Never agree to pay a debt unless they agree to remove from credit report in writing!

[ando35]

Just a note to new people!

[Anonymous]

What do you ask for, I had a creditor tell me they don't do that. I told him I wanted the record removed from my credit report, or else I wouldn't Pay it, and he said he can not do that. Then he said "you want ..." and we can't do that. I then asked him to repeat what he said because I did not understand the term he used. He acted as if I was inconveniencing him and said you need to pay or else. I then said only if you remove the record and he said no and hung up.

My question what do I ask for in?

[2NE1]

Your Name
Your Address
Your City, State Zip

Collector’s Name
Collector’s Address
Collector’s City, State Zip

Date:

Re: Account Number XXXX-XXXX-XXXX-XXXX

Dear Collection Manager:

This letter is in response to your [letter / call / credit report entry] on [date] related to the debt listed above. I wish to save us both some time and effort by settling this debt.

Please be aware that this is not an acknowledgment or acceptance of the debt, as I have not received any verification of the debt. Nor is this a promise to pay and is not a payment agreement unless you provide a response as detailed below.

I am aware that your company has the ability to report this debt to the credit bureaus as you deem necessary. Furthermore, you have the ability to change the listing since you are the information furnisher.

I am willing to pay [this debt in full / $XXX as settlement for this debt] in return for your agreement to remove all information regarding this debt from the credit reporting agencies within ten calendar days of payment. If you agree to the terms, I will send certified payment in the amount of $XXX payable to [Collection Agency] in exchange to have all information related to this debt removed from all of my credit files.

If you accept this offer, you also agree not to discuss the offer with any third-party, excluding the original creditor. If you accept the offer, please prepare a letter on your company letterhead agreeing to the terms. This letter should be signed by an authorized agent of [Collection Agency]. The letter will be treated as a contract and subject to the laws of my state.

As granted by the Fair Debt Collection Practices Act, I have the right to dispute this alleged debt. If I do not receive your postmarked response within 15 days, I will withdraw the offer and request full verification of this debt.

Please forward your agreement to the address listed above.

Sincerely,

Your Name

(DO NOT SIGN THE LETTER)

Tips for Sending Your Pay for Delete Letter

• Send the letter only if you have the ability to pay the full amount listed as soon as the collection agent agrees to your offer.
• Send the letter and your followup payment via certified mail with return receipt requested.
• Make sure you keep a copy of the letter for yourself.

[RobertEG]

I would never advise one  to never accept a PFD offer unless in writing. 

Insisting on a written agreement might kill a deal, and leave one with no PFD acceptance at all.  PFDs are a form of good-will, and their is good reason for not wanting to put an agreement to delete based on payment in writing.... it is against their credit reporting agreement with the CRA to do so.  Making other non-disclosure demands may also kill a deal. 

You weigh the risks.

[rootpooty]

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@RobertEG wrote:

I would never advise one  to never accept a PFD offer unless in writing. 

Insisting on a written agreement might kill a deal, and leave one with no PFD acceptance at all.  PFDs are a form of good-will, and their is good reason for not wanting to put an agreement to delete based on payment in writing.... it is against their credit reporting agreement with the CRA to do so.  Making other non-disclosure demands may also kill a deal. 

You weigh the risks.

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so what if the ca lies which they can do and says sure we will delete it if you pay now. so you pay haha we tricked you. then from there you can do nothing right?

[drkaje]

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@RobertEG wrote:

I would never advise one  to never accept a PFD offer unless in writing. 

Insisting on a written agreement might kill a deal, and leave one with no PFD acceptance at all.  PFDs are a form of good-will, and their is good reason for not wanting to put an agreement to delete based on payment in writing.... it is against their credit reporting agreement with the CRA to do so.  Making other non-disclosure demands may also kill a deal. 

You weigh the risks.

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+1!

PFD is a courtesy, not an entitlement.

[rootpooty]

so what would an other option be while targeting a pfd?

[PRC]

I have paid 5 collections accounts all PFD taken over the phone and the CA has removed the account.  I have not had an issue and they all say they can't put it in writing and I still pay and they delete based on their word.

[JonRun]

so what if the ca lies which they can do and says sure we will delete it if you pay now. so you pay haha we tricked you. then from there you can do nothing right?


Well, then you've paid off a debt you owed. It may not increase your FICO score but I'm sure it looks better to future creditors than an outstanding balance you refuse to pay. Then there's always a chance for a GW letter after you pay it off. I've had success doing the PFD over the phone. Some of them will not put it in writing and it's up to you to decide whether or not you're willing to risk it.

[rootpooty]

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JonRun wrote:

so what if the ca lies which they can do and says sure we will delete it if you pay now. so you pay haha we tricked you. then from there you can do nothing right?


Well, then you've paid off a debt you owed. It may not increase your FICO score but I'm sure it looks better to future creditors than an outstanding balance you refuse to pay. Then there's always a chance for a GW letter after you pay it off. I've had success doing the PFD over the phone. Some of them will not put it in writing and it's up to you to decide whether or not you're willing to risk it.

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yeah well most debt collectors are scavengers and will seriously inflate the original amount owed.