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How does this Pay-For-Deletion thing work??

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IamReady



Joined: 03 Aug 2009
IamReady's page
Posts: 3



205 Magic Points

Subject: How does this Pay-For-Deletion thing work??
 
Posted on Mon Aug 03, 2009 10:02 pm  

I'm about to start fixing up my credit but I need so much more info than I've been reading! Very Happy I've heard that I'm supposed to send a pay for delete letter to the current collection agencie(s) that have my accounts before I send any cash. I've also read that I first should send a 'debt validation' letter, but I have NO idea what that even is. I don't know how to first go about this. Do I send the pay for delete letter to JUST the collection agency and then a copy to the original credit grantor or the credit bureas to show its paid? When will it be off my credit report? So I guess, bottom line, I'm asking how the whole removal of a debt process goes... Thanks!!!
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30060 Magic Points

 
Posted on Tue Aug 04, 2009 11:00 am  

Hi Ready

First tell me who is pursuing you for the debt - is it the original creditor or the collection agency. You must ask for validation to any one of them who has been pursuing the debt. For a sample debt validation letter you may refer to this link

http://www.creditmagic.org/repair/sampleletter-debtvalidation.html

If the creditor or CA (whoever owns the debt) validates the debt and still you do not agree to it, you could dispute the debt with the credit bureaus. The bureaus will then do their job of finding out if the debt is valid. Finally if you come to a payment agreement with them, you could ask the creditor/CA for a pay for delete.

Are you aware of the SOL in your state? You may also try to find out first if the debt they are talking about is within the SOL or not. If there is more you need to know get back to us.
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IamReady



Joined: 03 Aug 2009
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Posts: 3



205 Magic Points

Subject: Thank you Carol!
 
Posted on Tue Aug 04, 2009 8:25 pm  

Yes, I do know who is pursuing the debt, all 9 of the credit cards I used to have are in collections, so the collection agencies now have all of my accounts. So at this point can I absolutely not deal with the original credit grantor?? I've heard that its better to deal with them if you still can... Now do I have to send whomever a debt validation letter?? I am sure that I do owe the said debt that is listed on my credit report... And I am in L.A. and I believe that California S.O.L. is 7 years. Would you mind answering these questions for me? Thanks!!
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30060 Magic Points

 
Posted on Wed Aug 05, 2009 11:33 am  

Well if you are sure you owe the debts then you can pay them off. However, you could still ask for a validation if you want to.

Quote:
So at this point can I absolutely not deal with the original credit grantor?? I've heard that its better to deal with them if you still can...


If you do not want to work with a collection agency but with the original creditor, you may get in touch with the OC and let them know why you do not want to work with the CA. Creditors usually listen you out in such a case.

California SOL for written agreements is 4 years and verbal is 2 years.

Ok, let me get this straight. You have 9 cards you need to pay on and all of them are valid debts you are sure about it? If the SOL on your debt is not over you need to pay them and since you are eager on paying them your creditors will be more than happy to help you. You need to send them a request for a pay for delete. You can use a sample letter from the following link

http://www.creditmagic.org/repair/pay-for-delete.html

Make sure you do all of this through certified mail and in writing. Ask for a return receipt so that you have all the evidence that they received the request and that they are agreeing upon your terms to delete the account once the payment has been made. Only upon a written agreement send them their respective payments. Use checks to send payments so that you can have records. There will probably be a waiting period before your record gets updated. You need to be patient till that time and then if the records don't get erased, you may dispute the debts. But that is something far fetched. If there is more you need on this, do let us know.
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IamReady



Joined: 03 Aug 2009
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Posts: 3



205 Magic Points

Subject: Thank you again Carol...
 
Posted on Wed Aug 05, 2009 11:07 pm  

So if I call the original creditors, even though a lot of these accounts have been closed at least a couple years, the may still work with me directly? Because the times I've called, they usually give me another number and tell me that they don't have my account anymore, but of course, I'd prefer to deal with them... Also, could you explain the '4 years written and 2 years verbal' thing, I don't understand... Also, so no typed letters your saying for the actual 'pay for deletes' that I'm going to send right? And what is a return receipt in respects to this? I know I have so many questions, I thank you for taking all this time to answer them for me! : )
Kadie
Guest






 
Posted on Wed Aug 19, 2009 12:42 am  

When you send a anything certified mail w/ a return receipt, when that information has been delivered to the person/company it was addressed to, you will e notified.
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30060 Magic Points

 
Posted on Wed Aug 19, 2009 10:24 am  

Quote:
So if I call the original creditors, even though a lot of these accounts have been closed at least a couple years, the may still work with me directly?


Yeah, if you can convince them why you do not want to work with the collection agencies.

Quote:
Also, could you explain the '4 years written and 2 years verbal' thing, I don't understand..


A verbal agreement and a written agreement is just that - verbal and written. I mean if you have made a verbal agreement to pay back a debt, say in 6 months and you fail. When the creditor asks for the money you refuse to acknowledge the loan, you may still be legally bound to pay back. This sort of a legal agreement has an SOL of 2 years in your state. A written agreement is something that you have documented in writing. The SOL on this is 4 years. I hope I could explain.

Quote:
And what is a return receipt in respects to this?


When asking for a pay for delete, send everything in writing and through certified mail. A return receipt will tell you if they have received your request in time so that they cannot refuse to acknowledge it in the future.
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Veronica
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Subject: Delinquent Accounts
 
Posted on Mon Jun 30, 2014 7:38 pm  

I am trying to pay off my delinquents accounts. When I call the collection agency I ask for a " Pay Delete Account and they say they don't know what that is. Is they such thing As pay delete account.
Brianna
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Subject: Delinquent vs Active Accounts
 
Posted on Mon Jun 30, 2014 7:42 pm  

I was denied employment due to adverse credit. I am trying to pay off delinquent account so that I won't have any problems with future jobs. Would paying off delinquent account help me with future jobs that request background & credit check? My active account are all in good order.
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