Debt Settlement Question

Hey Guys, I don't know if anybody knows about this but I recently went through one with my original creditor. They sent me a letter to settle my account. It was for 50% off what I owed. I made my last payment and in my letter it states "we will consider the account settled in full and the balance will be reduced to Zero as soon as the final payment clears the bank."

 

It is signed by the creditor and everything on it has my name, account, balance, etc.

 

However i recieved a letter from the creditor asking to set up a bunch of new payments for the remaining balance. Do i contact them and tell them we agreed upon this and I will no longer pay on it. Can they come after me?

 

Thanks for the help!!

If you have that letter, you should be fine.  I would contact the customer service department at the creditor.  Be prepared to show proof of payment (cancelled check for the amount on the letter) and they should clear it up.  Either way I would hold on to the letter and proof of payment.  If they don't cooperate, you can always dispute the additional balance with the credit agencies if they try to report it as an open collection.  If it doesn't stick on your credit report they really have no recourse to keeping it open anyway.