Finance House

What is the name of your state? Tennessee

I have two debts that have been given to collection agencies. Both debts are about 5 years old and both are credit cards. I would like to settle both of these debts and am planning to send a letter to both agencies that is worded as below. I am concerned that if they accept my offer and I send a money order back to them that they will still try to pursue remainder of the balance. Will this letter prevent that from occuring? If not is there a "right" way to word this letter? Also should I use a "restrictive endorsement" on the payment?


<DATE>

Me
123 Main
Anywhere, USA

Collection agency
123 main

Re:To Settle in full, account # nnnnn
Dear Sir/Madam:

I would like to make a lump-sum payment for a full and final settlement of the entire debt in the amount of $nnnnn.nn

If these terms are acceptable to your company, please have an authorized representative of your company indicate your agreement by signing this letter and returning the original to me. Once I receive the countersigned letter, I will promptly forward the payment by certified mail.


Sincerely yours,


me


The undersigned authorized representative hereby agrees to the terms stated
above, including, restoration of a favorable credit rating for the account holder upon
receipt of the indicated amount.


____________________________________________________
Authorized Representative Signature / Name / Date