How to Ensure OC Wont Sell Remaining Balance After Settlement

[icloud987]

Hi, sorry about so many questions lately. I just have nowhere else to ask for advice, this forum has been most helpful to my hopeless situation. 

I always thought as long as I settle with OC, not CA, there is not much to worry about.

But reading a few more posts, I start to worry about how can I ensure OC won't sell the remaining balance to the debt collector after I accepted and paid their settlement offer? The agreements I printed off the OC website: Chase, and American express, neither has mentioned they can't/won't sell the remaining balance to CA after settlement. 

I have posted the offers here, can someone please take a look and share your valuable insights regarding my concerns?

Chase settlement offer :

"We're fulfilling your request in our system and you'll receive a confirmation letter in the next 3-5 business days. When you complete the offer, your balance will be $0.00. If you don't complete the agreed offer, it may result in additional collections activities. We recommend you print this page for your records.If you successfully make these agreed-upon payments by these dates, we will cancel the remaining balance and you will owe us nothing further on the account."

Amercian Express settlement offer says :

This email confirms that the Settlement Amount and terms listed below represent an
offer for full settlement of the Balance Owed on your American Express® account
referenced above.
Settlement Amount:
$***
As a reminder, this settlement offer is contingent upon timely payment. American
Express will honor this offer if:
Payment of the full Settlement Amount is received by 7/20/2021
Payments are made in accordance with the payment schedule outlined below:

Upon receipt and clearance of payment for the full settlement amount, no further
attempts will be made to collect the remaining balance. Failure to remit timely payment
for the full settlement amount by the date referenced above may result in further
collection efforts to recover the full balance owed."

I paid both of these settlements on time. I  am trying hard to clean up my credit and rebuild, I don't want these remaining balances to be sold and arise later down the road at an unexpected moment. I have had many sleep nights over my mistakes and my situation. Just started to see some hope after many good people offered advice here. 

If OC does end up selling the remaining balance to CA, how soon I can expect to find out? It will be listed on my credit report under collections?

Thanks a million. 

[blindambition]

Settled accounts are updated to 0 and notated to Settled, paid for less. End of story. There's nothing to sell to anyone. Money was recouped and satisfied.

[blindambition]

I suggest reading the FCRA statutes and FDCPA. You seem to want things in writing, that won't be given. Not that a company is being shady, but that statute and regulations are understood and followed.

Maybe reading what is, can, will be done can help put you at ease.

[icloud987]

Thanks. I guess I just don't know what should be in writing and what wouldn't be, after I read everyone suggests get a settlement in writing. I will go read what you suggested. Have a good night. 

[OmarGB9]

Upon receipt and clearance of payment for the full settlement amount, no further
attempts will be made to collect the remaining balance.

I think that's pretty clear that they (Amex) WON'T try to sell the debt/collect on the account anymore.

If you successfully make these agreed-upon payments by these dates, we will cancel the remaining balance and you will owe us nothing further on the account."

Ditto for Chase.

[icloud987]

Thank you so much.

Can I ask you one more question? I am in the middle of settling another debt that belongs to Barclays but Barclays placed it with LTD, what kind of language I should be looking for in the settlement agreement since I can't directly deal with OC anymore? (I called Barclays, I was told to go talk to LTD ), will the settlement offer shows an agreement between me and LTD ? or it should show an agreement between Barclays and me? 

I am more scared of dealing with CA.

[OmarGB9]

Dealing with a CA is the same. Thus the language would be very similar to your two aforementioned example letters. They will just say something to the effect of, "our client" in reference to Barclays, but the settlements and wording would still be very close to that of Amex and Chase's settlement offers.

[icloud987]

Thank you. Your response helps me tremendously. 

[icloud987]

I forgot to ask, does it matter if I get the written agreement through fax or email? LTD has all these options. I was leaning towards email and fax as that would be faster than mail, but would that be less valid or involves more potential issues compared to traditional mails?

[OmarGB9]

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@icloud987 wrote:

I forgot to ask, does it matter if I get the written agreement through fax or email? LTD has all these options. I was leaning towards email and fax as that would be faster than mail, but would that be less valid or involves more potential issues compared to traditional mails?

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No, it does not matter. Email/fax would indeed be faster.