I was wondering, after getting some offers like this in the mail by CC companies and others, what would the legal implications, benefits something like this would have:
Sending a letter with a check attached to it, with wording along these lines: Collection Agency agrees to the follwing terms by cashing this check: it agrees to stop reporting acct #... to the CRAs and to consider this account PIF and fully satisfied, if collection agency does not agree with these terms do not cash check.
Chances are they will cash the check, how does that stand as dispute material, in a court of law, or as a way to get something deleted??? One would have to keep a copy of the letter with the check, just brainstorming...
I had read about this somewhere too, before reading this board, and a couple weeks ago tried it but under different circumstances. I filed BK but since I'm trying to clean up my reports I offered PFD to Kohl's and BofA (I had a line of credit IIB) eventhough I'm not required to pay them (I had numerous lates reporting as well so double ding). I see that BoA cashed the check at the end of last week and am waiting to see if it comes off my report. Hopefully since these are two reputable companies they will delete but it was a chance I took. I don't know about CA's though.
Message Edited by irishchk23 on 08-11-200804:08 PM
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Im am aware that Memo or endorsement lines have no or limited legal power, however, if you were to send a check taped to a letter stating in BIG letters the implications of cashing the check PIF, make and keep copies of what you are sending, and after they cash the check start a dispute with proof on hand, would that work at all???
I mean, if CCC can get away with signing you to a 200/yr program for cashing that $25 check (yeah we got one of those) couldnt we do something along those lines??? It would mean not having to wait for a PFD response, since they would have the money right then...
I dont know whether to add this to this thread or the other but I think that the restricted endorsement thing worked for me. They made an offer to me and when i accepted and sent the check I sent a letter along with it and signed it restricted endorsement. Neither the OC or the CA shows now. I dont see any harm in it but if they dont take it off (even if you send the letter and cancelled check to the CRA) the most they can do is leave it on. Then you PFD... or GW. and then the most they can say is no. Its a shot in the dark but I think it worked for me