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Question By
Jdl91

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What should I do?
For over a year, I have been paying an collection company hoping it will fall off my credit. After reading articles saying it won't fall off immediately. I think I should stop paying and try to make a settlement. I have a few months left and it will be paid off. If I stop paying and try to settle, will my credit go back down? I need to know what to do. What is best for me? Should I continue paying or should I stop and try to make a settlement asking for it to be deleted? Should I ask for an receipt of what has already been paid. Im really unsure on what I should do. Please help!

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Top Contributor
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DO NOT stop paying!! You would violate the payment agreement and they can sue you in court for the remaining amount. Your best bet would be to contact them and tell them that you will pay the remaining amount in full at once if they agree to remove the account from your reports, make sure you have the full amount to pay before contact them asking for a "pay for delete agreement". Be kind to them, you are at their mercy on this as they are not obligated in any way to remove the account. Do not ask for a settlement amount, it would kill your chances of a removal. If they refuse to do a "pay for delete" then just continue paying and fulfill your end of the agreement and then let time run its course then send them "Goodwill Letters" repeatedly. Once again, DO NOT JUST STOP PAYING!! THAT IS A TERRIBLE PLAN!!

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