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My adult son (28) has a few outstanding debts - some as old as from his freshman year in college! I have "taken over" his finances to help him pay off past debts and learn some money management skills. Can I use the letters of deletion if I know for certain that at one point or another my son has had contact with the creditors (acknowledging the debt)? I want him to be debt free & also honor his obligations, but want to do what is best for his overall credit. Thoughts? Thanks for your help!
As long as he hasn't paid on it. I would a pay for delete letter is asking the creditor to remove the negative item from his report once the agreeable amount has been paid.
Would I include the validation portion in the letter, or would I just offer to pay an agreed upon amount in exchange for the deletion? Is it possible to go back to the original source of the debt, or once it goes to collections, are you pretty much stuck dealing with them? Thanks so much for quick reply & help!
one more thing...
so, if my son has made some sort of payment, he can no longer try the deletion approach? Thanks!
Sure he can it is that you usually send the pay for delete letter before you make a payment. But remember it's left up to the creditor whether they will remove it or not. I believe the first thing to do is get a copy of his credit report and see if the debt was past the SOL in your state because if they were and he maid a payment then the SOL will start all over again. If it hasn't past then I would have sent a debt verification letter certified to get proof it was my debt sometimes they can't verify it is your debt so then you can dispute it with the CA and have it removed. If they can verify it then you send the pay for delete letter asking them to remove the negative item from your report after it has been paid. Hope this helps