topic Re: 6 Year Old Collection - how much should I offer to settle? in Rebuilding Your Credit

6 Year Old Collection - how much should I offer to settle?

payingoffdebt001 — Thu, 28 Feb 2013 02:55:29 GMT

Correction, Almost a 6 yr old Collection and the Mortgage Lender has asked that I pay it or come to an agreement. Its for $6,000 and i will be calling the collection agency tomorrow- how much should I try and settle for? Per my Annual Credit Report this collection Falls off in April 2014.

Yes outside SOL - Texas

Re: 6 Year Old Collection - how much should I offer to settle?

Anonymous — Thu, 28 Feb 2013 02:35:56 GMT

I'm taking it it is past your state SOL? I'd offer 25% or less.

Re: 6 Year Old Collection - how much should I offer to settle?

Anonymous — Thu, 28 Feb 2013 02:36:19 GMT

I offered all of my 6 year + collections 25% for deltion and they all accepted within a week of me mailing the offers.

Re: 6 Year Old Collection - how much should I offer to settle?

payingoffdebt001 — Thu, 28 Feb 2013 02:54:42 GMT

I'm sorry, I just realized its not actually 6yrs old just yet and it falls of APRIL 2014

Thanks, I'm willing to try and offer 25% - sure hope they take it. I'll need to call and request it be sent to me via email since the Lender needs a response pretty quick. They have now put my Appraisal on a temporary hold.

Re: 6 Year Old Collection - how much should I offer to settle?

Anonymous — Thu, 28 Feb 2013 03:03:16 GMT

Lets just hope the CA does not figure out that you are in the mortgage process and trying to pay this off so you can go though with your loan. I would not even begin to mention that this is why you are trying to pay it off. Hopefully they do not get smart and pull your credit to see that you have been applying for a home loan.

I sure hope they will settle with you and you can continue your home process.

Re: 6 Year Old Collection - how much should I offer to settle?

Anonymous — Thu, 28 Feb 2013 03:03:21 GMT

@payingoffdebt001 wrote:
I'm sorry, I just realized its not actually 6yrs old just yet and it falls of APRIL 2014

Thanks, I'm willing to try and offer 25% - sure hope they take it. I'll need to call and request it be sent to me via email since the Lender needs a response pretty quick. They have now put my Appraisal on a temporary hold.

Good luck.

Re: 6 Year Old Collection - how much should I offer to settle?

payingoffdebt001 — Thu, 28 Feb 2013 03:14:12 GMT

Thanks, I need all the Luck I can get right now.

Re: 6 Year Old Collection - how much should I offer to settle?

payingoffdebt001 — Thu, 28 Feb 2013 17:14:27 GMT

They said they can only do a settlement of 50% - I was so disappointed in hearing that so I simply told them I didnt have that kind of money and goodbye.

Re: 6 Year Old Collection - how much should I offer to settle?

Anonymous — Thu, 28 Feb 2013 17:19:48 GMT

What CA is it?

Re: 6 Year Old Collection - how much should I offer to settle?

payingoffdebt001 — Thu, 28 Feb 2013 17:27:15 GMT

National Credit Systems - so a big one

Re: 6 Year Old Collection - how much should I offer to settle?

Anonymous — Thu, 28 Feb 2013 17:57:05 GMT

@payingoffdebt001 wrote:

They said they can only do a settlement of 50% - I was so disappointed in hearing that so I simply told them I didnt have that kind of money and goodbye.

Sorry to hear that. I'm in same boat. We are putting our home up for sale and there is a lien on it for a $5565 credit card. I need to settle debt ASAP. I offered 50% just this morning and was shot down. Because my back is against the wall, I have to agree to their terms of maybe 90% and the lady told me that is pushing the envelope. Really?!! The debt is over 3 years old. Not happy, but I'm out of options and need this monkey off my back. They tried to talk me into a payment plan, but that doesn't work when a lien needs removed.

Re: 6 Year Old Collection - how much should I offer to settle?

Anonymous — Thu, 28 Feb 2013 18:20:30 GMT

Send another settlement offer to the CEO or VP.

Re: 6 Year Old Collection - how much should I offer to settle?

payingoffdebt001 — Sat, 02 Mar 2013 15:14:51 GMT

UPDATE: lender has cleared my collection and it does not need to be paid. Appriasial is scheduled again.

I dont know why or how but will say prayers must of been answered and I know I'm not out of the woodwork yet but at least I'm moving forwward, in the right direction!

Re: 6 Year Old Collection - how much should I offer to settle?

koky — Sat, 02 Mar 2013 15:21:20 GMT

Start from 25% or Less and don't forget to Request for a PFD... Good Luck

Re: 6 Year Old Collection - how much should I offer to settle?

Anonymous — Sat, 02 Mar 2013 15:24:48 GMT

@payingoffdebt001 wrote:
UPDATE: lender has cleared my collection and it does not need to be paid. Appriasial is scheduled again.
I dont know why or how but will say prayers must of been answered and I know I'm not out of the woodwork yet but at least I'm moving forwward, in the right direction!

Good!