Settling a Debt

[educator06]

I owe $280 to a collection agency and would like to pay the balance in full and ask them to remove the information from my credit report. It has been past due for 60 days. Can I somehow negotiate with the collection agency so that we can both get what we want?

Also, can I make a statement on the back of my check stating that "endorsee agrees that by cashing this check all amount owed is settled in full. Endorsee will stop collection on this account and agrees to the removal of this account information from my credit report"

Is that legal? Is it even worded correctly?

 

[seniorjudge]

Q: Can I somehow negotiate with the collection agency so that we can both get what we want?

A: Yes; have the money in hand and talk to them. You have to remember, though, that you have nothing they want (except the dough) so your position is very weak.



Q: Also, can I make a statement on the back of my check stating that "endorsee agrees that by cashing this check all amount owed is settled in full. Endorsee will stop collection on this account and agrees to the removal of this account information from my credit report" Is that legal? Is it even worded correctly?

A: Yes, it is legal, worded correctly, and, most of all, totally worthless and completely ineffective.