CA did agree on pay-for-deletion! But...

Submitted by Sven on Wed, 07/15/2009 - 00:48
Forums

I still have a couple of questions! Can not believe they finally agreed on it after months of fighting with them :D
That's what they sent me:

BTW, that's not my language.. that's exactly how they worded it:?

Dear XX,

In reference to your account with "Name of Creditor" wanting to do a settlement our client is not will to accept a settlement.

"Name of Collection Agency" will delete it off your credit if you pay the 143.44 Dollars in full with certified funds by July 31st. That's when "Name of Collection Agency" will be updating the credit bureaus. It will take the credit bureaus 30 to 90 days to update their records

We look forward to resolving this matter.

Sincerely, "Name of Collection Agency".

"Name of Collection Agency" is a debt collector attempting to collect a consumer debt. All information will be used for that purpose.

Someone here said that it will not be deleted COMPLETELY off your credit report if the creditor sold the debt or something ( even though I do know people who did get it all deleted). Looks like they did not sell it but assign the debt to the CA.
That means my credit report will have the same score etc. it had before their negative entry, right?
They did not say " credit report".... only said " credit". Could that be a problem ( if I have to take further action if they do not delete it) ?

A cashier's check, money order etc. would be certified funds. How will I have proof that I actually paid them? If it was a personal check, I could just use a copy of the cancelled check to proof that I paid.
I think that's all I wanted to ask.

Thank you!

Well congratulations Sven :)

This is good news. However, I am afraid your credit score will not jump back to its original like it used to be before the bad debt. It will definitely improve upon full payment but not go back to the score it used to be. For that you have to work your way up.

Wed, 07/15/2009 - 09:43 Permalink

Why will it not? It should be deleted completely! Like, when they wrongfully report it etc. and then remove it, it will be the same old score. Why would that not happen here? :(

Wed, 07/15/2009 - 12:53 Permalink

I can not see why unless it was once an account in good standing and they are deleting it altogether. If it was an old account and you kept payments recent it may make your score go down because it would have been an older account closed but I can not see that either since it was being listed as deliquent. Lets hope Carol stops in and explains..she really knows her stuff.

Wed, 07/15/2009 - 13:08 Permalink

No, it was only 143 Dollars and I never made payments on it. From the day I noticed it on my credit report untill yesterday, I was fighting it.
But when you delete something off a credit report, I don't see why it would affect the score...it's gone.

Wed, 07/15/2009 - 13:39 Permalink

Hi Sven

Why will it not? It should be deleted completely! Like, when they wrongfully report it etc. and then remove it, it will be the same old score. Why would that not happen here?

Your bad credit will be deleted completely, yes. In this case this wasn't a wrong report, was it? So, forget about that. However, what I am trying to tell you is that, if the bad credit goes off your record, your credit score will definitely improve. It may not jump back to what you had before the bad credit. You could have a better credit score than you did prior to the bad credit in your account as a result of being a good debtor who paid off all his debts. You never know! It takes time to build credit score so hold your patience and the way you are going with your finances, I'm sure you'll have a great credit score soon.

Lets hope Carol stops in and explains..she really knows her stuff.

Hey Firey thanks for the compliment :)

Thu, 07/16/2009 - 12:49 Permalink

Is this ok?

To Whom It May Concern:

This letter is in response to my receipt of your letter guaranteeing the removal of all references to this alleged account for the sum of 143.44 Dollars. You will find certified funds enclosed with this letter as per our agreement. This payment should not be construed as a waiver of my rights under the FCRA or as an acceptance of the legitimacy of the alleged debt.
The enclosed payment is an attempt to bring resolution to this matter. Should any part of our agreement be violated I will be forced to bring this matter before legal consul, The FTC and the BBB. Your acceptance of the funds will be construed as your acceptance of this agreement and end our business dealings.

By accepting this payment Sky Recovery Services agrees to deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds are being used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.
If contacted by any third party, including credit-reporting agencies, Sky Recovery Services will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

Sincerely,

Thu, 07/16/2009 - 14:26 Permalink

Sounds pretty good to me. I am glad to see you are paying it in full. This is best to just be done with it. I am also glad to see you took advice and used certified funds to pay and not your personal checking account. Remember to send this letter registered. Are you sending along payment with this letter? You do have a copy of something from them in writing saying they agree to the pay for delete right? Without going back and reading the post I believe you said you did. Just make sure of it. You have worked hard to get to this point and get the collection agency off your back.

REMEMBER>>>once this is settle do not throw away anything pertaining to this account. Keep all copies of documentation showing the amount agreed to and the proof you paid. Keep these copies in a filing cabinet..just in case.

Fri, 07/17/2009 - 02:15 Permalink

Yes to all of your questions/ statements. That's what I did.

Fri, 07/17/2009 - 06:43 Permalink

REMEMBER>>>once this is settle do not throw away anything pertaining to this account. Keep all copies of documentation showing the amount agreed to and the proof you paid. Keep these copies in a filing cabinet..just in case.

A very important point. I've seen so many people get in to trouble because they thought the documents were of no use after several years. IMO, always keep these documents as proof. You never know what may come your way :)

Fri, 07/17/2009 - 09:52 Permalink

I don't even know how I can prove that it's been paid. To my knowledge you can't trace USPS money orders.

Sun, 07/19/2009 - 00:15 Permalink

Sven, Do you have any type of receipt? Call the [postal service and ask them if the money order can be traced. I really believe it can but I think you may have to have the little stub that came with the money order so they know where to look. To not have that stub may be a problem. They would not look through every receipt ever made out unless they had a clue where to start. It would eb like finding a needle in a haystack.

Tue, 07/21/2009 - 01:22 Permalink

Yeah, I got the receipt. But it dosen't say anything on the back how to trace it. I'll email them.

I am really nervous about this whole thing. How long should I give them to delete the entry? I know that it says 30-90 days, but the CB usually updates it the same day they report it.

Am I also gonna get a "settlement" letter or something confirming they got the payment ( even though it's a pay-for-delete) ?

Tue, 07/21/2009 - 17:49 Permalink

Sven, wow I am really glad you have the receipt. You should be able to find something out with that stub. If it was a money order it should have a set of numbers on it. Most even give you a number to call to track it. Let me know what you find out when you e-mail them. I would think that 30 days is ample enough time to update the credit report.
Even if it is a pay for delete you need to get the settlement letter to verify you paid this debt in full. This is in your best interest. Remember to get the PFD in writing also.

Tue, 07/21/2009 - 23:28 Permalink

You can DEFINITELY trace USPS money orders... It costs a few bucks, and it's not 'fast', but you can do it..........
The lesson here is to get it in writing BEFORE you make any payment.....

Wed, 07/22/2009 - 00:06 Permalink

Sven, Doc has a really good point here. Whats done is done so get onto tracking that money order. I would rather pay that fee then repay the bill. Keep us updated and good luck.

Wed, 07/22/2009 - 11:47 Permalink

Doc, get WHAT in writing?

Fireone, they said it's 5 Dollars and may take 30 days until you receive it.

Carol, no, my letter does not say that...damnit. Only the PDF letter said 10 days, but the letter I sent them with the payment did not ( the one I posted earlier in this thread).

Wed, 07/22/2009 - 14:22 Permalink

If the collection agency or creditor agree to delete in exchange for pay, get it in writing from them BEFORE making ANY payment...

Wed, 07/22/2009 - 16:31 Permalink

Why would I have opened this thread if this wasn't the case? My first posting does show you the letter they sent. :)

Wed, 07/22/2009 - 17:48 Permalink

I didn't think it was a letter from them, I thought (I didn't read it all) that it was something that you had sent them...

My apologies...

Wed, 07/22/2009 - 18:09 Permalink

Ok, so they received it on the 17th. Gonna be a week tomorrow.

The PDF letter did say " delete within 10 days" , but the letter I sent along with the payment did not ( as you can see in my other post). I hope that dosen't matter !?

How long should I give them to send me that letter they need to send me after they accepted and cashed the check? Carol called it "settlement letter" I believe.

Fri, 07/24/2009 - 01:40 Permalink
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