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I have been contacted by , BF " financial about a debt that they purchased from , " Citizen Bank " .

Vestal, NY |

I have worked out a dollar amount that is less than the amount due and feel its acceptable but, How do I make sure that the original bank or any other credit agency will never contact me again for the remainder of the balance that will be left unpaid. I do have a letter from the original bank that any further correspondence would have to be with the collection agency. The collection agency has since sent a formal proposal. Just not sure if I am fully protected from further action at a latter date.

TBF financial not BF...Sorry

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Attorney answers 3


The written agreement should protect you. You can ask for proof that the new agency has purchased the debt and that the agreement state that upon payment of the agreed amount they will issue a general release and/or satisfaction of the debt.

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Make sure to get a General Release and a Satisfaction of Judgment, if applicable.

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It sounds like you have been contacted by a 3rd party debt collector and that a case has not yet been filed against you. If that's true you have some leverage to negotiate the settlement amount down. If this did end up in court, more often than not, a 3rd party debt collector cannot even prove that it owns the debt and an experienced attorney may be able to get the case dismissed outright. If you feel like you owe a portion of this and want to settle, make sure to get a general release and avoid consenting to a judgment at all costs. A judgment will negatively impact your credit score and if there is no case pending against you, there's no reason for you to consent to a judgment. You should have a consumer lawyer review the facts of your case as well as any settlement agreement/release to ensure that you are protected from further lawsuits and/or collection efforts.

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