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Settling with a collection agency
A credit card debt with Chase bank ($5,000) was bought out by a collections agency. I have been reading that collection agencies buy these accounts for very cheap. Is it true that I should only pay them back 20% of the $5,000 since they are still making profit off me?
I am trying to pay off this debt and request PAY FOR DELETE. Would they be willing to take $1,500 dollars and remove it from my credit score???

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The pay for deletion is a good idea. There is not right price to pay but definitely negotiate the best deal for yourself. 

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I would be sneakier,especially with nasty collection agencies, I would send them the check for 1500 bucks and put

  "   "company Name"  agrees to conider account paid in full and delete any derogatory comments on all bureaus within 10 days of cashing". and list acct # on the check top middle

DO NOT INCLUDE ANYTHING MORE in the envelope other than the check.

Write them a letter after check cashed and demand removal per written contract of cashing check. The guys who cash checks dont do collections or legal stuff.

if they dont delete, file for 5k in small claims, they wont want a legal battle and you'll win, remember to get cashed check back. Say they cashed check under false pretenses and acted in bad faith.

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Settle with Collection Agency

I've been battling a collection agency a couple of years now. I want to settle the debt for at least 70% of the outstanding balance (approx. $4500). An initial collection agency was willing to settle for $1400. I would have jumped at that if I had the money at the time. However, since this new collection agency assumed the debt the most they are willing to settle for is 50%. When I tried to settle the account for this amount (even a few hundred dollars more) they refuse to budge. They say I should have settled when I had the chance (even though I didn't have the available funds at the time). They've been pretty nasty with me over the phone. My question is can I expect the amount they are willing to settle based on a decreased amount or or how long does it typically take to see that happen? They've had this debt since about 2012.



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The older the collection, the better your chances of reducing what you pay.

Collections can be sold up to 4 times in some states, multiply that by the length of time they can remain on your credit (7yrs) and you're looking at a long time.

Pay for deletion letter, or just pay it and dispute the account.

Once they've been paid, it reduces the chances of them answering the dispute.

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