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i received a mutual release agreement from zipcash. they conceinted to close my account if i pay $350 and sign the mutual release. i borrowed $500, and have paid $300 in rollover fees. when i sent my C&D, i stated i would pay $200, as that is what is left of the principal.

need advice. should i pay the $350 and consider the matter closed? or do i keep badgering them until they get done to $200?




What state?

My advice would be to keep hounding them until they agree to $200, maybe go as high as $250 and chalk the extra $50 up to education costs (i.e. you learned your lesson, but it cost you a bit)

Sub: #1 posted on Wed, 07/30/2008 - 19:39

drburr drburr

(Posts: 108 | Credits: 12.52)

That's a big difference between $350 and $200. I am not sure what the mutual release is, unless you are speaking of some sort of "keep your mouth closed" thing, but I would not agree to anything short of $200 and a "maybe I'll keep my mouth closed" thing (only kidding on that one). Choice is yours, financially speaking and time wise.

Sub: #2 posted on Wed, 07/30/2008 - 19:58

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Most agreements will require you to "keep your mouth shut" about it . . . . It's a common clause in settlement agreements. Why else would they settle unless they are trying to shut you up? :D

Sub: #3 posted on Wed, 07/30/2008 - 19:59

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.91)

And goudah, why would any legitimate company want a person to "keep their mouth shut regarding their business". I guess their own statements say it all.

Sub: #4 posted on Wed, 07/30/2008 - 20:02

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

i'll weigh in here,i wouldn't pay anything over the 200.00.that's just me though.goudah is right that is part of all pdl settlements
unfortunately

Sub: #5 posted on Wed, 07/30/2008 - 20:11

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

It's common in settlement agreements all over, not just pdl's.

Most settlements you have to sign a confidnetiality agreement. No business want's it known that they "messed" up.

Case in point - My parents bought a dishwasher from a very well known appliance company. The dishwasher was defective, and ruined their kitchen floor. This company paid my parents $15,000 so they could fix their kitchen, and gave them a brand new, better model dishwasher. But they had to sign a release saying they wouldn't tell anyone about it. And this appliance company is huge and very legit.

Sub: #6 posted on Wed, 07/30/2008 - 20:14

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.91)

Well, I guess that throws the PDL theory out the window. Glad your parent got a new floor and a new dishwasher. I guess keeping my mouth shut would be a minor detail of the transaction!

Sub: #7 posted on Wed, 07/30/2008 - 20:15

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

i kinda understand,but did this appliance company give your
parents a little fight.i mean nothing and nobody is perfect.i just
think that an illegal pdl that threatened you,yelled at you,and
harrased you.would have more cause to do that than a legit company that's all.

Sub: #8 posted on Wed, 07/30/2008 - 20:27

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

Non-disclosure agreements can work when you are trying to negotiate a PFD but they won't delete the tradeline. You can throw a NDA into your agreement and dispute the TL. If they verify the dispute then they have violated the NDA. You have to word it properly though. Something like "revealing the terms of this agreement will make the party civilly liable for the sum of $10,000." or to that effect.

Sub: #9 posted on Wed, 07/30/2008 - 20:29

NASCAR_Devil NASCAR_Devil
Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

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