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Final Settlement Letter From

Discuss the legalities of Bankruptcy Law

Final Settlement Letter From

Postby Clyde » Fri Nov 11, 2016 7:59 pm

I got my final letter from Eric with Joseph H. Belzer Law office, it reads....This letter is to confirm our agreement to accept settlement in full of the above referenced amount for the sum of $5000.00 due on 4/20/07.  This will be Full and Final Settlement only if payment is posted no later than 4/20/07.  The account will not be considered settled in full until payment has cleared our bank.

**I have been talking to this "Law office" and told them i don't have that kind of money...let alone the $9927.13, that is what my chase bank acct closed at.  What should i do?  I tried getting loans but have not been successful.   If i pay the settlement of $5000 do i risk still being sued and losing the money i pay??  Or should i not do anything and go to court?? Will they garnish my wages?

HELP!!!

ANSWER: Miguel,

If you can and want to pay it, make sure it gets there by the deadline.  Give yourself a few days slack so there's no problem with the money clearing the bank.  If you do that then based upon what you have said about the letter, then that will be a "full and final settlement" so you should not have to worry about this debt.

If you don't pay they may sue you.  Depending on where you live, a garnishment can happen if you have a judgment entered against you.

I can't advise you what to do - you need to discuss this with a local lawyer who is knowledgeable about consumer issues and who understands your circumstances.

You can go to www.naca.net to see if one is in your area.

Best of luck,

John Watts

www.alabamaconsumer.com

---------- FOLLOW-UP ----------

Ok, So i called the Law office, and I told them I cannot come up with the full settlement of $5000 , I may be able to come up with $2000 by 4/20/07 and the rest in July when I get some money from my parents.  They said they MAY be able to work it out with POST DATED checks but only before 4/20/07.  So, if i miss the 4/20/07 date I guess they proceed to sue me.....Or should I at least pay the $2000.00 and give them a post dated check for the balance.

???
Clyde
 
Posts: 26
Joined: Sat Apr 12, 2014 12:18 am

Final Settlement Letter From

Postby Everhard » Sat Nov 12, 2016 12:21 pm

I got my final letter from Eric with Joseph H. Belzer Law office, it reads....This letter is to confirm our agreement to accept settlement in full of the above referenced amount for the sum of $5000.00 due on 4/20/07.  This will be Full and Final Settlement only if payment is posted no later than 4/20/07.  The account will not be considered settled in full until payment has cleared our bank.

**I have been talking to this "Law office" and told them i don't have that kind of money...let alone the $9927.13, that is what my chase bank acct closed at.  What should i do?  I tried getting loans but have not been successful.   If i pay the settlement of $5000 do i risk still being sued and losing the money i pay??  Or should i not do anything and go to court?? Will they garnish my wages?

HELP!!!

ANSWER: Miguel,

If you can and want to pay it, make sure it gets there by the deadline.  Give yourself a few days slack so there's no problem with the money clearing the bank.  If you do that then based upon what you have said about the letter, then that will be a "full and final settlement" so you should not have to worry about this debt.

If you don't pay they may sue you.  Depending on where you live, a garnishment can happen if you have a judgment entered against you.

I can't advise you what to do - you need to discuss this with a local lawyer who is knowledgeable about consumer issues and who understands your circumstances.

You can go to www.naca.net to see if one is in your area.

Best of luck,

John Watts

www.alabamaconsumer.com

---------- FOLLOW-UP ----------

Ok, So i called the Law office, and I told them I cannot come up with the full settlement of $5000 , I may be able to come up with $2000 by 4/20/07 and the rest in July when I get some money from my parents.  They said they MAY be able to work it out with POST DATED checks but only before 4/20/07.  So, if i miss the 4/20/07 date I guess they proceed to sue me.....Or should I at least pay the $2000.00 and give them a post dated check for the balance.

???
Everhard
 
Posts: 51
Joined: Mon Feb 10, 2014 2:14 pm

Final Settlement Letter From

Postby Nootau » Sat Nov 12, 2016 2:44 pm

Miguel, I'm always concerned when collectors don't give solid answers.  "May" work it out and using "post dated checks" is a concern.

I can't tell you what to do but you need to be comfortable in giving anyone post dated checks.  They have a nasty habit of being presented to your bank early and causing overdrafts, etc.

Best of luck and be careful,

John Watts

www.alabamaconsumer.com
Nootau
 
Posts: 46
Joined: Thu Jan 09, 2014 4:28 am


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