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How does "pay for delete" work?


Brokestudent2012
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Hi,

I have one medical collection on my CR that I want to pay for and have it over with. The SOL won't be up for another five or so years, and honestly, the bill is less than $200.00... and even though paying it probably means I'll be feasting on ramen noodles for a few weeks, I acknowledge that it is mine and I should definitely take care of it (my health insurance took care of a lot of it, and this was my 'out of network copay' or whatnot, so there's no luck there...)

I want to call them on Monday and offer to pay them for it, but I want them to delete it from my credit report (not mark it as "PAID"). I also want to see if I can pay them about 30% or so... considering they probably bought it for about 5%. My strategy is as follows:

1) Call them, offer to pay x amount, and see if they'll take that.

2) Have them mail me a letter stating that they will delete it from my CR, and that they will fully settle with me for x amount (I don't want them selling the unpaid portion to another JDB)

3) When I get the letter, send them a USPS money order for the amount agreed upon.

Does anyone have any experience with this, and would like to give me some advice? I'm pretty broke, but this and one other debt (the one I post about *all* the time) are pretty much the only things on my CR that I need to work on right now... Definitely would appreciate some advice on what amount I should offer them for settlement. Thank you!!

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Are you sure the account is with a junk debt buyer and was sold and is not just in the hands of a collection agency, collecting for the medical provider.

If the debt was sold, then after a long hard battle, you might get them to 30%. If they are just collecting for the original creditor, it will of course be up to the creditor. However, I would not think you will get even close to 30%, at this stage, if it is with the original creditor.

You're also going to get a lot of fight on the pay for delete. Generally speaking, a pay for delete breaks the contract they have with the credit reporting agencies. For $200.00 bucks I don't see it being a good risk v reward in jeoperdizing their relationship with the CRA.

Let's say you get them at 30%, that's sixty bucks. You're asking them to do a lot of work for $60.00, of which, the collector might get $24.00 commission. Not a lot of upside for them working with you.

They're going to know your desperate if your trying to get a pay for delete on $200.00. Don't be surprised if they tell you the settlement amount is $200.00, marked paid in full, no pay for delete and take it or leave it.

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