Has anyone worked out long term monthly payment agreements with collectors?

[confuseddebtor]

Just thought I'd ask if anyone has successfullly been offered a settlement agreement with a collection office, and successfully paid off the debt over a few years? If so, did the collector keep their end of the agreement? After your last payment a few years down the road, did they close the account as promised?

[DucknCover]

CA's will generally accept payments on the full amount or accept a reduced settlement in a lump sum. Trusting them to keep their word is a crapshoot. The golden rule is if it isn't in writing....it didn't happen. Furthermore, a paid collection does nothing to improve your credit score.

[confuseddebtor]

CA's will generally accept payments on the full amount or accept a reduced settlement in a lump sum. Trusting them to keep their word is a crapshoot. The golden rule is if it isn't in writing....it didn't happen. Furthermore, a paid collection does nothing to improve your credit score.

Hi DucknCover, I do have an agreement letter, but plan to request a few details be added. I spoke to the collector about that last week. In my case the history of this debt will be deleted from my report in two years based on the "reporting period" laws. I'm pretty much done with credit, so I'm not really concerned with how my credit report looks right now. Though I wouldn't complain if it could be improved.

Believe it or not, I'm paying the debt for personal reasons. I feel I've accrued the debt, and should make SOME effort to pay at least a portion of the debt. Since I can afford $50 per month without hardship, I'm ok with that. If the company had not agreed to accept that amount, without adding interest, I wouldn't be open to the arrangement. I posted a complete breakdown of what's going on here:

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=261040