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Established Member
Posts: 25
Registered: ‎09-20-2011
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Account paid in full for less than the full balance?

Offered LVNV original amount of $281 that was charged off from HSBC. Finally got back a response saying they would take $281 but would report it as account paid in full for less than the full balance. This is my last collection. I want to pay them and have just enough money for this. I sent a PFD and they are countering with this. Do I counter with another letter asking for paid in full? How bad is this on my husband's credit if it shows what they want to mark it?

I have settled others and they marked paid. What is my next step? I want to pay them and be over but I don't want to damage his credit anymore....
Frequent Contributor
Posts: 292
Registered: ‎01-05-2010
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Re: Account paid in full for less than the full balance?


Abcmom22 wrote:
Offered LVNV original amount of $281 that was charged off from HSBC. Finally got back a response saying they would take $281 but would report it as account paid in full for less than the full balance. This is my last collection. I want to pay them and have just enough money for this. I sent a PFD and they are countering with this. Do I counter with another letter asking for paid in full? How bad is this on my husband's credit if it shows what they want to mark it?

I have settled others and they marked paid. What is my next step? I want to pay them and be over but I don't want to damage his credit anymore....


My fico scores "paid in full," "settled in full" an "unpaid" the same.  The only difference might be how a loan lender views it.  My mortgage lender, BOA, was more interested that the account had a zero balance than how it was done as long as I had the minimum mortgage loan score.  It being paid avoids a future lien against the property.  I have heard that some lenders look at "settled in full" less favorably than paid however it has NOT been so in my case.  If your finances are tight I would go with the settlement and get the zero balance because you can always contact the creditor in the future and pay the "would be" different and have them update the report when your finances are better (I was actually told this by one of my creditors after we made a settlement arrangement.) Good luck in whatever decision you make.

 

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club
Established Member
Posts: 25
Registered: ‎09-20-2011
0

Re: Account paid in full for less than the full balance?

Bump..

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