Pay for delete letter: Negotiate to remove negative listing

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

Look forward to hearing about it fireyone.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

Well it wasn't much just the things we have been learning here. Gosh do you know how much this forum has taught us. I am hearing the news inform people of their rights and I am sitting here thinking did it take a whole nation to crumble before we finally seen the light of what credit card debt can do? Most people didn't even relize they had any rights and most collectors were going WAY overboard. I wanted to jump in and invite them in to our forum

mikelee · Guest 0 Magic Points

I am new so forgive my ignorance. Maybe this cite could start classes on how to deal with debt and the collectors. We could also use some smarts on the law and how it can help. It is a shame we have these problems when our president forgives billions of dollars to the rich.

Joined: 27 Jun 2006 Posts: 1307 29555 Magic Points

Hi Mike
I have found that you have made several posts in this forum as guest. I would advice you to sign up with your email id and password and earn money for every post you make. I myself have benefited much from this forum and can now advice others who are new to the forum and are facing credit problems. Credit problems have become a part of our daily life and the most important part of it is that we can solve our credit problems by ourselves if we have knowledge with us.

rkp · Guest 0 Magic Points

what's the best way to start this letter, if the creditor has already validated the debt, i just want to settle and get a PFD...

Joined: 17 Jul 2006 Posts: 1240 28942 Magic Points

IF the creditor has already validated your debt, you need to send a pay for deletion agreement letter to the creditor. You can find a sample debt validation letter if you visit the link letters of credit . If the creditor does not agree to the PFD agreement, then also you should pay off the debt else the creditor can bring judgment against you.

jpcmich · Guest 0 Magic Points

I have enough cash to pay all my debt. Is it smarter to send one of these letters to the companies? Can younegotiate a lower amount to pay or daes it have to be in full? What happens if they agree but still do not remove? How long will it take them to remove it once it is paid? thanks so much for your time!

Joined: 28 Jan 2009 Posts: 1 30 Magic Points

is paying a collection agency over the phone with a personal check by reading the routing and account number a good alternative to using "certified funds"? after all you have the physical check and bank summary as proof of the transaction.

Joined: 17 Jul 2006 Posts: 1240 28942 Magic Points

You can pay collection agency over phone by disclosing your bank account number and routing number, but before that you should check whether you actually owe the debt or not by sending a debt validation letter. If they validate the debt, you should get the settlement details in writing and then pay it off. However, after you pay off the debt, you should keep the bank statement with care as a proof that you have made the payment towards the debt.

Joshua · Guest 0 Magic Points

Hello,

I just found your forum and was reading through the posts. Thank you so much for all the useful information! I started the validation a week ago and received my first letter from a CA. The debt is valid, they sent me copies of my bills that I signed with my Original Creditor, however, they failed to answer the following questions:

- Explain and show me how you calculated what you say I owe (the copy of the bill shows $304 and the CA is asking for $410)

- Show me that you are licensed to collect in my state and provide me with your license numbers and Registered agent

Should I send a follow up Validation letter to request answers to those 2 questions or should I just go ahead and send a Pay for Delete letter. If I have to send a Pay for Delete letter, since this is a valid debt, is it ok to offer a 40-60% settlement or I have more chances to have it deleted from my Credit report if I offer to pay the full balance?

Joined: 28 Jun 2006 Posts: 446 10878 Magic Points

Debt validation shall only include a copy of the original signed contract between you and the original creditor, proof that the CA has puchased the debt from the OC or the OC has transferred the right to collect the debt to the CA (in case if you ask for debt validation from the CA) and copies of the bills.
Now since, you owe $304 and the bills show $410, the difference may be due to the addition of interest rates.
I don't think that the collection agency is liable to share their license number with you. If they can proof that they has purchased the debt, it automatically means that the OC has sold off the debt to a licensed CA. Moreover, if the CA is not licensed, they will not be able to report the debt to the CRAs.

Dan · Guest 0 Magic Points

First post here, found this thread through Google while trying to find a way to get the CA after me to do a PFD.

The debt went to the CA last spring and I had no contact whatsoever with them (aside from letters they sent me) with no contact from my end to them until 3 days ago. I started reading online about credit and found out I could negotiate a PFD.

Well, I called the CA and told them I would pay 60% of the debt and wanted a PFD as well. They agreed to take 60% but said they would not do a PFD even if I paid 100% because they don't do PFD's.

Now this was all over the phone and I did not send a PFD letter - so was the woman just telling me that they don't do PFD's because she didn't want to offer it? Should I send a PFD letter, would that be better than over the phone?

Any advice would be great!

Joined: 28 Jun 2006 Posts: 446 10878 Magic Points

It is not obligatory for the collection agency to agree to PFD as per the Fair Credit Reporting Act. Now, if they agree to settle for 60%, you can go for the same but get it in writing that they have agreed to settle for 60%, before you make any payment towards the debt. Moreover, you should get the debt validated by the CA first before you start paying.

Dan · Guest 0 Magic Points

Yes, I understand that they are under no obligation to agree to a PFD. I was just wondering if I would have a better chance of them agreeing to it if I were to send a PFD letter. Because if they won't agree to a PFD, then I won't settle for 60%.

Another questions - the woman told me that she had to call their client to find out if they would take my offer of 60% and said at first they would not. Is that true? I was under the impression that from the time the CA took over, they were the one's that made the decisions, not their client.

Joined: 06 Jul 2006 Posts: 686 17396 Magic Points

No, generally if you go for settlement, the creditors never agree to pay for deletion. They change the status to "settled for less" as soon as you pay it off. All that you can do is to ask the creditor to change the status to "paid as agreed" instead of "settled for less" in your report. This will help you to improve your score. However, if you do not pay it off, there can be a judgment against you which may lower you score.

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