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How long until you receive a satisfaction letter from creditor?
Wiki User
∙ 12y ago
If the payoff of the debt was made in response to a court order to do so, then both you and the court should receive acknowledgement that it was accomplished. Absent a court ordered payoff there is no time set by law for this to occur - IF it occurs at all.
If you wish to receive such a letter, wait a reasonable time for your final payment to be credited and if one is not forthcoming request in writing that the lender furnish you with one. Keep in mind that this "reasonable" time may vary with the type of debt under discussion. A simple loan from a bank should be satisfied relatively quickly while a payoff on a mortgage MAY take several weeks until all interested financial parties are notified and have the opportunity to 'sign-off' on it.
Wiki User
∙ 12y ago
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