How To Negotiate a Particular Pay to Delete?

[Ascendant]

Ok, to start, here are the details on the debt:

1)  It's with JPMCB (Parent company:  Chase Bank) - this is the original creditor

2)  It's a charge off (credit card)

3)  On my Equifax, the balance shows as $10,803.  On Experian, $5,480.  Not showing at all on my TransUnion

4)  It's 4-5yrs old currently.  No payments after it went into collections

5)  I am working with a credit repair bureau and disputing this debt (long story involving an ex).  So, the company is well aware already that I am fighting it, but no progress so far (4 mos)

Not sure what other details are necessary.  I feel since it is fairly old, that does give me some negotiating power here.  The absolute maximum I could afford to fix this would be $3,500, and even that would be pushing it.  But, I'm tired of waiting and want to explore options here.

However, there are a few questions I have regarding trying to negotiate a pay to delete with them:

a)  From what I have seen, it seems you typically start at offering to pay 25% of the debt.  However, since the balances are different, I'm not sure where to begin as a base offer?

b)  Since the balances vary on the collections, what would be the best way to mention them on the offer without making them aware it is only reported to two of the three and lower on one than the other?  Is that even a concern?

c)  I'm not sure how much personal details to give?  I'm trying to fix this for my children.  In short, I have limited time with them and am fighting with the courts for more time.  Having a house would give me the opportunity to get my sons back, but I am extremely tight financially.  Additionally, I lost literally everything I owned a couple years back and as such, the more I have to put into getting the home, the less I will have to provide for my children.  I have tons of evidence showing my case, how everything is in my favor (except not owning a home), and even documentation from two different psychologists supporting me getting my children back.  Would providing personal information like that help me at all?

[alwayswinning36]

A.) I would begin offering based on the lowest reported amount. That seems like a huge spread for a debt that is supposed to be reported accurately. So I personally, apples to apples in your situation would begin with that.

B.) You could simply tell them or maybe ask why it is the balance is over $5,000 higher on one credit report. Despite common belief by a lot of folks, me included at one time, not every creditor reports to all three bureaus. I once purchased a vehicle that was only reported to one single bureau, and it was the one that almost nobody checks these days. Not to say they wouldn't possibly end up reporting it to the one it currently is not reported to, but just throwing it out there that not every creditor does report to all three bureaus.

C.) Personal details - if you are not comfortable providing your entire social security number in your communication to them make sure you at a minimum include the last four digits. Also include your full date of birth, your address (of course), the account number, if known, or as reported on your credit reports. If it is ************XXXX then show it that way, is what I would do.

A quick google search of the Florida statute of limitations showed this right at the top: "The Florida statute of limitations on debt collection for written contracts and promissory notes is five years. Oral contracts and open-ended accounts (including credit cards) Florida statute of limitations on debt collection is four years." So if this is true, and it has been 4-5 years since you paid on the account or last used the card, whichever would begin the SOL in Florida, then once that SOL has expired, you cannot be sued. If you contact them about the debt, and acknowledge it in any way say "I know this is mine", "I want to pay my debt" or anything like that, depending on your states law you may be resetting that entire four year period all over again. If you are wanting to pay the debt off thinking it will improve your credit score it likely will not. Especially if it has been 4 years already, that debt has done all the damage it is going to on your credit report. And in another couple years it will be removed. If you acknowledge and pay on the debt, it can remain there for years. Be very careful what you say in the pay for delete proposal, is my best advice to you. 

[Ascendant]

Thanks for the feedback.  This is all new to me, so I want to make sure to do it right.  And yes, I am aware that I should not in any way acknowledge that the debt is valid or "mine" in any way.  I'm going to take all you said here into consideration and see what I can make happen. 

Also, as far as it remaining, that is why the only thing I'd be willing to negotiate with them is a "pay to delete."  Nothing else would make sense for me, so unless they will do that, I won't bother.

[alwayswinning36]

1 hour ago, Ascendant said:

Thanks for the feedback.  This is all new to me, so I want to make sure to do it right.  And yes, I am aware that I should not in any way acknowledge that the debt is valid or "mine" in any way.  I'm going to take all you said here into consideration and see what I can make happen. 

Also, as far as it remaining, that is why the only thing I'd be willing to negotiate with them is a "pay to delete."  Nothing else would make sense for me, so unless they will do that, I won't bother.

I hear ya. It can be frustrating sometimes. I have only ever tried that once, the pay for delete thing. It didn't work out in my case so the debt went unpaid until it fell off my report.