Hi. I have an account that went to collections last year. My CR states that $250 is owed. I sent a settlement PFD for $150, but the collector refused. They sent me a letter stating that they would delete if I pay $279 (which includes interest). What are my options now? Should I pay the CA? Should I see if the OC will recall the account? Should I DV? My thing is that I only get paid once a month, and I really don't want to pay $250 all at once, but I will if that is what I have to do.
Starting Score: 09/14 EQ 596 TU 587 EX 588
@Booner72 wrote:Pay it! You might not get this deal again and you will regret it for the next 7 years (Or however long until it drops). Go ahead and be broke until next payday. Well worth it. Trust me!
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Very rare to get PFD offers, seize the opportunity.
I'd say take it, absolutely.It will save you so much more time (and time = money, right?) in the long run.
Or, if in very dire straits...
Get in contact with the CA, set up some kind of payment plan, and continue to stay in close contact (like weekly or twice-weekly phonecalls initiated by you) until you can pay it off.
I did this with three different CAs and one OC at a time when I simply could not manage the PFDs amounts they were offering--it was a choice between paying the CA's high PFDs or paying my rent.
I talked them down to a workable settlement amount with small monthly payments and RODE their butts via phone. Even when I didn't have anything to say except for a cheerful, "Hi, it's me, just calling to let you know that I am still completely committed to paying this off within the agreed-upon timeframe and my payment is coming through next week. I look forward to receiving your next statement!" They thought I was pretty weird. 
However, this worked in my favor--a couple months after I paid them all off, I GW'd all of them and asked them to look back through their records on my account. Citing my extreme willingness to work with them and my near-constant contact, they were all happy to delete from my CRs without any fuss.
My thought at the time was this: Considering how many people avoid CAs like the plague, making my account stand out with as many consumer-initiated phonecalls as possible would make a higher-up's decision regarding a GW delete easy(er) in the future. I called them more than they ever called me. Thankfully, it worked.
Warning: Even though I batted 4 for 4, this method is a total roll of the dice, and doesn't save you any money in the long run. I did it without any understanding of credit rebuilding practices at the time. If you want to take a crapshoot, research the CAs in question thoroughly here first, and see if they're sticklers when it comes to post-payment GW.
My straits aren't that dire, but I would like to avoid paying $279 all at once (I only get paid once a month, and I have been paying $300 extra per month to pay off my car). I was thinking of drafting a letter to ask if I could PIF but over two months. The letter would say that I would make the first payment on receipt of their acceptance letter, and the final payment one month later in exchange for deletion. Has anyone ever done that or heard of that working?