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dowdenfamily
Joined: 14 Nov 2009
dowdenfamily's page
Posts: 5
75 Magic Points
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Subject: Should I pay a settlement offer for a "settled in full&
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Sat Nov 14, 2009 5:12 am
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I received a discounted payment offer from AFNI debt collectors for the cost of an old Verizon bill. The settlement is only $50...and it was $243 originally.
My credit is shot anyway and I have been waiting for my 7 year mark so my credit can start improving. I can't even get a secured credit card since my credit is soooo tore up from all my unpaid credit (came out from Afghanistan and got out of the military and divorced and never made another payment on anything...wasn't really too right in the head at the time). The last payment on this account was 09/04. my credit score is 580 right now and I am hoping to raise it at least 50 points in the next 2 yrs so I can buy a home. I turned in a repo vehicle that the last payment was made back in '04 also.
I can't wait till this is all behind me, as I have learned how credit is so very vital in life! I would love to hear any advice as well concerning ways to raise my credit when my own bank wont let me get a secured credit card. |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 594
99 Magic Points
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Sat Nov 14, 2009 5:21 am
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| You can send them a pay for delete letter and ask if you pay the $50 if they would delete the negative listing from your credit report. When sending the letter be sure to send it certified with receipt so you will have proof they got it. Just remember not all creditors will do this but it's worth a try. |
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dowdenfamily
Joined: 14 Nov 2009
dowdenfamily's page
Posts: 5
75 Magic Points
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Sat Nov 14, 2009 5:24 am
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| Would that improve/help my credit or would it not even be worth the 50 bucks? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 594
99 Magic Points
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Sat Nov 14, 2009 5:48 am
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| It should improve your credit but by how much it is hard to say. And yes if there is any way to remove a negative listing from your report it is worth it. I forgot to add check the SOL in your state because if it has past and you make a payment it will start all over again. Now if you do decide to agree to their settlement make sure to get everything in writing for proof. Because if not and you pay on it and it starts the SOL all over again then they can sue you and collect the rest. |
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dowdenfamily
Joined: 14 Nov 2009
dowdenfamily's page
Posts: 5
75 Magic Points
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Sat Nov 14, 2009 5:56 am
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| It is from tx..I believe its four yrs but I am unsure. If it is four years the SOL has passed. |
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dowdenfamily
Joined: 14 Nov 2009
dowdenfamily's page
Posts: 5
75 Magic Points
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Sat Nov 14, 2009 7:39 am
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| ...so if the SOL is up then I should NOT settle? Is that correct? So just let it stay on my credit as bad? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 594
99 Magic Points
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Sat Nov 14, 2009 3:45 pm
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| No honey that's not what I meant after the SOL has past they can no longer collect on that debt from you. So you have an option to leave it as a negative or you can settle with them and ask them to remove the negative listing from your report. But get it in writing because paying on it starts the SOL all over again and they can make you pay the rest. If you decide to leave it alone just send them a letter letting them know the SOL has past and they can no longer collect from you. |
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dowdenfamily
Joined: 14 Nov 2009
dowdenfamily's page
Posts: 5
75 Magic Points
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Sat Nov 14, 2009 9:26 pm
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| Just talked to the creditors....they said they just report that it has been settled, it is the decision of the credit bureau to delete it or not...I don't believe her. Thanks for the answers so far though, its much appreciated. |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 594
99 Magic Points
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Sat Nov 14, 2009 9:43 pm
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| I don't blame you for not believing her. So I guess she's trying to tell you they won't remove it. In my opinion I would send them the SOL letter and let them know it has past and they can not collect from you. And keep your $50 bucks. If they are not going to remove it why pay? |
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Ruthie
Joined: 15 Oct 2009
Ruthie's page
Posts: 63
1401 Magic Points
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Sun Nov 15, 2009 5:09 am
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| I agree, They probably will if you send it by certified mail on a pay for delete letter. By phone, they really don't do anything. Try the pay for delete letter and wait and see if they respond. If they agree then make sure it is in writing. Then pay by Cashiers check. And give them notice to delete immediately. |
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