okay so I pulled my credit report, and I found out that I had a debt remaining from a repossession that was done in 2007… by the way I live in Kansas. so I contacted the bank were the loan and repo are from they told me to contact there attouney and that I would have to speak with them about it. I contacted the attourney and asked the representitive to send me a list of what they think I owe, she sent it to me as well as a demand letter to pay full balance of 637.14. the break down is this Repo expense, Late Charges, Interest, and remaining that they did not get at auction for my car. (by the way was a 2002 grand am that they sold for 425.00, it was worth 3500.00 what a crooked system) anywho. I sent them a settlement offer via email, with the offer being 385.50, which is the amount of just the repo cost. should I have done anything different???? that is my question. here is the jist of my letter. Dear Collection Manager:
I have learned that you claim that I owe a debt to your collection agency. I must note that I have not yet verified this debt as legitimate and, as you are undoubtedly aware, I have a full right to do so under Fair Debt Collection Practices Act. However, I will try to save us both time and effort and settle this alleged debt out.
Below is my offer. It is not a renewed promise to pay nor does it constitute any agreement unless you sign and return it. Again, I have not agreed that this debt is mine and have an option and a right to request further proof from your agency regarding this debt.
Needless to say, you have the right to report this debt to the credit reporting agencies as you see fit and you can change this record status any time as the debt source reporting. You have also the right not to report it at all.
I am sure you are aware of my right to dispute this debt and request a full proof. I will not pay this unverified debt or any portion of it to you, unless we can agree that you will report this debt as mentioned below.
I know that having “PAID COLLECTION” status on the credit report would be very detrimental to me. Please do not tell me that you are unable to change the status or I will simply stop communicating and request full verification of this debt.
My goal is to come to mutually acceptable terms since this debt is questionable to say the least.
I will pay your company the amount of $385.50 as PAYMENT IN FULL for the full satisfaction of this debt. Upon receipt of the above payment, your company and Southwest National Bank agree to change the status to the “PAID AS AGREED” with all credit reporting agencies. Your company and Southwest National Bank further agree to remove all previous notations of any delinquency related to this account.
If you agree to these terms please acknowledge this with your signature and return it to me. You agree that the terms herein are confidential and you have the authority to make such decisions. No payment will be made without written confirmation.
This is not a renewed promise to pay but rather a restricted offer only. If all the terms can not be met, this offer will be void.
Collection Agency Name:____________________
CA officer signature:____________________
CA officer signature date:_________________
Sincerely,
do you think at least they will come back with a counter offer?
Originally posted 2009-08-18 22:23:33.
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{ 2 comments… read them below or add one }
Your letter is sadly funny. (I would recommend finding a debt book at the library and copy one of their form letters for a pay-to-delete.)
Gee, I’ll pay you, but I really don’t want to so I’ll claim the debt isn’t mine (when I actually know it is) and try to force you to take less than what I legally owe you. Please sign here.
They aren’t going to get back to you. 10cents on the dollar isn’t worth their time. If the car was worth $3000, you should have sold it yourself and saved $2600 of debt issues. You didn’t, so they did.
I have to agree with VB, your letter as shown above really means nothing and will persuade them to definitely not reduce the amount you owe.