topic Paying Off Collections - PLEASE help! in Rebuilding Your Credit

Paying Off Collections - PLEASE help!

whaddupmia07 — Wed, 22 Jan 2014 21:54:50 GMT

Hi everyone,

I'm ready to pay off my collections and need a little help in doing so.

I currently have 2 open accounts with Midland Credit Management. One for $2,327 and one for $220. I am ok with paying $220 especially because it was my own wrongdoing. But I do not want to pay the full $2,327. I had another open account with Midland but they sent me a letter in the mail offering to settle for 60% off the original amount. I paid that off but I have not received any other calls or letters from them about my other 2 open accounts. Since I am ready to pay these off do I call them and tell them I need to pay off my acounts? Also, how can I bargain with them to pay a lesser amount of the $2,327??

Another thing, is it true I can ask them to completely drop it off my credit report? Or do I have to wait 7 years for it to drop off?

Anyway, in short I guess I'm just wondering how to go about paying these off.

Thanks everyone one and any help is greatly appreciated!!!

Re: Paying Off Collections - PLEASE help!

Anonymous — Wed, 22 Jan 2014 21:57:44 GMT

Hi and welcome to the forums.

Is the larger debt outside of your state suing SOL? If not I would be careful offering them anything as they could turn around and sue for the entire amount.

Yes, you can offer a settlement that includes removal from your CR.

Re: Paying Off Collections - PLEASE help!

Vegas247 — Wed, 22 Jan 2014 21:58:54 GMT

I had Midland on my credit reports...I disputed Midland as not valid, and Midland was taken off...I wouldnt pay a dime to these guys.

Re: Paying Off Collections - PLEASE help!

Anonymous — Wed, 22 Jan 2014 21:59:46 GMT

@Vegas247 wrote:
I had Midland on my credit reports...I disputed Midland as not valid, and Midland was taken off...I wouldnt pay a dime to these guys.

If it is a valid debt it is against the TOS of the forums to dispute.

Re: Paying Off Collections - PLEASE help!

whaddupmia07 — Wed, 22 Jan 2014 22:14:48 GMT

I'm not too sure what that means, to sue SOL...

i live in California and found this

http://www.nolo.com/legal-encyclopedia/statute-of-limitations-state-laws-chart-29941.html

i am just unfamiliar with what it all means.

Re: Paying Off Collections - PLEASE help!

abzze — Wed, 22 Jan 2014 22:19:49 GMT

Is the 2K debt not your debt? Was that a mistake?

I ask since you say the smaller one was your mistake.

In any case you can always ask them to delete it from your report in exchange for you setteling your debt. Here's a good link on pay for delete(PFD):

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275

Re: Paying Off Collections - PLEASE help!

Anonymous — Wed, 22 Jan 2014 22:23:30 GMT

All states have a statute of limitations on the type of debt when a creditor can sue you. I think it is 4 years for CC debt.

Re: Paying Off Collections - PLEASE help!

whaddupmia07 — Wed, 22 Jan 2014 22:31:06 GMT

It is technically my debt. However, a family member used my credit to purchase a laptop as a gift. I knew this but was unaware said family member defaulted on the payments thus sending the account to collections. It's unfortunate but something I have to deal with. Thanks for the link.

Re: Paying Off Collections - PLEASE help!

whaddupmia07 — Wed, 22 Jan 2014 22:32:38 GMT

Ok, is this 4 years from when the account was sent to collections?

If my account is under 4 years old am I able to send a PFD letter to pay in full and not worry about being sued for the full amount?? Thanks.

Re: Paying Off Collections - PLEASE help!

Anonymous — Wed, 22 Jan 2014 22:34:55 GMT

SOL for the states generally starts with the date of first delinquency of the account or the DoFD. The last time you made a payment.

If you pay in full there would be nothing to be sued over.

Re: Paying Off Collections - PLEASE help!

whaddupmia07 — Wed, 22 Jan 2014 22:39:09 GMT

Oh I see.

I just checked and the "date of last activity" of each accounts is Nov. 2009.

If I offer them a PIF for exchange of deletion I won't have to worry about being sued, correct?

Thanks for the help, I really appreciate it.

Re: Paying Off Collections - PLEASE help!

Anonymous — Wed, 22 Jan 2014 22:41:43 GMT

DOLA isn't the same thing as the DoFD.

If you PIF you shouldn't be sued at all as you are paying in full.

Those account have not updated in years. If they say no, any activity can bring them to a current date making them look new and further tank your score.

Re: Paying Off Collections - PLEASE help!

whaddupmia07 — Wed, 22 Jan 2014 22:49:34 GMT

Would it be a bad idea to try and write a PFD letter?

Also, i do not have an account number to list. I checked on this website but didn't find anything. Any advice on how to retrieve that??

Re: Paying Off Collections - PLEASE help!

Anonymous — Thu, 23 Jan 2014 07:27:38 GMT

Hi, You should offer them about 20% of the amount due as settlement then negiotiate with them. You should also use a pay for delete strategy for all accounts you have with the collection agency. On average a collection agency pays five cents on every dollar of debt they buy.