The cccompany acknowledged that it should NOT have been reported as a charge offsince it was settled.
The cccompany acknowledged that it should NOT have been reported as a delinquentsince it was never delinquent.
The cccompany acknowledged that I do NOT owe them any more money, as the accountsettled.
Guiness56 –is there a recommended letter or form for offering a settlement to a companyand that would cover all the bases? You have mentioned that the companies can come after you for the balanceeven though things were “settled”.
In the caseI am referring to, it was done over the phone. The rep took the information and said they would get back tome. I followed up and they hadaccepted. I insisted on a letterconfirming the terms before I would pay them. I don’t have access to the letter right now, but I want tosay that it said it would accept the settlement amount as paid in full. I fully expect a 1099 C for this –because they “forgave” part of the debt. I objected to them saying it was a charge off and delinquent after itwas “settled”. They certainly havethe right to report it as settled, cuz it was. They also should report is “paid as agreed” because it was –the last agreement we had.
Totallyirreverent as far as settling goes, this cc continued to allow things to becharged each month, for nearly two years after the card was closed. And at $800-1100 a pop, each month,plus interest, that adds up to a hefty amount. Even more than what they wrote off. They refused disputes. And they acknowledged that no chargesshould have gone on the card after it was closed. But since the cc was paying the money to themselves(different department) they weren’t about to stop. Both departments pointed fingers at the other department anddenied accountability. The amountpaid in the settlement was the original charges PLUS a boatload of interest onan inflated balance that shouldn’t have been. As far as I know, there’s no help when a cc allows chargesor refuses to dispute charges.
