Paying Off Creditors...

[karihager1982]

What is the name of your state? Michigan


I have posted here in the past, and I have some more questions.

This month (April 15th) I will be paying off one of my creditors. The balance was about $570 so I sent in $285 on March 15th, and like I said, the rest will be paid this month.

When I make my last payment, I will be sending in a letter requesting some kind of paperwork stating the my account is paid, and satisfied.

Should I send this letter BEFORE I send in my last payment, or should I send it WITH my payment? And what happens if they do not send me any paper work stating that the account is paid?

My major concern, is that they don't send me any paper stating that the account is satisfied, and that they might try to say that I owe them more money, when in reality, the debt is paid off. (I'm not sure if this makes sense to anyone.)

I am just trying to make sure that my debts are taken care of, and that none of my creditors can come after me once they are paid off.

I have about 12 creditors in all that I owe (most are under $500 each) which is why I am starting to just pay them off one by one.

Is there any advice on how I should be handling this process? I just want to protect myself, and don't want anything to come back and bite me in the butt in the end.

Also - if they do send me paperwork stating that the account is satisfied, what do I do with the paperwork? Do I have to take it anywhere, or send them to the 3 credit bureaus?

Any advice is greatly appreciated.
Thanks so much!
~ Kari ~

 

[ablessin]

Letters

Yes - attach with your final payment a request for satisfaction letter from them that the account is paid in full.
Your post makes sense to me! I do the same thing. - if you don't get a letter within 2-3 weeks of them cashing your check, call them and verbally ask for a letter. They should send it to you.

Then, copy that letter 3 times and mail it to each of the credit reporting agencies Experian, Equifax, and Transunion - you can get their addresses on their web sites. They also have documents to send with it - usually a copy of your license, and your social security card - this is so they can ensure you're who you say you are and that they have a couple forms of identification that no one else should have so they know its legit.

Good luck and your plan is awesome - I am doing the same thing - pay them one at a time - it's less confusing that way.

 

[karihager1982]

Thanks so much for the reply! It was very helpful to me!

I already typed up a letter to send out with my payment, so I am really looking forward to getting these credit issues resolved.

I also agree - paying them off one by one is much easier.

Well - good luck with your progress! Thanks again!

~ Kari ~

 

[ablessin]

glad to help.


good luck