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Jdhauser1

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Take a look at my potential debt settlement letter, offer advice
To whom it may concern,

For Account __________

After a substantial period of financial crisis I am now beginning to try to settle several debts from the last few years, including the one being serviced by your company ____________________________

My understanding is the current balance of the debt is ____________

I am working towards making full one time payments toward each open account, so the settlement amount you purpose will directly impact my speed of payment.

My offer is ___________

As is my right in the state of Tennessee, I request that any and all communication regarding this debt be through writing to the address listed at the top of this letter.

Any terms reached regarding this debt will include an understood agreement on the part of the collector to DELETE this debt from all reporting credit agencies, as well as any late payment, closing, reports, immediately, with no delay, upon receiving the agreed upon amount.

All payments will be made in a 1 time, lump payment, for the entire agreed upon amount and will be sent via certified mail, as a money order. Upon the receipt of this money order the previous statement will take effect and the account will be closed and deleted.

Thank you for your continued understanding and cooperation as I attempt to complete all my financial obligations, while also fulfilling my past due debts.

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Not good.

You do not want to admit to owing the debt and at the beginning you hint to the fact that it is your debt and at the end of the letter you say that it is your debt. Get rid of those two parts or rephrase them. Everything else looks pretty good. Understand that if you are not willing to pay the full amount owed, a "pay for delete" will probably not be successful. "Pay for deletes" are hard to get, but from the successful attempts that I've seen, the full amount was paid in most cases, but I guess you can try another offer if this one doesn't work. Keep in mind that if the collector is not updating your account monthly already, they will probably start to do so if this attempt fails and that can knock your scores down. One other thing,  don't say anything about "payments" as you did in your letter here, I know that you said "one time payments" but payments is a word to be avoided as they may try to say that you are trying to enter into a payment arrangement which could reset the "statute of limitations" for being sued. Note: the credit reporting time period of 7 years CANNOT be restarted though, so don't worry about that.

Reply by
Jdhauser1

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Enter Your ReplyOk so I need to look at picking one of the two options if I understand your post correctly, I EITHER get a Delete, or, a settlement. 

These debts are about 5 years old. So Im sure they would be happy to reactivate them, in fact there is one seeking garnishment as we speak. 

So in your opinion which of the two should I seek? I probable could save myself ~1500 by getting settlements. However, from my understanding deletions will help my credit score, which is my main priorty. So should I suck it up and persue the full payment +deletion? I dont yet understand what sort of bump ill get from fixing these old debts. I know I need to do it, just unsure what the benifit will be overall. 

Thankyou for you reply!

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you need to go for complete deletion for the best benefit.

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