user33658 Posted July 9, 2003 Report Share Posted July 9, 2003 the first was a car repo with a balance of 2500 on it. I offered to settle the debt for $500 and the creditor counteroffered with $1000 to remove the Repo and report to all cb's as "paid as agreed". the second was a bank charge off for $422 for a loan. I offered to pay the entire balance for a "paid as agreed" status and this was their response and I quote " Dear Ms. xxx, by contract we cannot change the way you have managed your account in the past. If you wish to pay the balance as settlement on the account we will accept the $422 and report as "paid"."Do you think this is a good deal? I can't believe I actually have a "good" credit rating with 2 of the 3 bureaus now.This site is great! Link to comment Share on other sites More sharing options...
smogtek Posted July 9, 2003 Report Share Posted July 9, 2003 Whatever you do make sure you get their offers IN WRITING BEFORE you send them any money.And, to be on the safe side, I would pay them via money order or cashier's check. I settled and account recently by going to the bank, presenting CASH and having THEM issue a cashier's check to their own recovery department!DO NOT use your checking account or check by phone. You never know if they will use the info to try and take another payment from your account.Good Luck! Link to comment Share on other sites More sharing options...
user33658 Posted July 9, 2003 Author Report Share Posted July 9, 2003 Both creditors sent me letters stating their agreed settlement. Do you think the bank will report it as a "Paid Charge Off" or just "Paid" or is there a difference? Link to comment Share on other sites More sharing options...
smogtek Posted July 9, 2003 Report Share Posted July 9, 2003 BIG DIFFERENCE! A "Paid Chargeoff" is just as bad as an "Unpaid Chargeoff"!Best scenario is "Paid as Agreed"! Link to comment Share on other sites More sharing options...
user33658 Posted July 10, 2003 Author Report Share Posted July 10, 2003 I verified that it would be a "Paid Charge Off" with the collection manager. If I settle will is still be removed from my CR in April 04, it will be 7 years old then? Link to comment Share on other sites More sharing options...
smogtek Posted July 10, 2003 Report Share Posted July 10, 2003 If that's the 7 year point it should come off. Remember: Paying a charged off account does not re-age it. Link to comment Share on other sites More sharing options...
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