Are cancelled checks or money order receipts good enough for proof of payment?

    Published: 06-16-2009
    Views: 11,102
    Mortgage Consultant Markita Aldridge discusses whether cancelled checks or money order receipts are good enough for proof of payment.

    Host: After I have paid the accounts, are cancelled checks or money order receipts good enough for proof of payment?

    Markita Aldridge-Woods: Many of times you can show those receipts to lenders and other companies to show those accounts to be paid, but the very best thing that you could do after you have paid an account that was negative, and you have brought that balance to zero through some type of settlement, or payment arrangement, you want to get a letter from that company on that company s letterhead, stating the new balance and a new status of that account. For instance, if you paid off account, you wanted to say the account now has a zero balance and that account was maybe settled for less than agreed. So, the best thing that you could do once you pay these accounts off is to get a letter on company letterhead that shows what the new account status actually is.