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Just out of curiosity ... can you say which bar requires you to pay off delinquent accounts? What do they consider "delinquent" -- only items in collection? anything over 120 days?
ALEXREDD wrote:I can't wait for this to drop off the reports (have to clear up delinquent accounts for other reasons - a bar license), but 690 is too much.
This thread is advice given to a creditor, not to a debtor. And the law about restrictive endorsements is very tricky. Ya need legal advice if you were going to go that route. You can't just send a check and write on the back "here's my mortgage payment, if you cash it, then my entire mortgage is paid off."
SmartCookie wrote:Here is the thread with the information... must read.... lf I can, I'll search around for an actual example later. http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=4797&view=by_date_asc...Maybe they would be more apt to settle for under 50% if they were staring at a check... and you say that's all ya can pay, take it or leave it. No doesn't always mean no... keep pluggin!
Correct, correct, and correct... that all goes without saying. Sending him to that link where he can research for himself and yes that thread notes that an attorney is suggested. Cap1 declined his original PFD.
masdeocho wrote:This thread is advice given to a creditor, not to a debtor. And the law about restrictive endorsements is very tricky. Ya need legal advice if you were going to go that route. You can't just send a check and write on the back "here's my mortgage payment, if you cash it, then my entire mortgage is paid off."
SmartCookie wrote:Here is the thread with the information... must read.... lf I can, I'll search around for an actual example later. http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=4797&view=by_date_asc...Maybe they would be more apt to settle for under 50% if they were staring at a check... and you say that's all ya can pay, take it or leave it. No doesn't always mean no... keep pluggin!If you're going to settle, and CapOne agrees to it, you need a written settlement agreement that says, among other things, that your payment is accepted as payment in full of the account. Otherwise, they can cash your check and still chase you for the balance.