If you've reached an agreement with a creditor using UGotiate, and the settlement letter is missing a mandatory item discussed in ‘Checking a settlement letter before sending payment’ it is highly suggested you contact the creditor to request a new letter containing all required information before sending payment.
Who to call
If the settlement letter contains a collector’s name and extension, begin by calling that person. If there is no a name or direct extension, call the 800 number on the letter.
What to say when you call
Stay calm, be focused and always be polite. Remember, you already have an agreement to resolve the account, so the challenging part is over. Sometimes collectors do not want additional work after they send an offer and may not be easily persuaded to write a new letter. If the call becomes escalated, end the call and try later with another representative. To end the call, say something like: “I apologize but something has come up and I will have to get back to you” and then hang up.
Start the call off by saying something like: “I recently received a settlement letter from you but it’s missing some information. I am hoping you can help me with that.”
Then, follow the scripts below based on what is missing from your letter. If you are missing several items, you will want to combine some of the scripts to make sense to the collector and so you are not repeating yourself.
Settlement Amount
“The letter does not contain the settlement amount of $xxx we agreed to. I’m sure you can appreciate that I cannot send the settlement payment without a letter that shows the settlement amount. Can you please send another letter today containing the settlement amount? Once I receive the updated letter, I will be happy to the pay the settlement amount.”
If they give you a difficult time, you can say: “I’m sure you know a settlement letter is a contract. Without the settlement amount on the contract, the contract is not legal. The letter I have is not written proof that the amount we agreed to will satisfy the account. I need to have the settlement amount in writing to show the amount will satisfy the account. Can you please help me with this? Once I have the updated letter showing the settlement amount, I will send in the payment”
Payment Due Date
“I can’t find the payment due date on the letter. Unfortunately without this information on the letter, I cannot send you any money. Can you please add this information to the letter and send me a new one as soon as possible?”
If they give you a difficult time, you can say: “I’m sure you know a settlement letter is a contract between me and your company. Without the payment date on the contract, how can I be sure my money will get to you in time to satisfy my obligation? I need the payment due date in writing. Can you help me with this? Once I have the new letter showing the due date, I will send in the payment”
Original Account Number
“I can’t find an account number on the letter that properly identifies this account as mine. Unfortunately without the account number on the letter, I cannot send you any money. Can you please add this information to the letter and send me a new one as soon as possible?”
If they give you a difficult time, you can say: “I’m sure you know a settlement letter is a contract between me and your company. Without an account number on the contract, how can I be sure my money will be applied to my account properly? I need the account number on the letter. Can you help me with this? Once I have the new letter showing the account number, I will send in the payment”
Settled in Full Language
“I can’t find the language on this letter that indicates the settlement amount will satisfy my account in full and not just be applied to the principle balance. Unfortunately without this information on the letter, I cannot send you any money. Can you please add this information to the letter and send me a new one as soon as possible?”
If they give you a difficult time, you can say: “Without a letter clearly stating that the settlement amount is payment in full, how can I be sure my money won’t just be applied to the balance and that I will still owe the remaining balance? I need a new settlement letter indicating that the settlement letter will satisfy my account in full. Can you help me with this? Once I have the new letter with this language, I will send in the payment”
If the creditor will not provide you a new letter, please read: “What to do if the creditor will not provide you a valid settlement letter”
Not a UGotiator yet, but found this information helpful? Learn even more when you join UGotiate.com. Guidance, tips and everything you need to resolve your debt for less than you own, once and for all. Start your free trial today: www.ugotiate.com
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