Question for anyone familiar with this,
I recently received a collection letter regarding an old PNC Bank account from 3 years ago. I'm aware of the debt and I'm not disputing it. The agency is giving me a payment plan to help resolve the debt. I was wondering does paying on a payment plan help or hurt you chances of getting the debt reported on? I used to work in collections a long, long time ago and I remember one of the "tricks" we used was getting people to pay on debts which would restart the statute of limitations. But I can't pay the full amount off right now (would probably take me 2-3 payments) and I don't want to give them more time to report to CRAs.
Any advice on what should I do? Should I contact them with a letter agreeing to paying IF they don't report? I don't want to rock the boat but I also don't want something on my file while I'm rebuilding?
Any advice would be greatly appreciated!
I would definitely request something in writing stating they won't report the debt.
@medicgrrl wrote:
I would definitely request something in writing stating they won't report the debt.
Is there a template for a letter like this? I've seen "Pay for Delete" sample letters but nothing that asks to not report before they do?
I'm not sure. You could just take the PFD letter and tweak it a little to state they agree not to report to the CRA's in exchange for the agreed upon payment plan being completed.
Thanks everyone. I plan on contacting them tomorrow and see if they will allow me to make payments without reporting.
Has anyone had any success with that?