Back when my finances were swirling around the drain, I pretended to the collectors that I was considering offers, and that if I could not make everything work out right, that I was going to file Chapter 7. (My main goal was to deter them from filing a suit and garnishing my bank account that was holding a good sum of cash that I ended up using to help buy my house on the eve of BK. 
)
Anyway, I was wondering how this should be done. It seems that a creditor would need to send a letter that would state something like, "upon acceptance of this offer with payment, the remaining balance is to be waived, with forfeiture of the right to recover." I presume that all creditors have some sort of form letter, and that if any creditor had tried to sneak in some sort of trick legalese that did not actually over a debt reduction, that some judge or regulator would have just unloaded on that creditor, so I tend to think that this would not be a possibility ... but you never know!
And if someone were to decide that only if he could get all his creditors to give him a net acceptable offer would he decide to take them, how should that be handled. (BTW, in my diversionary situation, I had 10 creditors.)
)Anyway, I was wondering how this should be done. It seems that a creditor would need to send a letter that would state something like, "upon acceptance of this offer with payment, the remaining balance is to be waived, with forfeiture of the right to recover." I presume that all creditors have some sort of form letter, and that if any creditor had tried to sneak in some sort of trick legalese that did not actually over a debt reduction, that some judge or regulator would have just unloaded on that creditor, so I tend to think that this would not be a possibility ... but you never know!
And if someone were to decide that only if he could get all his creditors to give him a net acceptable offer would he decide to take them, how should that be handled. (BTW, in my diversionary situation, I had 10 creditors.)
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