Paying Collections...again!

[sofd_4715]

I spoke with Cap One CA, Alliance somethingoranother...I've already paid $78.63 towards a $1801.00 balance that was charged off several years ago.  When I contacted them the other day, I verbally accepted a $1200.00 "settlement".  Today, after having paid the $78.63 mentioned above, I spoke with the CA and offered to up the ante a bit by paying the full remaining balance of $1754.00.  In return, I requested total deletion from my CR.  He stated that what they would do in that scenario is report the owed balance "Paid In Full".  He also stated that any and all associated derogatory information would be removed.  What is likely going to happen in this case?  How will this likely be reflected in my credit report?  What he stated sounded quite plausible considering that he said it would likely take a little longer for the reflection to appear due to the holidays.  I've pretty much committed to take care of this, either way. 

[Anonymous]

What ever you end up agreeing to. GET IT IN WRITING!!!!

[SmartCookie]

Cap1 might still own, check with them before doing anything with CA.  The Cap1 TL will still remain on your CBRs unless you get Cap1 to accept the PFD.  They will decline the possibility of PFD on the phone... just find out if they own and what the balance is.  Don't discuss PFD with them at this point, just ask what they would accept as a settlement.  If they own, send them the PFD letter with a min offer of the amount they will settle for thought you can go all the way up to PIF if you want this over with the fastest.

Never speak with a CA on phone.  Make that convo with them your last and as Timothy said, everything in writing.