Question by Mike: Has Anyone Ever Tried This Debt Settlement Strategy?
In response to a question I recently asked titled “Suggestions for Debt Settlement Negotiations (Part 2 of 2)”, someone suggested the strategy outlined below. I know it sounds sleazy, but as long as it’s legal and there’s no backlash from the original Creditor for me even trying it, I am game. Has anyone ever tried this with success?
Here’s the Strategy:
“The best thing to do is to send them a check for whatever amount in settlement you choose. Include a letter that is notarized, certified mail, return receipt, stating that if they cash the check then they accept this amount as payment in full and agree to remove any and all negative information from all of your credit reports. I’ve done this many times and also told other people who have done it and it works. Especially bigger companies have automated payment processing and they will just cash it and probably not even read the letter. Once they cash the check, send the proof and a copy of the letter w/ proof of delivery to all the credit reporting agencies. They will correct their records and show you as “paid as agreed” on the account”.
Best answer:
Answer by Peter B
I havent tried, but as a 20+ year banker, it soulds brilliant. Bird in the hand vs two in the bush may apply here!
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