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Paying for a delete?

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sjoy



Joined: 18 Sep 2008
sjoy's page
Posts: 1



125 Magic Points
Subject: Paying for a delete?
 
 Posted on Thu Sep 18, 2008 3:01 pm  
Hi, I just found this website and I am trying to read everything I can. I have received 2 settlement offers for credit cards that have been charged off. I read that paying for a delete is better so can I call the numbers they gave and ask for the pay for delete instead or do I have to send a letter ? Thanks in advance for your help
 
fireyone



Joined: 26 Feb 2008
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Posts: 2871



2195 Magic Points
 
 Posted on Thu Sep 18, 2008 11:42 pm  
You should always get a pay for delete in writing. Do not pay the debt until you do. Most people find that after they pay the debt and didn't get it put into writing that the debt collector sometimes does not hold uo to their end of the deal. Once they get the money they have no reason to work with you.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3137



5334 Magic Points
 
 Posted on Mon Sep 22, 2008 2:02 am  
No doubt, they may and probably will go back on their word once they get their money, definately get the deal in writing so that you can send it into the credit report agencies once you have your paid in full letter to go along with it. Present these two documents to the credit reporting agencies, don't just assume that the collection agency will do it, it is your credit report, you have to do the work.
_________________
Goodnatured,

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

anthony

Joined: 31 Jul 2006
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Posts: 493



12319 Magic Points
 
 Posted on Mon Sep 22, 2008 7:37 am  
Hi Sjoy
As far as I know, charge off listing can only be removed by the original creditor only if he has not sold off the debt to any collection agency. But once a debt is sold off to a CA, the charge off listing cannot be removed even if you pay off the debt in full and it will stay there in your report of seven years. However, you can ask your creditor to change the status of the listing from "paid charge off" to "paid as agreed" after you pay off the debt. But you should make all negotiations in writing before you pay off the debt.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
http://financewatchonline.blogspot.com
 
Mary

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 324



8704 Magic Points
 
 Posted on Mon Sep 22, 2008 10:33 am  
Yes, Anthony is right. Even if you pay off your charge off listing, your credit score will not improve with the "paid charge off" listing. The negative impact of charge off will be partially reduced in your credit score only if it is listed as "paid as agreed". Since the motive of the CA is to recover the debt from you, they will change the listing to "paid charge off" if you can negotiate properly. However, you should make all correspondance with the CA in writing. It is always advisable to pay off the charge off account even if your credit score does not improve because if you do not pay it off, the CA can sue you to the court and bring judgment against you to recover the debt.
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Where there's a will, there's a way !!
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3137



5334 Magic Points
 
 Posted on Wed Sep 24, 2008 1:58 am  
depending on the statute of limitations and it looks like this one is still with in those limits.
_________________
Goodnatured,

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

Justin

Joined: 17 Jul 2006
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Posts: 417



10874 Magic Points
 
 Posted on Wed Sep 24, 2008 5:56 am  
Hi Sjoy
Instead of calling the collection agency, I would suggest you to send them a debt validation letter by certified mail to check whether the collection agency who has send you the settlement offer is authorized to collect your debt. If it is the original creditor, then you can negotiate with him for a pay for deletion agreement, so that as soon as you pay off the debt, the negative listing goes out of your credit report. However, a collection agency cannot remove a charge off listing, and so if it is a collection agency, negotiate with him for change the status of the listing as "paid as agreed" instead of "paid charge off" in the credit report. But get it in writing from the original creditor or the collection agency before you pay off the debt.
_________________
Best Wishes
Justin
 
1002543



Joined: 31 Aug 2008
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Posts: 84



96 Magic Points
 
 Posted on Wed Sep 24, 2008 2:54 pm  
All communication MUST be in writing and sent CMRRR. A lways keep paper trail, you never know when it comes handy. Never sighn your name, just print it.
 
fireyone



Joined: 26 Feb 2008
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Posts: 2871



2195 Magic Points
 
 Posted on Wed Sep 24, 2008 4:25 pm  
I can understand how keeping a paper trail is important. What does signing or printing your name have to do with it? Not doubting you...just wondering.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3137



5334 Magic Points
 
 Posted on Wed Oct 08, 2008 2:41 am  
I don't get that either, many times they will have you do both so that they can understand the name.
_________________
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: 2871



2195 Magic Points
 
 Posted on Mon Oct 13, 2008 12:56 am  
wow where has everyone gone on this site. Use to be able to come and have some good conversations and now there are only a few posts here and there.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3137



5334 Magic Points
 
 Posted on Mon Oct 13, 2008 1:08 am  
I have been very busy, we put in lines to our garage this weekend, hand dug a 70 foot ditch and covered it in. My body aches all over. I am also baby sitting two dogs. They are very attached to my kid now, they have slept with her since friday night. One made her lose her balance and she fell down the steps and lost a front tooth. Poor kid, she was upset but okay now. It was a baby tooth. I took her and got her ears pierced and we both got hair cuts so all is well.
_________________
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: 2871



2195 Magic Points
 
 Posted on Tue Oct 14, 2008 9:45 pm  
Sounds like you have a great relationship with your daughter. Teach her well and as she grows let her understanding of to be a good person is crucial. Teach her before its too late all that you learned here too.
 
creditpro

creditpro

Joined: 16 Oct 2008
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Posts: 23
Location: San Diego, CA


1153 Magic Points
Subject: Paying to delete collection
 
 Posted on Thu Oct 16, 2008 3:33 am  
I would have to totally agree with Anthony!!! Always get everything in writting before releasing any funds. Also you will get the collection deleted but not the original credit account. You must make sure you request the original creditor to change it or try to get the whole account deleted. To learn on how to do this go to www.AttractiveCreditSecrets.com
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3137



5334 Magic Points
 
 Posted on Mon Oct 27, 2008 2:52 am  
great advice there pro.

fireyone,
She is a trip and knows more about money at five than some adults that I know.
_________________
Goodnatured,

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