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Established Contributor
Posts: 602
Registered: ‎08-26-2016
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Pfd or settling collection advice

I have two collections with credit protection associates from bright house now spectrum for 333 and 466. I have the money to pay both in full. I need advice from the experts here.

I tried calling spectrum and asking for them to recall the debt so I could pay them directly and they refused. I'd rather pay this debt sooner rather than later so my questions are.

1. What's the best way to ask for a pfd and how to I word it if I do this by phone or by mail? Mail being my last resort because it's the slowest process.

2. If they refuse should I just settle for less with the stipulation that they mark it as paid in full?

I have not negotiated with a creditor before so I don't want to reset the sol on one of the collections. So if speak to them over the phone I need to know how to word my pfd offer or settlement offer adequately.

Thanks in advance. Dv
Established Contributor
Posts: 602
Registered: ‎08-26-2016
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Re: Pfd or settling collection advice

Thanks for all the help guys, I thought I could really count on you all. Dv
Regular Contributor
Posts: 140
Registered: ‎07-22-2017
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Re: Pfd or settling collection advice

I would just tell them, I have no knowledge of this debt and it's hurting my credit, I'm willing to PIF if we can remove this from the CB's. 

 

Im sure others have more knowledge of this than I do. I actually called a company today to try and get my only collection removed... I had all this stuff planned out to say and when I got on the phone it didn't go as planned. They actually told me that once it's paid they will request removal in 30 days!!! So I waited along time to call when I coulda had it taken care of a long time ago. My advice is to just call and act clueless. But that's just advice. 

 

I hope you get it figured out!!!

 

 

FICO8
5/17 EX550 EQ560 TU 555
9/17 EX644 EQ702 TU729
Valued Member
Posts: 130
Registered: ‎09-20-2017
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Re: Pfd or settling collection advice

I haven't actually called anyone directly yet, so I can't really comment. What I've read either goes the way @Chefduane said by (1)playing clueless, (2)asking out right if PIF, will they delete (get in writing or tell them you are recording them), or just (3)PIF followed up by GW letters to get it removed from your credit report. If you PIF they should (at the very least) mark it as paid and a zero balance on your credit report.
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Posts: 29,709
Registered: ‎03-19-2007
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Re: Pfd or settling collection advice

A collection is separately reported by the debt collector to record their authority to attempt collection on the debt.

Only the debt collector can agree to delete their own reporting.

A creditor cannot enter into a valid PFD agreement to delete reporting of a collection made by a debt collector.

 

A PFD offer pertaining to a collection must be made to the debt collector who reported the collection.

 

IN cases where a debt collector will not agree to a PFD, you can attempt an around-the-barn negotiation with the creditor, wherein you offer to directly send payment to the creditor provided they first teminate any assignment of collection authority to the debt collector.

Debt collectors are instructed under CRA credit reporting policy (not any provision of the FCRA) that they are to report deletion of their collection if their collection authority has been terminated with the debt unpaid.  The purpose of that CRA policy is to thereafter prevent two collections from simultaneously showing on the same debt, which can ocur after termination of a first debt collector and assignment to a new debt collector.

 

If the creditor has declined to terminate their assignment of collection authority and then take direct paymenf from you, then you cannot obtain deletion of the collection by way of paying the OC.  You would have to obtain a PFD agreement directly from the debt collector.

Established Contributor
Posts: 602
Registered: ‎08-26-2016
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Re: Pfd or settling collection advice

Thanks for the advice guys, I'll just call and act clueless but make sure not to acknowledge the debt.

Should I offer the full amount or start lower? Dv
Established Contributor
Posts: 602
Registered: ‎08-26-2016
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Re: Pfd or settling collection advice

These collections have been on my reports 4 years and 5 years. I just want them off. I'll pay the full amount right away if I have to, I just don't know if starting lower will hurt or help me. Dv
Regular Contributor
Posts: 140
Registered: ‎07-22-2017
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Re: Pfd or settling collection advice

Me personally, I'd just pay in full. They aren't overly exspensive, also the end result, deleted or paid is gonna help tremendously. Deleted is obviously the objective here. But paid as to unpaid collections in a manual review, scores points with the loan officers we don't know about.

Let me know the outcome DV. Fingers are crossed
FICO8
5/17 EX550 EQ560 TU 555
9/17 EX644 EQ702 TU729
New Visitor
Posts: 8
Registered: ‎10-13-2017
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Re: Pfd or settling collection advice

I was going through the same dilema as you are right now couple weeks ago, how to deal with that one collection company to bring my score up faster.  That was when I found this forum.  As for me, I just sent out a PFD to the CA and see what kind of response I will receive from them before I move on.  I offer to settle 60% of the debt amount, $ 806, if they agree to remove it completely from my credit report. 

 

I think certain CA's, even if you paid in full, will not remove it, at least that's what some people here posted.  You just have to be patience when dealing with these CA's.  Also, you can call them up but it's better to get everything in writing before making any payment.  In my case, I rather negotiate with them first to find out what are my options because I don't like to rely on GW letter to remove the collection from my record.

New Visitor
Posts: 8
Registered: ‎10-13-2017
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Re: Pfd or settling collection advice

I disagree with this.  Deleted is the main objective.  I see no point of paying it to just get it over with.  They want to collect the money.  You have the money to pay.  Use it to your advantage, make them give in a little bit because once you paid them, you no longer have any leverage over the situation and have to rely on their good will. 

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