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Posted in Paying Your Bills
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Pappers101

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Paying off debts and asking creditors
Hello, I manage to rack up $10,000 in debt and I am going to pay it all off in August, 2016. I was wondering if I pay them off and it's going to show as paid off. Is having your credit report showing as paid off good or bad? If I am paid off then how long is the information going to stay on my credit history? Or do I have to write to Creditors to tell them that I paid them off and ask the creditors to remove negative information off my credit report?

If so, I was wondering what is the best sample letter to write to creditors stating that I lost my job in 2015 and recently got a new job and you paid off your debt and would like for them to remove negative information off your credit report.

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You may want to negotiate a 'pay for delete' agreement and the How-To is covered in the articles and 'Highest rated' questions here.  That means you actually have to write letters and send them via "snail mail" and keep copies of the letters until you get a final agreement, then you pay.  While they do not HAVE to agree to a lower payment, if the letters show a respectful reasoning manner, they just might and the account will vanish soon after final payment is received.  Otherwise, you pay the debts and they will fall off in seven years.     

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