Hi, I settled a debt for 25% of the balance owe

Hi,

I settled a debt for 25% of the balance owed last week with a collection agency. I have the settlement agreement in writing and I wrote if you cash this check then the account is 'settled with no further obligation' which is the wording used on the settlement agreement. I also have proof of delivery and a copy of the cashed.

I received a letter today from the same collection agency trying to collect on the remaining balance. They claimed that the account was sold to themselves via another LLC.

I am in CA. Can they do this?

6 Answers

The CA will not be able to take you to court. You won't have to make any further payments. Always keep the documents when you're dealing with a CA/creditors. 


Thanks for the reply. Much appreciated.


The original CA failed to code and close the account properly and then sold it.  You have no further obligation.,  As I said above, send a copy of the letter and proof of payment and tell the new CA to bug off.  They will not want to waste money collecting any further.

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

Does the wording in the agreement 'settled with no further obligation' prevent the CA from legally selling the account?


The settlement agreement is from the CA. If they take me to court do I have an adequate defense?

 


Who wrote the settlement agreement?  The CA or you?  If it is the CA, you are ok...if you wrote it, you might have a problem.  Restrictive endorsements in some states are useless.

 

Iif it is a settlement agreement letter from the CA, send them a copy of the settlement agreement and a copy of the cashed check..account number blacked out and a cease and desist letter, telling them to bug the hell off.

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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