Collection Nightmare In Need of Good Advice!!!

[Anonymous]

First off let me state that everyone here always seems to give damn good advice in my opinion on this site! Secondly, I'm in the process of trying to get my credit straighten out. Currently, I have 6 Direct Stafford loans totaling a balance of $11, 465.85 through a collection company named Conserve, which I might add I'm on my 3rd payment through the Student Loan Rehabilitation Program making monthly payments of $5.00 for 9 months or until a new lender/servicer picks up my loans. So moving on to the collection agency stuff that appears on my current report! If I pay a collection company off in full or in settlement what or will they do to my credit report. Is it possible to get a PAY 4 DELETE status and if NOT what is more than likely going to happen. Every debt on my credit report is mine and I am responsible for it and I am willing to change and to do the right thing I just don't want to get screwed over in anyway.  Some are medical, cellular, and apartment complex. Any advice on Capital One Secured Card too? My current scores are crazy low........according to myFico: Eq: 459, Tr: 476, Ex:476.

[Anonymous]

Yes, try to get "pay for deletes", you won't know if they will agree or not, so you just have to try. Be prepared to pay in full or pay a sum for a settlement at once. You don't say how old the debts are and that will have a lot to do with whether you get PFDs or settlement amounts.

Regardless if you just pay the collections, they will be updated to paid, which helps slightly, but not a lot. Once again try for pay for deletes.

Others would probably be able to help you much better if you give a list of your collections with the dates of them. You will want to know your DOFD date (date of first delinquency)

As far as Capital One secured card, no complaints here, you should check the preapproval before you apply though. You also may want to check into an OpenSky secured card as I hear they approve many.

[Anonymous]

Before you pay for a PFD get it in writing. Whatever you do. Get it in writing.

Make sure they say pay and it will be deleted from all 3 credit bureaus not just marked as paid.

[RobertEG]

Pay for delete is clearly the best route, as it is the only route that results in deletion of the collection, and thus its affect in your scoring.

Most PFDs are hard to get.  While you can offer a PFD for less than the amount of the debt, that is requesting a double concession on thier part.... both CR deletion and acceptance of less than the full debt.  You could first offer an PFD for less, and if they decline, counter with a PFD for the full amount.

However, be aware that if the debt is still within SOL, they have their own option of bringing legal action, and attempting to obtain a judgment for the full amount, so a PFD would have some peril if still within SOL.

Absent their acceptance of a PFD, the next best thing is to obtain a settlement for less with the added condition that they not report settled/paid for less to the CRA.

Absent that additional comment, the collectin witll then appear the same in a manual review as if it had been paid in full.

[Anonymous]

AARGON AGENCY INC (Ocean Springs Hospital) MIGHT BE DUPLICATE!!!

• Balance: $558.00
• Date of Delinquency: This field is empty on the CR.

 AARGON AGENCY INC (Ocean Springs Hospital) MIGHT BE DUPLICATE!!!

• Balance: $556.00
• Date of Delinquency: This field is empty on the CR.

 PROCOLLECT INC. (Landmark of D’Iberville Apts)

• Balance: $1921.00
• Date of Delinquency: 07/2013

 ABILITY RECOVERY SERVICES (PENN FOSTER)

• Balance: $839.00
• Date of Delinquency: 08/2014

 ENHANCED RECOVERY COMPANY (AT&T) MIGHT BE DUPLICATE!!!

• Balance: $814.00
• Date of Delinquency: 03/2012

 DIVERSIFIED CONSULTANT (AT&T) MIGHT BE DUPLICATE!!!

• Original Balance: $841.00 –NEW DUE BAL…$961.00
• Date of Delinquency: This field is empty on the CR.

 VERIZON WIRELESS (Original Creditor)

• Balance: $86.00
• Date of Delinquency: 01/2009

 FEDLOAN/DEPARTMENT OF EDUCATION

• Balance: $11465.85
• Currently: In Rehabilitation ProcessI ***CURRENTLY ON 3RD PAYMENT***

The following above is everything on my Credit Reports!

Any advice on the following above, again sorry for NOT providing this information before! General Question, out of the following above which collection companies are more willing than others to obtain a PAY 4 DELETE? If anyone has read any reviews about them or can share there personal experience. Many thanks again to the professional experts who have already commented on this post and are helping me through this learning curve.