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flecksable

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pay for delete collection help pls
My husband has a collection on his credit report back from 2009.
it was at $5,300. We have an agreement with the collections agency to settle on our account if we make payments on time for a few months. . Its now at $4900 and we've made our payments on time. we are hoping to make a settlement that will get us a PFD. Most people say pay no more than 25% for a settlement on a collection so old. Most people also say to send a letter to the collectors. I think that is very wise and would like to do that so we have proof when it comes time to making sure it gets taken off our credit report. My question really is, since we have already had communication with the collectors should we still send a letter with our offer & terms of PFD? What should we offer? Most sample letters online are for those who have had no communication with collectors.

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A pay for delete works best prior to making contact with the Creditor. Once you aknowledge ownership of the debt  they are legally obliagated to report all correct information. A PFD usually says something like, "I do not aknowledge ownership or this debt, however I'd be willing to pay $XXX on the condition that this item is deleted from my credit report(s)." However, all may not be lost. Call the creditor, explain to them that you are only interested in paying of this debt in exchange for a deletion letter. If they agree, ask for it in writing, and don't pay until you get it. You may also want to check if the statute of limitations has expired in your state, if it has you may be able to use it as leverage when dealling with the creditor.

If all attempts at a pay for delete fail, just pay of your debt. A paid collection is much better than an unpaid collection, and you should be proud that you handled your obligations.

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Come back and let everyone know how it works out.

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Once I pay off all my accounts in full will the items be removed fom my credit report oncce they are paid? or when I opt to pay in full should I just opt to pay on full for the deletion of that particular item on my credit report?

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