How to make settlements with collection agencies

[Red1Blue]

I am planning on contacting some of the collection agencies reported on report and make plans to settle and have them remove the information. Before I start the process could you please help me with these questions?

1. Should I ask them for debt validation ?

2. Should I check with the Orignal creditor ?

3. Should I send them a written offer and have them accept the offer in writing ( or email / electronic)

4. Should I talk to them on the phone or not?

5. Should I setup an installment plan for the settled amount or save and pay it in one shot.

Please give me your suggestions. I am going to start cleaning up the collections soon.

[Brian_Earl_Spilner]

You'd probably get better advice by listing the debts and who owns them as well as how old they are. People will be able to tell you whether it's worth settling or not and can give insight as to whether someone will PFD or even remove the tradeline after any settlement.

[Red1Blue]

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@Brian_Earl_Spilner wrote:

You'd probably get better advice by listing the debts and who owns them as well as how old they are. People will be able to tell you whether it's worth settling or not and can give insight as to whether someone will PFD or even remove the tradeline after any settlement.

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I am not comfortable to post the details on the board. It does not matter what agencies are. I want to know what are the appropriate steps to follow. I do know the agencies that I'll be dealing with will remove the collections after settlement is made and paid off. 

[Brian_Earl_Spilner]

It does matter who the agencies are, but if you've already done your research...

1. Don't waste your time. They're under no obligation to send anything after the initial 30 days they've taken ownership.

2. Only applies if the agency is collecting for someone. Utility, cell phone, and medical are the most common. They probably won't PFD.

3. You can try and hope it gets to the right desk. Don't pay anything until you have something in writing, physical or digital.

4. Fastest way. This will also stop phone calls for the day as they can't call again after making contact. In addition, they may take you off the dialer while negotiating.

5. Pay however you can afford. The sooner it gets paid, the sooner it stops updating, the sooner it stops dragging your score.

[Red1Blue]

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@Brian_Earl_Spilner wrote:

It does matter who the agencies are, but if you've already done your research...

1. Don't waste your time. They're under no obligation to send anything after the initial 30 days they've taken ownership.

2. Only applies if the agency is collecting for someone. Utility, cell phone, and medical are the most common. They probably won't PFD.

3. You can try and hope it gets to the right desk. Don't pay anything until you have something in writing, physical or digital.

4. Fastest way. This will also stop phone calls for the day as they can't call again after making contact. In addition, they may take you off the dialer while negotiating.

5. Pay however you can afford. The sooner it gets paid, the sooner it stops updating, the sooner it stops dragging your score.

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Thank you very much for your response and input.