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does this look ok? My 21,000.00 PFD letter

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ktl72455
Valued Contributor

does this look ok? My 21,000.00 PFD letter

This is to the OC, they have had a couple CA's send letter but I never worked with anyof them and the OC is only showing on my CR.

 

How does this sound?

 

 

To who it may concern,

 

I am writing to you in regards to my account #XXXX

I fell upon some financial hard times due to the company cutting back and loss of my job and I am back on my feet and working hard to restore my credit and take care of this debt.

 

I am asking to make the following payment arrangement on this account:

 

1) $400.00 a month until the balance is paid off starting on or before April 5, 2013.  Amounts above $400.00 may be paid at anytime with no penalty.

 

2) You agree not to take any further legal action in attempting to collect on this account by filing Judgment or using an out side collections agency, as long as monthly payments of  $400.00 or more are being paid monthly on time.

 

3) You agree to remove this account from all 3 credit-reporting bureaus upon final payment if paid off in 24 months or less from April 5, 2013.

 

4). Update the new balance after each payment is made to the Credit Bureau.

.

 

5) I understand that should I default on this agreement mentioned above you will seek further legal action as deemed necessary to clear this debt.

 

I understand I am still with in Statute of time frame of being sued and any payment made resets that Statute of Limitations. I am working hard to avoid any further legal action being taken.

 

I am not asking to settle for less, as this will only hurt my credit worse and my main goal is to have this debt to you paid off in full. You were good enough to extend the credit to me and I need to make this right and I am asking for your assistance.

 

 

If the above re-payment agreement is sufficient please send me a letter letting me know.

 

Thank you for your time and assistance,

 

XXXXXXX

 

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 1 of 11
10 REPLIES 10
Kathy4NU
Frequent Contributor

Re: does this look ok? My 21,000.00 PFD letter



 

I am writing to you in regards to my account #XXXX

I fell upon some financial hard times due to the company cutting back and loss of my job and I am back on my feet and working hard to restore my credit and take care of this debt.

 


 



(Forgive me, I am an English teacher).  I don't particularly care for your wording in this paragraph.  It appears that you are more worried about your credit and that is the only reason you are willing to take care of this debt.  Which, this could be true or not.  But, I don't think that is what the original creditor cares about.  I think you should convey to the original creditor that this is your primary foucus.  You touch on the removing from CB and updating CB monthly.  That shows you are interested in repairing your credit without directly saying that to them.  Make it more sincere of an apology for doing them wrong and make it about them and not you.

 

Just my opinion.




June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Message 2 of 11
TravisD
Contributor

Re: does this look ok? My 21,000.00 PFD letter

+1 Kathy. I read there and I didn't feel like it was just a list of demands. You're asking them for a favor I'd like to see it sound more empathetic.
........???................659 (FICO)................659 (TU08) ........
Message 3 of 11
RobertEG
Legendary Contributor

Re: does this look ok? My 21,000.00 PFD letter

I would leave out any reference to the debt still being within SOL.  You never want to make an admission against your own interest unless absolutely necessary.

Particularly the admission that any payments reset the SOL.  That is for a judge to decide.

 

I dont see that it serves any purpose on your part.

 

Message 4 of 11
starry1
Valued Contributor

Re: does this look ok? My 21,000.00 PFD letter


@Kathy4NU wrote:


 

I am writing to you in regards to my account #XXXX

I fell upon some financial hard times due to the company cutting back and loss of my job and I am back on my feet and working hard to restore my credit and take care of this debt.

 


 



(Forgive me, I am an English teacher).  I don't particularly care for your wording in this paragraph.  It appears that you are more worried about your credit and that is the only reason you are willing to take care of this debt.  Which, this could be true or not.  But, I don't think that is what the original creditor cares about.  I think you should convey to the original creditor that this is your primary foucus.  You touch on the removing from CB and updating CB monthly.  That shows you are interested in repairing your credit without directly saying that to them.  Make it more sincere of an apology for doing them wrong and make it about them and not you.

 

Just my opinion.


I agree with this. Take out the part about restoring your credit. They will understand its implied by your asking them to update the CRAs with your payments and removal after satisfaction of the debt. And good for you for doing this!

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 5 of 11
ktl72455
Valued Contributor

Re: does this look ok? My 21,000.00 PFD letter

Thanks for the input, I will adjust it.  I have the GW letters down, I have just never had to make payment arrangements or try to include the delte part and to me is sounded floofy so wanted other input.  I'll adjust it and repost and see if it sounds better.

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 6 of 11
ktl72455
Valued Contributor

Re: does this look ok? My 21,000.00 PFD letter

Ok here it is,

 

And do I need to ask them to update the CB each month ? Isnt that something they are supposed to do or not? Like I said, this is my first go around and the only thing on my CR not paid and I dont want to sound stupid of floofy!

 

To Whom It May Concern:

 

I am writing to you in regards to my account #XXXXX

Back in Dec 2010 I defaulted on this account and I apologize for that. The company I was employed with cut back and I lost my job of 32 yrs.  I am not saying this as an excuse for the default, only as a explanation of why I was unable to maintain my monthly payments to you. I am back on my feet and I would like to do the responsible thing and repay this debt. I would be grateful if you would accept a payment arrangement.

 

 

I am asking to make the following payment arrangement on this account:

 

A) Pay off the full amount of the account due approx 21,000.00

 

. 1) $400.00 a month until the balance is paid off starting on or before April 5, 2013.  Amounts above $400.00 may be paid at anytime with no penalty.

 

2) You agree not to take any further legal action in attempting to collect on this account by filing Judgment or using an out side collections agency, as long as monthly payments of  $400.00 or more are being paid monthly on time.

 

3) You agree to remove this account from all 3 credit-reporting bureaus upon final payment if paid off in 24 months or less from April 5, 2013.

 

4). Update the new balance after each payment is made to the Credit Bureau.

 

I understand that should I default on either agreement mentioned above you will seek further legal action as deemed necessary to clear this debt. I am working hard to avoid any further legal action being taken.

 

Please send me a letter letting me know if this repayment plan would be acceptable and any exact amounts due.

 

Thank you for your time and assistance,

 

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 7 of 11
starry1
Valued Contributor

Re: does this look ok? My 21,000.00 PFD letter

I think that's really good.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 8 of 11
Kathy4NU
Frequent Contributor

Re: does this look ok? My 21,000.00 PFD letter

Much much better.  It sounds sincere and you are taking responsibility for what happened - although also admitting it was not within your control and you are ready to take control of the situation again.

 

I am not an expert so I do not know about the updating being automatic.  At the same time I don't think it will help or hurt your credit anymore if they do update or not.  Maybe someone else can provide better feedback on that part.




June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Message 9 of 11
guiness56
Epic Contributor

Re: does this look ok? My 21,000.00 PFD letter


@Kathy4NU wrote:

Much much better.  It sounds sincere and you are taking responsibility for what happened - although also admitting it was not within your control and you are ready to take control of the situation again.

 

I am not an expert so I do not know about the updating being automatic.  At the same time I don't think it will help or hurt your credit anymore if they do update or not.  Maybe someone else can provide better feedback on that part.


Yes, it should be automatic for the creditor to report changes to a TL.  And yes, it will help OPs score if they update because if the balance is being factored into utilization, the amount of payment will bring down utilization increasing the score.

Message 10 of 11
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