A Restrictive Endorsement

Nys Attorney General Office - A Restrictive Endorsement

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The instrument by which those terms are conveyed is called a restrictive endorsement. A restrictive endorsement is a document drafted by your attorney or yourself and attached to your cost or placed on the back of a check, to notify the creditor that by depositing your payment, he agrees to description the item as you have specified or delete it entirely from your file.

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Nys Attorney General Office

The good thing about this formula is that it practically all the time gets the best introductory settlement. As much as it rubs the creditor the wrong way, it is still hard for many of them to send the money back.

After all, they make money by collecting payments, not by maintaining your reputation record. The disadvantage to using this formula is that sometimes, the creditor will reject the whole deal and send it all back. Other times, he will go ahead and deposit the check with no intention of changing anyone on your credit.

As a matter of fact, this happens quite often. The remedy for such operation is to file suit in small claims court. As a normal rule, mortgage lenders will not honor this form of payment.

This formula is ordinarily most productive with older accounts that have been reported on your file by a variety department and accounts that have been charged-off. Most of these creditors have lost hope of collecting any funds and will consider this a windfall.

Restrictive endorsements can also work with newer accounts if the creditor "perceives" the inventory may be difficult to recover. Disclosing your terms is straight through incremental notification, settlement and reputation reporting, then negotiating each one separately. This combines elements of both into an productive open dialog to reach an bargain on the front end.

A True Story: A friend of mine owed an older gas reputation card bill. The inventory was being handled by a variety department in New York City. My friend asked us what to do about this bill. It was for 0.00 and was practically (6) years old. Knowing that most folks that were in this business in New York City normally left their offices on Thursday afternoon to go up to the Catskills for a long weekend, we told David to send a check for 0.00 to the variety agency. He also placed this notation on the back of the check. Depositing of these funds constitutes cost in full on inventory #xxxxxxxx.

David mailed the check on Wednesday, knowing that it would get into the variety department office in Friday's morning mail. Guess who was running the office while the boss was playing golf? You guessed it. The, egotistical office manager that all the time wanted to declare her authority when the boss was gone.

When the mail came in Friday morning, she went straight through the checks like a beaver chewing on logs for a new dam. Her fingers were clicking that deposit stamp and a smile of "greed" came over her face as she totaled the deposits for Friday morning.

Well, lets just call her "Jane" for now. Jane couldn't walk fast sufficient to get to the bank to make the deposit. Mind you, she never read the backs of the checks. She just stamped for deposit only. When the boss called from the resort, he asked his girl how much of a deposit was made? When he found out that she deposited over ,000 he was ecstatic. He could now brag to his golf buddies about how good his office manager was.

Comes, Monday morning and the boss is the first one in the office. He looks at the deposit slips, matches the amounts to the accounts and lo and behold, here is my friend David's cost for 0. A consideration of balance due was sent to David. He made a copy of the back of the check and sent it to the variety agency. When the boss saw this, he knew that instead of collecting 0.00 he only collected 0.00 and he could Not do anyone about it. Oh the power of knowledge.

Regards, Regis Sauger

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