Many creditors can be disrespectful and some are even dishonest. Some Creditors claim that their records indicate that you are indebted for more that you really are. All of your records show that you owe less than what your creditor claims. There are some sure fire ways to deal with a dishonest creditor.
First, you should contact the creditor in an effort to settle your account. When you contact them you should inform them that your records indicate you do not owe as much as they are claiming. You should offer to forward them a copy of all of your records that will substantiate your claim. If you spoke with a representative by telephone it would be in your best interest follow up with letter recapping your conversation. Once this information is obtained and reviewed most creditors will be willing to settle this dispute for a reasonable amount.
All agreements to settle MUST be in writing. I do not have to be a contract but should be at least a letter from the creditor stating amount to be paid and any other terms that was agreed on. Never send cash and on the memo line write “Payed In Full”. Uniform Commercial Code or UCC will provide you future protection against this creditor.
If the creditor is unwilling to settle the claim. Then send your settlement offer anyway but make sure your write “Paid in Ful”l or “Full and Final Payment” on the memo line. Also send a letter stating that you again dispute the amount they claim you owe but you are offering this check as an offer in settlement of the full debt. According the UCC 3-311 if the creditor cash or deposit the check then you are legally discharged from the debt. Keep in mind there have to be a bona fide dispute to the amount is owed. Documentation of this dispute is very import, so keep a copy of all your letters.
Each state have their own UCC laws most are as provided in this article but be sure to check your state laws. Always keep good records concerning an credit account. And, aways assume that telephone conversations with creditors are being recorded.
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Tags: check, creditor, Debt, Paid in full, writing paid in full on check