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Posted in Paying Your Bills
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Question By
kwenebea

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have 1 acct in collection, should I get loan to pay it off?
I have been working on improving my score and have managed to pay off all credit cards and a 2nd mortgage, only neg remark on my report, debt amt is under $5000. want to clear this up but not sure if I should make payments to them or get a low interest loan and pay off in full

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How old is the account? Is it within the "statute of limitations" to be sued for in your state? How long will it remain on your reports? These are all important questions to ask yourself. If you decide that you do need to pay it, if you are able to get loan to pay it, that would be the way to go. I would avoid entering into any payment plans with the collection company. You need to do some thorough research on "pay for delete agreements" because a pay for delete agreement is the best solution for you here, if you decide that you should pay it. Take your time and do some reading on this subject before you proceed, you don't want to make the wrong moves.

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Thank you for you r response.  That is the way I was leaning towards.  I plan on calling them Monday to discuss a "pay to delete"  I can get a loan and do want to pay it off but was going to start making payments until I did some research and saw the possible negative reaction from that. 

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