     Lawrence Williamson | Monday, December 27, 1999 - 01:28 am 
My vehicle was repossessed in August. There was a $7,000 deficiency. I negotiated the balance down to $3,000 and had the creditor agree to remove the repossession from my report. Our settlement reads "...,if you remit $3,000 to ______, we will consider your debt on the above account satisfied and will notify the major credit bureaus that $0 balance is owing on the above account. We will also remove all derogatory remarks concerning this account."
My question is whether or not this is an acceptable settlement as drafted. My concern is that the language "all derogatory remarks" is broad and vague. The company refuses to commit to precisely how they will report the account once it is paid. This concerns me. Are my concerns legitimate or am I ruining a fair deal. |
| Earnest | Monday, December 27, 1999 - 08:41 am
Lawrence,
This is a good settlement (@ 43%). Make sure you
get the agreement in writing, perferably, on the
company's letterhead. If they refused to agree in writing, DONT PAY THEM A DIME !!! |
| Sean | Monday, December 27, 1999 - 11:07 am
The statement would be acceptable to me. |
