When is contract considered paid? When the check is mailed or received?

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When is contract considered paid? When the check is mailed or received?
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When is contract considered paid? When the check is mailed or received?

Is there a CCP code that proves that payment is made when mailed?

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If you only knew

Once a payment is received and posted to your account. The proof you will need from the company is called a "Pay Off Letter" which simply states that your account has been paid in full. The company will not automatically send you this letter, you will need to contact them and request the letter yourself.

That is your only proof your debt is paid. And if a question comes up whether it's sooner or later for what ever reason their letter will clear you of any further scrutiny.

After you receive the letter from them you will need to contact each credit bureau individually to have the item show paid in full on your credit report. This process could take up to 90 days, therefore the sooner it's done the better. Not all companies report to the credit bureaus when a debt has been paid, but have no problems reporting it when it's not paid. It's up to you to take the extra steps to clear your debts. Never assume that someone else will do it for you. Good Luck!

Mikromagik!

I think that it is considered paid as soon as the actually funds are actually deposited into the account. A check can always bounce. So as soon as the check CLEARS.

.

crisbabe81

To the best of my knowledge most places go by the date they received the payment not the post mark date. While I presume there is a way the ccp code could prove when mailed, I don't believe any one is using that as payment received as they didn't have payment in hand yet.

SS G

When Received because it is payment. Strictly speaking when the cheque is honoured and the amount credited to his account.
For certain communications like Notice to meetings etc., if specifically provided by the concerned act, the date of putting the communication in the process (regd.post) is taken into consideration on the presumption that the regd post letters will be surely delivered by the Postal Dept surely.

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