debt settlement agreement-what else do I ask for?

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Q. debt settlement agreement-what else do I ask for?We are waiting for response from our CC companies for a debt settlement offer we made. What is the best wording to ask for for the credit report to include in the negotiations? I know we are not to pay anything until we get something in writing...but is "paid in full" "settled as agreed" satisfactorily settled" "paid in full settled"

A. I tried that years ago. I offered each of my creditors a lump sum payoff, including 5 or 6 credit card companies. No one even responded to my letters. I also had 2 rental properties with mortgages that I had assumed - one FHA and one VA -- both of which had no equity and cost me more per month than I was collecting in rent. So, while the mortgages were still current, I explained my situation to the FHA and VA and offered in writing to do a deed in lieu of foreclosure. Both ignored my offer. I followed up with a phone call and was told by both that they can't do that. Then, I just completely stopped paying any creditors except utilities and the mortgage on my home -- making sure I didn't pay more than the minimum so I wouldn't build up too much equity. I also just went ahead and quitclaim deeded the 2 other properties back to the FHA and VA, recorded the deeds, and sent them each a copy along with the names of the tenants, and notified the tenants that I no longer owned the properties. FHA and VA both just ignored that correspondence and each one started a long and drawn out foreclosure process, sheriff's sale, etc., even though the properties were already in their name. About a year or two later, I filed a Chapter 7. They all got nothing and I kept my home. So, that's my story about trying to be up front with creditors and offer them a settlement.

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