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HomeCredit ForumYour Credit Score

Payoff Discount Offer

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daveinchico



Joined: 21 Feb 2008
daveinchico's page
Posts: 2



204 Magic Points
Subject: Payoff Discount Offer
 
 Posted on Thu Feb 21, 2008 8:25 pm  
I had a telephone bill that was given to a collections company. The original amount was just under $600.

I have been given a payoff offer from the collections company for the amount of $272.

I'd be just happy to pay the lower amount of course. My question is: Would my credit score ultimately benefit by paying the original amount, or would that increase my 'sucker-score'?
 
Fasfeed



Joined: 06 Feb 2008
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Posts: 87



3166 Magic Points
 
 Posted on Sun Feb 24, 2008 4:52 pm  
You will not benefit anymore or less to pay the settlement amount versus the original amount. The account wiil only be updated as [paid in full]. It would be better to send a pay for deletion letter ,agreeing to pay the settlement amount . Try to get this account deleted completely. This in return will help your credit score. Never pay more than you have to .You can always negotiate.
 
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 608



15 Magic Points
 
 Posted on Mon Feb 25, 2008 8:45 am  
Since a settlement offer has already been made, a PFD may require a higher payment.
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I don't dream since I quit sleeping
 
erb1953



Joined: 31 Dec 2007
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Posts: 587



1368 Magic Points
 
 Posted on Tue Mar 04, 2008 12:45 am  
If it were me I would take the deal and get it over with, since it is already reported as a negative item anyway.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2618



4746 Magic Points
 
 Posted on Sun Mar 09, 2008 2:35 pm  
Depends on how old the debt is on what decision that I would make, I would want rid of it as soon as I could so I would probably take the deal and get on with life. You are right erb, it is already reported as a negative anyway right, if the debt is real old.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 2029



10771 Magic Points
 
 Posted on Fri Apr 18, 2008 2:50 pm  
I would just pay and get it over with. true the debt is old but if it isn't very much why be hassled over it.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2618



4746 Magic Points
 
 Posted on Sat May 03, 2008 3:33 am  
sometimes it is worth it to just pay it and get rid of it, you can probably get a pretty descent payment plan from them. goodluck and keep us updated on your progress.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 2029



10771 Magic Points
 
 Posted on Thu May 22, 2008 12:22 am  
Never went anywhere with it yet. Just have too much on the plate right now.
 
scott

scott

Joined: 28 Jun 2006
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Posts: 163



4471 Magic Points
 
 Posted on Thu May 22, 2008 11:35 am  
I too think you should make the payment and get rid of it. You can definitely send a PFD to the CA and see if it works. Even if they do not agree to delete it from your report, you can pay it as it will show "paid in full" in your report. This is no doubt a better option than keeping the debt outstanding.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2618



4746 Magic Points
 
 Posted on Thu Jun 12, 2008 1:39 am  
Paid in full's do not help your score, just so you know, I have three or four on their now, and they have NOT raised my score, so push for the pay for delete.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2029



10771 Magic Points
 
 Posted on Sat Jun 14, 2008 10:51 am  
I hear you almost have to have them agree to a pay for delete in writing or most times after the debt is settled they won't delete it. I read alot of posts on this site and find that is a common problem. I hope to do it soon but for now I have to put it aside due to financial problems stemming from an auto accident.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 2618



4746 Magic Points
 
 Posted on Sun Jun 15, 2008 9:20 am  
This is true fireyone, you must get it in writing and make sure that you get a paid in full when it is all said and done. You will want to follow up with the credit reporting agency to make sure that the colletion agency follows through with their promise to delete.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 714



79 Magic Points
Subject: debt
 
 Posted on Sun Jun 15, 2008 1:37 pm  
I recieved an 'offer', on a PDL. Of course, the letter ( from a CA..) says "they will settle for a less amount." I know the CA is on my CR, not the PDL company, itself. I should I handle this? We ALL know PDL's charge outrageous % rates, on their loans. Any advice?
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2618



4746 Magic Points
 
 Posted on Tue Jun 17, 2008 3:22 am  
Can you afford to take the offer? If so, I would take it and get rid of it, but make sure that you get the letter for the paid in full so they don't sell it off and someone else tries to collect on it also. Sometimes these things get passed around so much that they don't even track that you have actually paid the debt.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 587



1368 Magic Points
 
 Posted on Sun Jul 20, 2008 3:12 am  
don't promise anthing that you can not deliver. keep the payment where you can afford it.
 
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