I recently received a settlement offer from Wells Fargo for my Dillard's card. I would like to take the offer, because it is 40% off of my balance, but I would like to negotiate a PFD when I settle. Should I negotiate the PFD over the phone or via mail?? If I negotiate over the phone, should I require them to send the PFD agreement in writing??
I would shoot for doing both, you can always hope for the sympathetic human on the other end of the line, if not a well thought out letter can go a long way.Good luck.
As with any contract negotiation, it is more prudent to reduce the agreement to writing.
However, for business reasons, furnishers are often reluctant to reduce to writing an agreement to delete in exchange for payment of the debt.
The CRAs want to maintain the completeness, and thus value, of their product, and dont want relevant credit history information subjectively deleted by furnishers. They thus have a policy, as stated in both their credit reporting manual and their credit reporting agreements, that furnishers not delete based on payment of the debt.
An oral agreement made as a condition for payment comprises a binding contract, but of course can be more difficult to prove should you need to go to court to enforce the oral contract.
If you live in a state that permits one party recording of phone converstations, you could record the agreement.
In most cases, I would recommend asking for a written agreement, but if they balk, I would still proceed rather than kill the deal.