Greetings. Three years ago I divorced and subseque

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In addition, I found this verbage on another credit site. Is this feasible (yes, I'm in CA where there is apparently a loophole for additional collection)?

 

"To settle this debt I will send you a payment for (agreed settlement amount) with a restrictive endorsement and if you accept my payment it will constitute an accord and satisfaction. In other words, you will receive from me a payment that states "acceptance of this payment constitutes payment in full." If you accept my payment it will take care of what I owe you"


I'm in CA. I checked and my last payments all were made within the 4 year SOL (2010 and one in 2011). I appreciate your frankness in saying "Good Luck on pay-for-delete". Better to know than to play a losing game. So here is my new question...when I do send my settlement payments (and I would love to get this going ASAP) is there a way to protect myself from having the original creditor from coming after me for the original balance and also a way to protect myself from having the CA selling the remainder to another CA? Is there specific verbage that makes this possible?

 

Thank you again for your help, I appreciate you sharing your knowledge. 

Angie

 


What state are you in??

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

SOL starts from the date on which you have made the last payment on the debt. Check the last payment date from the credit report. Settlement drops your credit score. But at least it is better than not paying off the debt at all. If you keep on making timely payments on the other debts, then your score will start increasing gradually. 


Does the SOL begin from the date I last made a payment to the original creditor (Chase) or the current collection agency? I have not made any payments to the collection agency and I believe the last payment I sent to Chase was some time in 2008. I will check with Chase for last payment date. Everywhere I check it appears that "Paid by settlement" is a bad as not paying at all. Therefore, what is the actual benefit of settling if my credit will remain ruined?

Thank you for your response,

Angie

 

 


Good luck.  Collection agencies and the original creditors just dont do "pay for deletes". 

How old are these debts?  When was the date of your last payment?  Are they still within the SOL?

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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