I am getting ready to start settling some old debt

I am getting ready to start settling some old debts. I have the settlement request letter ready, and the settlement agreement for both me and them to sign. Is our signatures enough to validate a settlement? Is there a need for getting it notarized?

Also, I am beginning with things on my CR's first. I plan to pay other debts off that I know about, or once off my CR, are they always off?

Thanks for such a wonderful place!

2 Answers

Once you have paid off the debts in full, the status of the accounts will be updated as "paid" or "paid in full". The item will remain on your credit report for 7 years from the date of last payment. Once the 7 year period is over, the items will be removed from your credit report.

If you settle the debts, then the status of the accounts will be updated as "paid as agreed" or "paid as settled".


They will not sign your settlement agreements.  If you wish to settle, call them , negotiate a settlement and then have them fax/mail you a settlement agreement on their letterhead.  They will not negoiate via the mail.

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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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