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I received a letter from Tiburon Financial L.L.C. regarding an unpaid balance I owe to Wells Fargo Financial. They're saying they will accept a total settlement of $568.48 as settlement in full. The balance is $1421.19. They're saying I cam give 3 payments in the next 3 months. Should I send payments or will these people not stick to the settlement offer once I start giving them payments?
Sounds like a real good deal, however make sure that you get it all in writing before you send them a dime. Once you have it all in writing then you will have proof it they try to renig on their end of things and you will have a course of action to follow.
Great deal but get it in writing and make sure it states that the amount will be considered paid in full. That way if the accept the offer and they agree they can not sell off the balance .
Does the letter I received not count as "in writing"? Or does it literally have to be in handwriting?
No, it does not have to be in handwriting, in fact that would look weird actually.
the letter you received is fine if it clearly spells out how your credit will be reported after you pay. So why are they lowballing this?
could you tell me when the debt defaulted? DOFD
what state you live in and what kind of debt?
If they are willing to settle of one third, you need to make sure this debt is valid.
Do you think it is a debt that they purchased for pennies on the dollar, many times when this happens they will settle for much less. However, I have never heard of them settling for this much less. Get it in writing and pay it off as soon as possible to get rid of it while you are getting a grand deal.
debt settlement with Tiburon financial llc
Hi Debtsucks,
Welcome to this community :)
You can definitely go in for the settlement, if you think you can pay the dues the way Tiburon Financial LLC. wants it. However, you should get the settlement in writing. If the letter sent to you by the company contains all the details of the payment clearly, and how it will appear on your credit report after you pay off the dues, that itself can be taken as a proof of the settlement.
However, when you answer back, send letters to them through certified mail requesting a return receipt.
Hope this helps.
Regards,
Aaron
Seriously, before you pay tell us what state you live in and the dates of this debt, open last payment made etc
Well I logged into my Wells Fargo Financial account to to see if it still would let me access it and it did. It doesn't tell me how much I owe on there but it does give me the option to make a payment though. Anyways, I thought I'd share what this letter exactly states, I relly appreciate all of your input. You're helping me a lot!
It reads:
***Detach Upper Portion And Return With Payment***
Regarding: Wells Fargo Financial Retail Services
Account #: ----------------
Balance: $1,421.19
In reference to the above mentioned account, Tiburon Financial will accept a total settlement of $ 568.48 as settlement in full. The settlement may be made in three payments of $ 189.49, with the first payment due on or before Mar 22 2010. the second payment due on or before Apr 21 2010, and the final payment due on or before May 21, 2010.
Upon clearance of your funds, we will notify Wells Fargo Financial Retail Services and they are responsible to update your credit profile to those agencies previously notified. We are not obligated to renew this offer. If you have any questions, please contact us at 888-339-6750.
Please be advised that the Internal Revenue Service requires financial institutions to annually report all debts in excess of $600.00 that are discharged by mutual agreement between the financial institution and its customers. Please contact your tax consultant to determine the impact of this discharged indebtness to you.
Sincerely,
Tiburon Financial, L.L.C.
A Debt Collector
This is an attempt to collect a debt and any information obtained will be used for that purpose.
--------------------------------------------------------
In the account section above, it really does state the account number, I just didnt type it in. Regarding some of the qustions, I live in the state of Texas. My last payment I ever gave to Wells Fargo Financial was on 04/13/2009 of $110.00.
Ok well texas has good protecting laws for credit. Have you asked them to delete this account from your credit?
who do i ask? tiburon or wells fargo? and how do i ask them?
tiburon,
write and say I am not admitting this debt but I would be willing to reach a settlement if you will delete this account from my credit report
Is it on your credit report?
delete this account from my credit report
The credit report will report truth. You can't delete this from the credit bureau. It will end up showing closed and balance due is $0 if you pay what they propose.
Wells Fargo-Tiburon
Just settled a 2nd mortgage in the amount of $70,400 from Wells Fargo that is in default thru their agent, Tiburon for $14,500... 20%...they went for it like a hungry fish for a worm.
credit
Ok..I DO have a question. I've received letters from CA's ..stating 'if I pay a certain % of a debt, the debt is considered paid'. I always thought things like this were scams. I DID owe these CA's..however... I DO know it's been more than 4 years ago (SOL for state of PA). How do I handle issues like this? Thanks.
credit
I've never heard of Tuberon. Is it a consolidation company, etc.? People have to be really careful who they deal with.
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