andres99pony

to pay collection, or let it rot

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Should I pay my collection or let it rot? It is indicated to stay on my credit until 2013. I have tried to settle for a PFD, but they are not willing to do so. They settled on the amount ($500 for a debt of $660), but they will not delete. I told them I'd send them payment soon.

I need to have this removed. It is hurting my scores. I know it is past SOL, and I said to myself I wasn't going to pay it. I even told them to put it in writing, that they are not to sell the balance. But it is hurting my low scores, and I wonder if having it changed to "paid collection" will improve them. I have 30 days to take their "offer".

What do y'all think?

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From what I understand, a paid collection is scarcely better than an upaid collection.

Worse yet - paying it now will likely restart the SOL, leaving it on your record until 2017 instead of 2013!!! :?

I would make sure it is listing correctly rather than paying it, i.e. do they have it as an "open" account and are they listing the DOFD correctly so it disappears in a timely fashion.

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I don't know if you have time-sensitive plans that make it urgent, but your best bet at this point is to wait. "Sneaky" isn't likely to work, paying it won't boost your score.

I still wouldn't pay it, for simple fact they are being jerks about the delete. So what if they gave you 30 days? Why not wait for THEM to get itchy, so you can probably get them or whatever JDB that purchases your "debt" to settle for even less and PFD.

Your eagerness to pay is only fueling their greed. I'm willing to bet they're being d**ks because they sense you are itching to get them off your report and feel they have an upper hand over you.

I'd tell 'em to take their offer and shove it...but that's me. I personally would enjoy watching their frustration boil over, their rage provoking them into breaking many, many laws. I would probably obtain that coveted Pay For Delete as part of the settlement agreement for ME not suing THEM, after THEY write ME a check for atleast three times THEIR original settlement amount for the alleged debt.

Again..that's just me. :twisted:

Edited by GH0104

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I know it is past SOL, and I said to myself I wasn't going to pay it.

Past the SOL for....?? Please expound on that.

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Past the SOL for....?? Please expound on that.

the debt is past SOL. It was a cell phone with Sprint that went to this collection agency. So I know the SOL on this debt is past. I will probably not pay them sh!t. But yeah, I have plans to try and get a mortgage in the next 4 months, I think I will have to pay this.

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I'm assuming by "past the SOL," you mean past the SOL for suing, but not past the SOL for reporting - that's what I was trying to confirm. Sorry, my question was vague.

I'm not trying to be a pain, I'd just hate to see you so close to your dream, only to have it quashed by a stupid Sprint collection. :-(

You'll have to do what works for you. I confess, they are possibly some intricacies in the things they consider for mortgages that may make paying this collection account off worth it. Perhaps it would be wise to ask your loan advisor if paying this collection is going to help you at all. I'm against it simply because I've never had a boost in score after paying a collection agency - it's usually reverse, because payment now makes the debt more recent!

Best of luck to you with the new mortgage, Andres - I sincerely hope all goes through without a hitch! :D

Edited by GH0104

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Are you going for an FHA mortgage or conventional mortgage?

GH0104 is right about the payment. It will reduce your score if you pay now. If the underwriter requires that item to be paid, ask your loan officer if you can pay it as a line item on the HUD rather than send the funds in before your closing. That way you won't take the score hit prior to your closing.

If you need a credit score to boost a smidge, have you looked at your utilization? You are more likely to get a boost in your score if your utilization drops and you can do that by paying down debt. If you are paying off your cards every month but you wait until the statment posts, consider paying off the cards prior to the statement posting so your utilization will show as zero.:mrgreen:

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Should I pay my collection or let it rot? It is indicated to stay on my credit until 2013. I have tried to settle for a PFD, but they are not willing to do so. They settled on the amount ($500 for a debt of $660), but they will not delete. I told them I'd send them payment soon.

I need to have this removed. It is hurting my scores. I know it is past SOL, and I said to myself I wasn't going to pay it. I even told them to put it in writing, that they are not to sell the balance. But it is hurting my low scores, and I wonder if having it changed to "paid collection" will improve them. I have 30 days to take their "offer".

What do y'all think?

Have you confronted them about the SOL? I am really surprised that they refuse to PFD, if they can't win in court. It won't improve your score enough to be worth it, although it would be illegal to re-age this debt as another implied. I would write them as say since they cannot recover this debt in court, there is no reason for you to pay unless they delete it.

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I would write them as say since they cannot recover this debt in court, there is no reason for you to pay unless they delete it.

I have done that in the past and received no answer. When I finally called them, they stated "sir, we do not delete......we own our debts........". I sent several PFD offers, they never replied. I was going to let this rot, but I'd like to have this removed.

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