Pay for delete letter: Negotiate to remove negative listing

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

I am sorry credit solution. I do not quite understand your post. Please be a little clearer.

Joined: 06 Jul 2006 Posts: 686 17396 Magic Points

Pay for deletion letter definitely works only if you get the agreement in writing. There are instances where the debtor has only made oral agreements with the creditor and the creditor has not removed the listing from his credit report even after he has paid off the debt in full. But if you have the PFD in writing, then even if the creditor do not remove it, you can dispute the listing with the credit bureaus who will remove the listing from the credit report.

Joined: 31 Jul 2006 Posts: 516 13571 Magic Points

Yes, Mary is right. The pay for deletion agreement works only if you get it in writing. However, if the debt has been sold off to a collection agency by the original creditor and you make a PFD agreement with the CA, then the CA listing will be removed and not the OC listing. But if the debt is still with the OC or only the right to collect the debt has been passed to the CA, and you make a PFD agreement with the OC, then both the CA listing as well as the OC listing will get removed from your credit report once you pay off the debt in full.

Joined: 13 Aug 2007 Posts: 1889 1356 Magic Points

If you send a copy of the Pay for Delete letter, to the CB's, will the CB's automatically remove the debt? The CB's should know, by then, you have proof on what you say.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

SD I hear from different posts that sometimes it takes a second time of you requesting a mark be removed before it actually gets taken off. I am not real sure of this since I have never personally had to do this but just repeating what I have read.

Joined: 13 Aug 2007 Posts: 1889 1356 Magic Points

If you have to do that a SECOND time, I suppose it could get frustrating. However.....you wouldn't have to give money, to someone else to do it for you...you would ALREADY know what to do.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

Thast my theory on the whole kit and kaboodle too. I really am anti-credit repair. I actually read in the readers digest quite awhile ago that a good part of these companies actually work for the creditors and so do debt settlement companies. I really don't think doing it yourself is very hard at all. Yes it takes learning a little and maybe scary at first but a person can achieve the same thing a repair agency does. Just takes time and legwork.

Joined: 13 Aug 2007 Posts: 1889 1356 Magic Points

I agree. I woulod want to 'gt it right' the FIRST time, so you don't end up paying a TON of money to 'fix' it again. Everthing takes time.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

Now we need to convince all the new comers of that. I think some of these collection agencies scare people so bad by telling them they have to act quickly or get a lawsuit filed that they just automatically give into their demands and sometimes make the worst mistake they can. I would like to see a law put into place that before these places can collect on a loan they should legally HAVE to validate it before pursuing it. Some people do not even relize there is a thing like debt validation.

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

I have had to burn and learn on this one, the good thing is there are sites like this where first timers can come and learn first, it will save them a ton in the long run.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

You know what I was thinking? They should have to advise people on some things or even make a pay for delte mandatory once a debt is paid...even with the original creditor. Really seriously thin k about that. If they would pass some kind of law on this and how much crap (money) they can add onto a defaulted card don't you think they would see the number of defaulted debts would decrease ALOT. Look at all the post over the past few months on this forum where people want to pay but can not come up with70% of an astronomical debt that was only a few hundred dollars at first. Also how many people want to pay but are to afraid of restarting SOLs and of making huge monthly payments...

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

True
If they are going to charge $800 for an original $300 then an automatic delete should be there. I always wondered why the government has not got involved with this rip off. I mean they dove into the mortgage industry business, why are they ignoring the credit or debt collection practices.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

I know Gn. What does it take for them to take notice of this. They say credit card debt is also to blame for the economy but they do not do anything to help the debtor. People act like we went out and purposely made debt without planning on paying. That is not the truth for most. Bad times, illness and death come into play here alot. If you turn on Channel 11 on Tuesday evening they are going to have a special report about credit card debt and what you can do if collectors are harassing you. I plan on watching so if you miss it be sure I will update on here if there is anything we do not already know.

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

please come and let us know, I don't really watch the news, it would be good if they could crack down on the greedy collectors and put a limit on what they can jack the fees up to. Maybe if the business was not so lucrative then there would not be as many people trying to break into the business and make money by collecting or trying to collect on old debt.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

I will. If you are on tomorrow evening I will update. Its on at 5 but I usually on until 7.

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