PFD Letter Question

[Anonymous]

Does a Pay For Deletion letter for a derogatory closed account with B of A still work even though it hasn't gone to a collection agency yet? Or would I be better off waiting for it to go to collections and then negotiating the amount and the deletion. Or is it not too late with B of A?

[Anonymous]

If it has not yet gone to a CA, you are much better off trying to keep it with BOA. OCs are generally far easier to work with than CAs. If for no other reason than once it goes to a CA, you might be having to fight to fix 2 TLs as opposed to just 1. If the account stays with the OC, there's a better chance you can keep the account open, and that means a longer credit history continues to be reported. GW is more likely from the OC.

[Tuscani]

As long as its not gone to collections you can still PFD with BofA. PFD works for any unpaid TL.

[Anonymous]

B of A being the OC, will it be tougher to settle for less than the amount owed? And I remember someone writng that it's better to negotiate the balance after they have signed and returned the PF. What are the best steps? Call. Send. Receive. Negotiate?

[Tuscani]

Call. Nego. Send PFD. What for letter saying they will delete.  Pay.

[Anonymous]

Thank You!

[Tuscani]

The key is to get something in writing from them saying if you pay x they will delete.

[Anonymous]

I talked to B of A on the phone about settling my delinquent account of $3493 for $2500. They Agreed. Well, that's good, but they said they would not remove my lates because they cannot report inaccurately to the credit bureaus. What should I do? They said they'd re-open the account once it was brought "up to speed", BUT.. I want to settle and 'pay for deletion'. My delinquencies are what is killing me. Should I just wait for it to go to collections because they may be easier to compromise with? I realize I may have two bad accounts to deal with, but when BofA turns my account over to collections, don't they no longer report since the collection agency has taken over? Need creative yet sound advice. Thanks

[Anonymous]

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gashers70 wrote:

I talked to B of A on the phone about settling my delinquent account of $3493 for $2500. They Agreed. Well, that's good, but they said they would not remove my lates because they cannot report inaccurately to the credit bureaus. What should I do? They said they'd re-open the account once it was brought "up to speed", BUT.. I want to settle and 'pay for deletion'. My delinquencies are what is killing me. Should I just wait for it to go to collections because they may be easier to compromise with? I realize I may have two bad accounts to deal with, but when BofA turns my account over to collections, don't they no longer report since the collection agency has taken over? Need creative yet sound advice. Thanks

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I think BOA will probably be much easier to settle up with than most any CA.

At least 2 things you could try.

1) Send a PFD letter, stating per the phone conversation with Mr. Jones or whomever that you very much want to pay what you owe and will in exchange for a deletion of the TL.

2) Call 'em up and ask whether they would re-instate the CC upon receiving your $2500 payment, leaving the balance owed on the CC for you to pay, if they would delete the adverse reporting and give you a break on some of the fees and late charges--which I presume is a not insignificant chunk of the $3493 balance.