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New Member
mp11
Posts: 5
Registered: ‎05-15-2013
0

collection accounts

Hello. Im new to all this. I have three collection accounts with mid land credit mangement. They total a little over $5000. How do I go about sending a letter to settle the debts for less then owed anf have them removed from my credit report? How much should I be willing to settle for? What should I include in the letter? Please help. Thanks.
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0
New Member
mp11
Posts: 5
Registered: ‎05-15-2013
0

Re: collection accounts

6 years. I really would like to get them off of
my reports.
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: collection accounts

That old I would start with maybe 20% and see if they bite.  If not, it would leave you some room for negotiations.  And the fact that you are wanting to settle all three may help.

New Member
mp11
Posts: 5
Registered: ‎05-15-2013
0

Re: collection accounts

Ok. Thank you very much. Any ideas on what to include in the letter? Should I only agree to pay if they will remove all acounta from all three of my credit reports?
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: collection accounts

You can do a modified PFD asking for a deletion with a settlement.  Yes, something along the lines that you neither ackowledge nor dispute the accounts but will agree to pay ____amount for their deletion.

 

 

Established Member
MYP
Posts: 20
Registered: ‎07-29-2008
0

Accounts in Collection

Don't know where to start...going through separation / divorce - have a large number of credit accounts in collections.  Do I contact the collection agencies and try and settle for less?  If so, how does that affect my credit.  This is my preferred option, if it makes sense, as I don't have the money to pay all of these accounts in full.  I'm not certain what the right approach should be and really want to understand how my actions will affect the overall outcome.  I have a little money to use but want to use it wisely with the best results.  Any advice is appreciated.


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