Whats the best option settle or pay for delete

[ggarso]

This is with the original OC they have agreed on less than 50% and to send a letter that states my credit report will say payed as agreed, is this enough or would it be better if it was settled on report. The best solution is a pay for delete because I have late payments associated with this account but if they wont agree, which of the others options is best. And if they will agree to pay for delete do I have to get that in writing, email or what?

Edited March 15, 2011 by ggarso

[GertschMom1121]

I would imagine that a PFD would be better. Get it in writing before you pay them. There's a pretty good PFD/Settlement offer on this site that you can mail out. Only pay them after they send a signed copy back to you. Maybe add something saying they agree to remove the item within 30 days of getting the payment (mail it CMRRR so you can track it) and something saying the debt is satisfied and they won't hold you repsonsible for the rest or sell it.

I'm still prett new but that seems like the process based on everything I've read

[Cashmere425]

I'm new at credit repair myself but I've read to always shoot for the pay for deletion. The only problem is that it takes more time because you should really get it in writing.

What I've been doing is sending letters, requesting a return letter or statement that once paid it will be deleted. I have to say that SO far this hasn't been an issue. And btw, I haven't had to send certified letters as of yet.

Don't be afraid to communicate with them and ask them to do this (I was at first!). Remember this is personal for you, not them. You are just another dollar amount that they have probably already written off anyway.

If for some reason they won't do the delete then at least the account is showed as paid in full or settled in full...that does mean something to the next lender that looks at your credit report. Maybe not the same as never having the debt but it's preferred to have a debt paid then not.

Good luck!

[BV80]

This is with the original OC they have agreed on less than 50% and to send a letter that states my credit report will say payed as agreed, is this enough or would it be better if it was settled on report. The best solution is a pay for delete because I have late payments associated with this account but if they wont agree, which of the others options is best. And if they will agree to pay for delete do I have to get that in writing, email or what?

No matter what is agreed upon, get it in writing. If they don't agree to a PFD, don't worry. The older a negative TL, the less impact it has on your credit score.

[emceeaye]

Hi BV80,

I have a similar dilemma, and I wonder if you could offer some insight into this for me: I have fulfilled the first installment of a 3 installment settlement offer. In the settlement agreement letter it says: As of the date of this letter, your account balance is $10,180.88. Upon receipt of $4,582.00 in accordance with the terms set forth below, which is a 55% reduction of your current balance, we will consider your account as paid in full and will send an update to the credit reporting agencies.

Since it says they will consider it "paid in full" upon me completing the settlement payments, does that mean it will read "paid in full" and nothing else as the entry in my credit report? Or might it also say "settled for less than the original amount"?

What's confusing to me is that a representative I spoke to on the phone at Barclay's said that it will say "settled for less than original amount", even though in the settlement agreement letter it says: "we will consider your account as paid in full and will send an update to the credit reporting agencies."

It seems like a contradiction, but perhaps "paid in full" only refers to the "full" settlement amount, which in this case is $4,582. If this is what they mean, then I can see how a "settled for less than original amount" entry can also mean that though I will have paid the "full" amount of the settlement, it will be less than the "original amount" of $10,180. Does that make sense?

What can I realistically expect to show up on my credit report for this settlement?

Sorry for the long-winded question, but this will go a long way for me.

Thank you in advance.

Bill

Edited March 27, 2011 by emceeaye

[spydaman]

Thanks for posting this, I was wondering the same thing. I'm new to this forum and it will not let me post a new message, but this is something I was wondering as well.

[McLovin]

I haven't had to send certified letters as of yet.

Always use CMRRR.

[emceeaye]

Whats the best option settle or pay for delete

This is with the original OC they have agreed on less than 50% and to send a letter that states my credit report will say payed as agreed, is this enough or would it be better if it was settled on report. The best solution is a pay for delete because I have late payments associated with this account but if they wont agree, which of the others options is best. And if they will agree to pay for delete do I have to get that in writing, email or what?

Hi Ggarso,

I read your post, and I have a similar dilemma. Could you clarify a couple of things you wrote, please? What do you mean by

is this enough or would it be better if it was settled on report.

If they write a letter saying that your credit report will say payed as agreed, doesn't that mean that when your OC updates your credit report after the 50% settlement that it will be settled on report?

When you say that pay for delete is the best solution, does that mean that the OC can retroactively go in and get the credit reporting agency to delete a negative entry in your credit report for your settlement with them?

I'm in the middle of a settlement with an OC as well, and this information will help out a lot.

Thank you in advance.