Payment Arrangements

[Anonymous]

I have decided that I am going to be honest and pay the debt that I owe so that I don't have to worry about it showing up again. I am looking to buy a home and I don't want this debt to be an issue in the future. I was wondering if there are any payment arrangement letters on these boards or if anyone has one that they can share. I was not able to locate one on here. Thanks.

[Anonymous]

This a copy of the letter I plan to send the CA.  Does anyone think I need to change or add anything? I have to respond by wed. 9/26 or they will be turning my file over to an attorney.

Dear Sir or Madam:

I would like to set up payment arrangements regarding Account # xxx Citibank South Dakota N.A. At the moment, my financial situation will not allow me to pay this debt in one lumpsome payment. I am currently working full time and attending school full time. However, In the spirit of compromise, I am willing to pay First Resolution Management Corporation $100 per month until I am able to make larger payments and resolve this debt for the full amount of $4430.92. Within the next couple of months, I will be out of school with a better paying job and a rommate which will free up more income. This will allow me to make higher payments to First Resolution Management Corporation. Payment of $100 a month will prevent First Resolution Management Corporation from turning this debt over to a collection attorney in the state of Georgia or any other state that this debt is associated with.

If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above offer and have it signed by an authorized representative of First Resolution Management. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of the state of Georgia.

Best regards,

In2Deep

[Anonymous]

Since they are threatening to legal action, I am not sure what you should do. You can try the letter but I doubt they will go for it, since it appears it is still within your SOL.

It is hard when you don't really have any leverage as in this situation, because you still owe them so much but the letter is worth a shot, IMO.

I'm sorry I can't be any help. Good luck!

(p.s. At the rate you mentioned, it will take you 3.5 years to pay off that debt, unless it is still accruing interest which in that case it will take longer, if you can at all afford to make higher payments I would suggest a higher amount to the OC.)

[Anonymous]

I spoke with an attorney and he told me to DV the letter in hopes that they will call me and violate the FDCRA and we can sue them. However,  I don't know if a DV will make them angry or if I should just try to workout payments. I just don't want a judgement on my CR because my fico is very low 514-542. Can't afford another hit. I have to decide tonite which one to do. Thanks for your input.

[Tuscani]

The DV should have nothing to do with your ability to negotiate payment arrangments.