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  1. #1
    Join Date
    Jan 2008
    Posts
    6

    Default Collections Settlement Offer

    I have an outstanding loan from Triad Financial that was purchased by Chase Receivables.
    Chase is offering me a low settlement amount.
    What documentation, etc should I request to cover myself in the event that they (Chase and/or Triad) turns arond and states that the debt is not paid in full.
    I have heard horror stores involving both companies and just want to get this debt paid off and move on.

    TIA!

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Collections Settlement Offer

    Keep a copy of the settlement offer.

    If you plan to accept it, return your acceptance with a letter insisting that upon completion of your payments, they send a letter stating the debt is paid in full and that it will be marked on your credit report as "paid as agreed". Note that you will not send a payment until they have assured you that they will send the documentation in writing.

    Save your canceled checks.

    When you're done, send copies of your letter and their acknowledgment to remind them that they need to verify that the debt is paid in full. Then hold on to everything until the entry falls off your credit report.

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