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First Premier Settlements

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Anonymous
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First Premier Settlements

I have two First Premier accounts with balances of $400 & $472. I recently decided I wanted to start making payments on them as they are two of my last three derogatory accounts and I am aiming to get them taken care of. I could pay the whole amount, but it would take some time. Since they are older, I was planning to offer them a settlement of 25% with room to negotiate provided the comment of settlement is not added to my credit report. Has anyone done this? Can someone tell me what the proper way to go about this would be? Thanks! 

Message 1 of 4
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Anonymous
Not applicable

Re: First Premier Settlements


@Anonymous wrote:

I have two First Premier accounts with balances of $400 & $472. I recently decided I wanted to start making payments on them as they are two of my last three derogatory accounts and I am aiming to get them taken care of. I could pay the whole amount, but it would take some time. Since they are older, I was planning to offer them a settlement of 25% with room to negotiate provided the comment of settlement is not added to my credit report. Has anyone done this? Can someone tell me what the proper way to go about this would be? Thanks! 


Ask for a pay for deletion that way the are removed altogether from your CR. If they are willing to do that, make sure you get it all in writing. If they are old enough, they may age out and fall off your report. Check your state law on the statute of limitation for collections.

Message 2 of 4
RobertEG
Legendary Contributor

Re: First Premier Settlements

Add the statement that they agree not to make any reporting indicating that the debt was settled for less than its full amount.

 

How old is "older"?

Message 3 of 4
RonM21
Valued Contributor

Re: First Premier Settlements

Good question Robert. This is somewhat confusing to me also. Unless I'm misreading, on one hand I take it that it is reporting because you mentioned 2 of your last 3 derogs. But then, you mention asking them not to report it.


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