Associates Inc, referred to as COLLECTION AGENCY and Paul Gray, referred to as CONSUMER, agree to resolved the matter of the alleged debt, originally held by the ______________________ Company hereafter referred to as the CLIENT. COLLECTION AGENCY, hereby agrees to settle this alleged debt claimed by COLLECTION AGENCY on the following terms and conditions:
The COLLECTION AGENCY certifies that it is legally authorized to act in behalf of its CLIENT and that any agreement that the COLLECTION AGENCY makes on behalf of Client is legally binding on the Client.
The COLLECTION AGENCY and the CONSUMER agree that the present debt due is $38,0000.00 (one thousand thirty-eight thousand & 00/100 dollars). The parties agree that the COLLECTION AGENCY shall accept the sum of $9500 (nine thousand five hundred dollars & no/100 dollars) as full payment on the debt. The acceptance of the payment will serve as a complete discharge of all monies due, and the COLLECTION AGENCY agrees to consider the debt paid in full and agrees to not take further action to collect on the alleged debt. The payment shall be made in the form of a cashier’s check.
Upon payment of the $9500, the COLLECTION AGENCY agrees to remove any listing or information that the CLIENT may have placed on the CONSUMER’S credit report. The COLLECTION AGENCY agrees to never at any time in the future place any information on the CONSUMERS credit report.
The CONSUMER feels that the negative information on CONSUMER’s credit report is damaging and while the exact estimation of the damage is not currently known, the CONSUMER estimates it to be $10,000. Should the COLLECTION AGENCY fail to remove the listing or reinsert it at a later date, the COLLECTION AGENCY agrees to award liquidated damages of $10,000 to CONSUMER.
This compromise is expressly conditioned upon the payment being received by. If the CONSUMER fails to pay the compromised amount by, the original amount owed by the CONSUMER will be reinstated in full, and immediately due.
The person signing this agreement, __________________________________, hereby declares that he/she is authorized to act as an agent of the COLLECTION AGENCY.
This Agreement shall be binding upon and inure to the benefit of the parties, their successors, and assignees.
Legal Representitive of the Associates
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