Settle for Deletion?

[tim1017]

Has anyone had luck with negotiating a settlement for less than what is owed for a charge off AND deletion?  I'm attempting to do so with Cap 1 Auto and was wondering if there is ANY chance of that working.

Thanks!

[Anonymous]

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@tim1017 wrote:

Has anyone had luck with negotiating a settlement for less than what is owed for a charge off AND deletion?  I'm attempting to do so with Cap 1 Auto and was wondering if there is ANY chance of that working.

Thanks!

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If you do a search for PFD in the search box you will find lots of great information and yes people have had collections deleted for less than a full amount.  Here's a good starting point:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

[RobertEG]

Two initial considerations would most likely come into the picture:

1.  Have they referred to a debt collector, regardless of whether that debt collextor has reported to a CRA, and

2. If so, does their contract with their debt collector preclude them from directly accepting payment?

If the answer to both of those questions is yes, then they most likely will not accept payment, and thus you cannot PFD for the CO.