Questions & Answers
Can I take the settlement for credit card offered on the phone by collection agency?
I agreed with the collection agency regarding my unpaid credit card dues and they sent an email to me stating that as agreed, in the telephonic conversation, I can pay the amount as installments and close the cards.
Is it valid to accept it as email from collection agent or I need to get the settlement agreement from bank on their letter head?
Kindly advise.
Dear questioner,
Here's the answer to your question:
Generally, settlements letters offered by the collection agencies are preapproved and accepted my the bank management, thus, it is legally binding and acceptable.
However, in your case as I understood, the bank had offered you a number and agreed upon a certain number and a payment plan over the phone but no email confirming the same.
Thus, I would not advise you to go further on this payment.
What you need to do:
You can contact our office and we will get you even a better deal with less amount, delivered to your mail box officially containing numbers approved and accepted by the banks management.
Feel free to contact us regarding the same.
