Monthly Archives: January 2017

Debt settlement letter

Never, Never, Never,Never, Never, Never,Never, Never, Never,Never, Never, Never,Never, Never, Never, EVER give them electronic access to your checking account. Ever. A money order tomorrow is as good as a check today. If they are willing to settle for 20% then trust me you aren’t their highest priority. It’s the collectors JOB to make you think everything hinges on TODAY…but it’s not true.

Tell them exactly this or you’ll regret it: “I’ll accept your offer of a FULL SETTLEMENT for $xxxx . BEFORE (Before, yes before….BEFORE!) I send you any money I will need a written settlement agreement from your company showing that after I make these payments for 6 months (NOT via electronic funds transfer..NEVER, EVER) the account will be settled in full and closed.”

Then don’t accept anything else. This is is ONLY way to successfully handle this situation. I’m trying to be so clear and persistent that you’ll not make the mistake of doing this on their terms so they can clean out your bank account electronically the next time you deposit a paycheck. They will….they will…they will. Then what will you tell the police “Someone I owe $1000 to took $1000 from my checking account!”??

Be firm, be fair, be safe. And watch this video about debt settlement: