 2012 17:17:41 GMT

HSBC accepted my payment for a charge-off. The payment cleared my bank 12 days ago, but nothing has changed on my credit reports. Should I call them and see what's going on?

Re: Should I call them??

pizzadude — Tue, 10 Apr 2012 17:21:13 GMT

@fishone4 wrote:
HSBC accepted my payment for a charge-off. The payment cleared my bank 12 days ago, but nothing has changed on my credit reports. Should I call them and see what's going on?

Did they agree to delete the account ? Or just update it as paid ? It might take a few weeks for them to update the account and send it into the CRAs.

Re: Should I call them??

fishone4 — Tue, 10 Apr 2012 17:33:26 GMT

This is a copy of the letter I sent with the payment. So I'm not sure if I will get a delete or just an update.

Re: Charged off account #XXXXXX

Amount: $XXX

To Whom It May Concern:

This letter is to inform you that the validity of this debt is disputed.

In the spirit of compromise, I'm sending Payment IN FULL in the amount of $XXXX. By accepting this payment in full you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion) or to have this account updated to a good standing as paid as agreed with all late payments updated to not reflect anything negative on my credit reports.. The purpose of this settlement is merely to have this item removed from my credit files or to have this account updated to a good standing, with paid as agreed with all late payments updated to not reflect anything negative on my credit reports. It is not to be construed as an acknowledgment of liability for this debt in any form.

Please accept this payment of $XXX as payment in full if you agree to the terms of this agreement and in exchange for full deletion of ALL references regarding this account or updating my account to good standings with no negative marks from my credit files and full satisfaction of the debt within 10 days of accepting payment.

HSBC Bank agrees to delete ALL information regarding this account from the credit reporting agencies or updating my account to good standings with no negative marks WITHIN TEN CALENDAR (10) DAYS following acceptance of payment as specified above and will not discuss the terms of this settlement with anyone.. If contacted by any third party, including credit-reporting agencies, HSBC Bank will not acknowledge that any offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

By accepting payment you agree to the above terms. It will be implied that this letter and a copy of the checked accepted by you shall constitute a legally binding contract, enforceable under the laws of my state.

Any response from you must be postmarked no later than 15 days from your receipt of this letter and accepted payment in full or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

Re: Should I call them??

cybarra2003 — Tue, 10 Apr 2012 17:33:45 GMT

This is quite literally the worst feeling in the world. I'm in the same boat where its all about patience. I called my OC today too because it has been two weeks since i payed my charge off and they said it takes 30 days to update the payment status..but it didn't take them long to update the balance. Unfortunately for me they are still reporting the forgiven balance even tho we settled. Patience.

Re: Should I call them??

Anonymous — Tue, 10 Apr 2012 17:36:57 GMT

I too am impatient

Chase told me it could take 90 DAYS to show up on my credit report!

It has been 65 days with no change.

Account was to be deleted in full....

I do hate this feeling of helplessness!

But I could have been told NO to the deletion so I need to count my blessings...

Re: Should I call them??

fishone4 — Tue, 10 Apr 2012 20:17:42 GMT

So I called HSBC, to see what was going on with my account since payment cleared my bank. Seems they don't know what happened to my payment. I gave them my bank info and and my bank even verified that the payment was cleared. How is they can take payment and then lose it. At this point I don't care if they delete, or update to paid , I just want them to find my money that they accepted.

Re: Should I call them??

RobertEG — Tue, 10 Apr 2012 20:35:00 GMT

You are kinda in limbo-land.

Contracts require a clear showing of a "meeting of the mind." Your position is clear, but theirs, arguably, is not spelled out. No clear statement of acceptance of all terms, and thus your "contract" is based on a terms expressed by you. Cashing of a check as an indication of acceptance of all contract terms by the other party is a legal bear to enforce.