$1,300 question! Advice needed, Post Payment Reporting??

[Anonymous]

Hello, 

I have a collections account with a balance of $1,300 that should be reporting to my CRA any day now. It hasn't been reported yet and i am not disputing it, im just wondering what i should SECUREIN WRITING prior to payment tomorrow (payday)? I am in the process of getting pre-approved for a mortgage in the next 3 months so you can imagine the impact to an already low 614 fico will do if a new collections shows up. Ive been perfect for the last 2 years of rebuilding so far.

Ive researched a little about Post Payment Reporting which collections will sometimes just report a $0 balance even after they received PIF... but obviously the collection record would be there so the damage is done already. They said they would give me a "Paid in full" letter, which is basically garbage because it doesn't do anything about the potential presence of the record in the first place. Just that it can be reported as $0... no thanks... not for $1,300.

Any kind of verbiage via faxed letter i should be requesting from them? Im not sure about a PFD letter as this isnt reported yet, I know it should be a letter that is on their company letterhead, dated, signed by one of their reps. They agreed to send it tomorrow stating "if payment is received in their office by today's date no later than 5pm MT that they will not report it to the credit bureaus." Does this cover me in case they decide to report before or even after being paid though? Should i just also have them indicate on the letter that the account will be considered paid in full and all records of this debt will be deleted from the bureaus? Im concerned about this because even if they did send me the letter the day before and their system ended up deciding to report to the bureaus overnight, couldn't I still just use this same letter to have the CRA's remove the record? So you see im trying to get the verbiage that covers me in all scenarios before & potentially(hopefully not needed for) after reporting.

Also, the payment method... any suggestions? I live about 7 hours away so paying it in their office is not an option. It needs to be paid same day so the snail mail isn't an option. They suggested over the phone a Credit or Debit card, unfortunately i don't have that much room on a credit card for the payment amount... but i could do a debit card? I am considering this route because im not getting a settlement so im not worried about them pulling the "full" amount since im already paying it in full and they seem a legitimate enough company to not drain the entire account, but even if they did that's theft/ illegal on a pretty big scale. Not to mention all my communications are recorded and i have no problem filing a lawsuit against them if need be, heck this way by the end, maybe they'll end up paying for the whole house for me, lol j/k. I just thought of another option possibly loading $$ onto one of those prepaid cards and paying with that, dont know how long they take to use the balance thats loaded or if there a max? Of course im not sure how i would use that for proof of payment if they decided to report to CRA's after all... 

Any advise is appreciated, Thanks!

[gdale6]

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@Anonymous wrote:

Hello, 

I have a collections account with a balance of $1,300 that should be reporting to my CRA any day now. It hasn't been reported yet and i am not disputing it, im just wondering what i should SECUREIN WRITING prior to payment tomorrow (payday)? I am in the process of getting pre-approved for a mortgage in the next 3 months so you can imagine the impact to an already low 614 fico will do if a new collections shows up. Ive been perfect for the last 2 years of rebuilding so far.

Ive researched a little about Post Payment Reporting which collections will sometimes just report a $0 balance even after they received PIF... but obviously the collection record would be there so the damage is done already. They said they would give me a "Paid in full" letter, which is basically garbage because it doesn't do anything about the potential presence of the record in the first place. Just that it can be reported as $0... no thanks... not for $1,300.

Any kind of verbiage via faxed letter i should be requesting from them? Im not sure about a PFD letter as this isnt reported yet, I know it should be a letter that is on their company letterhead, dated, signed by one of their reps. They agreed to send it tomorrow stating "if payment is received in their office by today's date no later than 5pm MT that they will not report it to the credit bureaus." Does this cover me in case they decide to report before or even after being paid though? It would be actionable if they reported it after making an agreement not to. I would not ask for anything more.   Should i just also have them indicate on the letter that the account will be considered paid in full and all records of this debt will be deleted from the bureaus? Im concerned about this because even if they did send me the letter the day before and their system ended up deciding to report to the bureaus overnight, couldn't I still just use this same letter to have the CRA's remove the record? So you see im trying to get the verbiage that covers me in all scenarios before & potentially(hopefully not needed for) after reporting.

Also, the payment method... any suggestions? Credit card or certified funds. I would not give them access to your bank account with debit card or direct debit but then I read further and you have got no choice. Pay with the debit card and as soon as it clears cancel said card and get a new one. I live about 7 hours away so paying it in their office is not an option. It needs to be paid same day so the snail mail isn't an option. They suggested over the phone a Credit or Debit card, unfortunately i don't have that much room on a credit card for the payment amount... but i could do a debit card? I am considering this route because im not getting a settlement so im not worried about them pulling the "full" amount since im already paying it in full and they seem a legitimate enough company to not drain the entire account, but even if they did that's theft/ illegal on a pretty big scale. Not to mention all my communications are recorded and i have no problem filing a lawsuit against them if need be, heck this way by the end, maybe they'll end up paying for the whole house for me, lol j/k. I just thought of another option possibly loading $$ onto one of those prepaid cards and paying with that, dont know how long they take to use the balance thats loaded or if there a max? Of course im not sure how i would use that for proof of payment if they decided to report to CRA's after all... 

Any advise is appreciated, Thanks!

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[RobertEG]

Make them a "pay for not reporting to any CRA" offer in writng prior to remitting payment.

I would include in the offer both the pay for not reporting contingency, and the clear agreement that payment will comprise full satisfaction of the debt.

If they accept, then I would send a money order under accompaning letter reiterating your mutual contract agreement.

It is, of course, preferable to get their prior agreement in writing, but I would accept an oral agreement if that is all they are willing to provide.

[Anonymous]

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@gdale6 wrote:

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@Anonymous wrote:

Hello, 

I have a collections account with a balance of $1,300 that should be reporting to my CRA any day now. It hasn't been reported yet and i am not disputing it, im just wondering what i should SECUREIN WRITING prior to payment tomorrow (payday)? I am in the process of getting pre-approved for a mortgage in the next 3 months so you can imagine the impact to an already low 614 fico will do if a new collections shows up. Ive been perfect for the last 2 years of rebuilding so far.

Ive researched a little about Post Payment Reporting which collections will sometimes just report a $0 balance even after they received PIF... but obviously the collection record would be there so the damage is done already. They said they would give me a "Paid in full" letter, which is basically garbage because it doesn't do anything about the potential presence of the record in the first place. Just that it can be reported as $0... no thanks... not for $1,300.

Any kind of verbiage via faxed letter i should be requesting from them? Im not sure about a PFD letter as this isnt reported yet, I know it should be a letter that is on their company letterhead, dated, signed by one of their reps. They agreed to send it tomorrow stating "if payment is received in their office by today's date no later than 5pm MT that they will not report it to the credit bureaus." Does this cover me in case they decide to report before or even after being paid though? It would be actionable if they reported it after making an agreement not to. I would not ask for anything more.   Should i just also have them indicate on the letter that the account will be considered paid in full and all records of this debt will be deleted from the bureaus? Im concerned about this because even if they did send me the letter the day before and their system ended up deciding to report to the bureaus overnight, couldn't I still just use this same letter to have the CRA's remove the record? So you see im trying to get the verbiage that covers me in all scenarios before & potentially(hopefully not needed for) after reporting.

Also, the payment method... any suggestions? Credit card or certified funds. I would not give them access to your bank account with debit card or direct debit but then I read further and you have got no choice. Pay with the debit card and as soon as it clears cancel said card and get a new one. I live about 7 hours away so paying it in their office is not an option. It needs to be paid same day so the snail mail isn't an option. They suggested over the phone a Credit or Debit card, unfortunately i don't have that much room on a credit card for the payment amount... but i could do a debit card? I am considering this route because im not getting a settlement so im not worried about them pulling the "full" amount since im already paying it in full and they seem a legitimate enough company to not drain the entire account, but even if they did that's theft/ illegal on a pretty big scale. Not to mention all my communications are recorded and i have no problem filing a lawsuit against them if need be, heck this way by the end, maybe they'll end up paying for the whole house for me, lol j/k. I just thought of another option possibly loading $$ onto one of those prepaid cards and paying with that, dont know how long they take to use the balance thats loaded or if there a max? Of course im not sure how i would use that for proof of payment if they decided to report to CRA's after all... 

Any advise is appreciated, Thanks!

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Thanks gdale6, I didnt think of the replacement debit card option. I called Wells Fargo and they can issue replacement temporary cards same day while the permanent is in route. That would be a good way to shut down any potential re-attempt at accessing additional funds by them. Of course would want to make sure the available balance is close to the amount owed so they dont make any "mistakes" immediately and try to get any more. Thanks!

[Anonymous]

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@RobertEG wrote:

Make them a "pay for not reporting to any CRA" offer in writng prior to remitting payment.

I would include in the offer both the pay for not reporting contingency, and the clear agreement that payment will comprise full satisfaction of the debt.

If they accept, then I would send a money order under accompaning letter reiterating your mutual contract agreement.

It is, of course, preferable to get their prior agreement in writing, but I would accept an oral agreement if that is all they are willing to provide.

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Thanks RobertEG, That "pay for not reporting to any CRA" offer in writng prior to remitting payment is exactly what i will lock up before paying anything. I dont trust anyone that much to take their word for it, which is all they originally offered me before i insisted on the no reporting PRIOR to payment, unfortunately their word is worth nothing to me without a signed document and i dont plan to gamble with over $1,000 that they will keep their word. Murphy's Law seems to follow me around too often already. Thanks for the advice!

[Anonymous]

Here is the letter i received from the Collection Agency today, this account is no yet reporting, i requested a letter that i could use that would indicate they wont report to Credit Bureaus if payment is made today... and hopefully something i could use in case they decided to report anyways to get it removed.... Would this letter work or should the verbiage be updated???????? Please Help! 

Since i cant figure out how to post the letter here... here's what it says:

 <company letterhead>

Creditor: (their OC name) Amount due: ($1,300)

Dear (my name),

As of today, 6/19/2015, the above account has not been reported to credit bureaus by our office for non payment. We cannot guarantee the account will not be report as of 6/20/2015 forward. We recommend payment in full by 5:00pm today, 6/19/2015, to avoid any further reporting and possible further collection efforts.

Sincerely, 

Amber - (her phone #)

The problems i see with what they sent me is:

#1 - Its not signed, just their name typed, does the CRA's care about this?

#2 - "We cannot guarantee the account will not be report as of 6/20/2015 forward" This is exactly the guarantee im looking for though, i would prefer if it said something like "We will not report the account if payment is made today"... something like that. Otherwise this above says to me, we'll take your payment and then report a $0 balance tomorrow to CRA's... ??

#3 - It doesn't say this payment will be considered "payment in full"?

Am i just overthinking all this?

[Anonymous]

I spoke with the manager just now and she said "in order to cover them as a collection company they had to word it this way and they will not re-write the letter." She continued to say that it is saying what i want it to... but i can clearly see its not. Kinda rude people.

[gdale6]

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@Anonymous wrote:

Since i cant figure out how to post the letter here... here's what it says: This verbiage below is not what we originally agreed upon over the phone so it tells me they worded carefully to benefit them and not me.

 <company letterhead>

Creditor: (their OC name) Amount due: ($1,335.59)

Dear (my name),

As of today, 6/19/2015, the above account has not been reported to credit bureaus by our office for non payment. We cannot guarantee the account will not be report as of 6/20/2015 forward. We recommend payment in full by 5:00pm today, 6/19/2015, to avoid any further reporting and possible further collection efforts.

Sincerely, 

Amber - (her phone #)

The problems i see with what they sent me is:

#1 - Its not signed, just their name typed, does the CRA's care about this?

#2 - "We cannot guarantee the account will not be report as of 6/20/2015 forward" This is exactly the guarantee im looking for though, i would prefer if it said something like "We will not report the account if payment is made today"... something like that. Otherwise this above says to me, we'll take your payment and then report a $0 balance tomorrow to CRA's... ??

#3 - It doesn't say this payment will be considered "payment in full"?

Am i just overthinking all this?

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I would just pay it and keep a copy of this email and all others around. Ifthey made you an offer for less than full balance keep it as well and I dont see a need to force them to actually say that.

[gdale6]

I moved your other thread on this into this one to avoid confusion. Thanks for understanding.

[Anonymous]

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@gdale6 wrote:

I moved your other thread on this into this one to avoid confusion. Thanks for understanding.

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Thanks, yeah i havent posted that much on here and i couldnt find a way to delete it after i posted that other one. Would have worked better as just a continuation of the posting from yesterday.