HELP with collection agency!

[kham]

Hello!

I am new to this, but have been doing alot of reading.  My husband and I are in a position to pay off some collection/charge offs and have been working real hard to fix our credit.  I have been doing a lot of reading and am worried that by  paying off these items, they will stay on my credit additional years because of the date of last activity.  Is this correct?

I have seen a "pay in full delete" letter somewhere here.  I have started my phone calls asking for this and of course the first phone call has me so discouraged i dont even want to make anymore.

I have a credit card that is charged off and is currently with a "law office".  I just spoke to a woman and asked for this item to be deleted from my credit file.  She said this is impossible.  I told her that it is possible.  I am offering to pay this account, in full, and all I ask for is the account to be deleted.  She then asks me "If you are so intelligent, then why dont you pay your bills". Of course i ended the phone call there. 

Can i please get any advise from someone who has done this before????

thanks so much!!!!!!!!!

[Applebee]

I am in the same boat.  They can be very nasty and I don't understand why they would make it so hard since what they want is their money. 

I continue to dispute it...for any reason you can think of an perhaps that will wear them down.  Keeping trying and you will eventually see some progress.  But don't pay them if they don't give you want you want.

[Irvin]

Yeah those guys are pretty rough. You gonna hear that from pretty much all the collection agencies. But what i would do is just write them a letter stating that you would like to pay the amount in full only if ABC collection agency confirms to delete this entry entirely from each of the three credit bureaus. Just write a letter. It wouldnt hurt. Make sure you get everything in writing before you pay them. Always in writing. They would say anything on the phone to squeeze that payment from you.

Good Luck.

[kham]

These crazy people just called me back to tell me they are going to sue me!

Here is where i am totally unclear:  Would i be better off to just ride it out?  Is it true that if i pay them in full, the 7 years that it stays on my account will start the last day of activity?  So will this 7 years start over?  And if i do pay them, what is the difference with settling or paying the full amount?  Would this really make my credit better to pay?

man, my stomach is upset!!

[Applebee]

if it's under 1k i'm almost certain they won't bother sueing.

[Applebee]

Don't deal with them over the phone again, it's too upseting.  Mail from now on.

[kham]

I am going to try and contact HSBC (initial credit card company).   I will probably get no where but will try anyways! 

[Irvin]

If you PIF or do settlements...The entry will remain on your report for 7 years from the date of first delinquency. I did settlements last year with few accounts. But i dont know whether or not my score improved or worsen because i had no idea what credit score and credit report was until i paid them off and decided to see what a credit report actually is. I pulled my first report and score a month after i had $0 debt.

With settlements tho, if they forgive more than $600...you have to pay IRS taxes on that amount forgiven. I did that but it was better than paying the entire amount which was impossible for me because of my situation at that time.

My score after like 7 baddies (remaining on my reports till 2012) is right now in the high 500s.

[Boswd]

kham wrote:

Hello!

I am new to this, but have been doing alot of reading.  My husband and I are in a position to pay off some collection/charge offs and have been working real hard to fix our credit.  I have been doing a lot of reading and am worried that by  paying off these items, they will stay on my credit additional years because of the date of last activity.  Is this correct?

I have seen a "pay in full delete" letter somewhere here.  I have started my phone calls asking for this and of course the first phone call has me so discouraged i dont even want to make anymore.

I have a credit card that is charged off and is currently with a "law office".  I just spoke to a woman and asked for this item to be deleted from my credit file.  She said this is impossible.  I told her that it is possible.  I am offering to pay this account, in full, and all I ask for is the account to be deleted.  She then asks me "If you are so intelligent, then why dont you pay your bills". Of course i ended the phone call there. 

Can i please get any advise from someone who has done this before????

thanks so much!!!!!!!!!

First check your states Statute of Limitations and see if your debt falls within it or has it expired.   This is from the date of when you last paid the debt plus 180 days ( i do believe)    If your debt is still within the SOL and you say you have the money to pay it, I would.   You need to get the debt out of your life and move on.   Definitly try to get a " Pay in Full for Deletion"  but remember they aren't always possible.   some CA will and other won't.    But if you are going to play hard ball with them to get the PFD  make sure you have the money to pay it off so even if it doesn't work you still have the money to get rid of it.   Because by then the chances of them working with you with a better payment plan could be out the window and then they can get really nasty.   

I wouldn't advise not paying off the debt, if you can't get a PFD, just because it doesn't raise your Credit Score.   That is a big risk.   They, the CA, can get nasty and can sue you.   People are being sued for debt as little as a $1,000.   Judgments against you will kill your score plus you have to worry about them seizing your bank accounts, wage garnishment, possible lien on your house if you have one.  

I personally think one should take care of the debts first, then go and try to rebuild your credit, instead of just dilluting it with good tradelines and assuming more debt just to do so.     You said you are in postion to pay off your old debts then I would just do it.   yes try and try to get a PFD, but just know when it's time to move on and get rid of the debt.  Go to this forum  http://forum.freeadvice.com/forumdisplay.php?f=84 and just read some the horror storie about people and what has happend to them.    The first two threads on there today is 1.  "Being sued for old Credit Card debt"    2.   " being sued".    Don't mess around with thes SOB's

[kham]

Do you think that the original creditor will accept an offer to delete if paid in full?