PFD Example Letter

[Anonymous]

Send it anyway, and make it clear as a bell that you're disputing the collection, but that you want it off your report.

[Anonymous]

I just saw this ... Love this letter by the way! I just have a question about a certain part. Maybe I have not had enough coffee yet.. LOL

**In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.**

Now, if I am reading this correctly, you are saying it IS your debt yet at the end you are saying you are not admitting this is your debt? Just want to make sure I was reading this right

Cujo

[Anonymous]

What the letter gets to is the debt is on our report, and we want it gone in the quickest way possible. CA's don't care if the debt is yours or not; they just want the money. All they want is the money. CA's would take money from a blind cripple in need of medicine, if it meant they would make their monthly quota.

Anyway, sending the letter does not admit possession of the debt. Re-read the first sentence: "This letter is to inform you that the validity of this debt is disputed."

Good luck. I just sent out three of these letters on Tuesday (4/15). I'll keep everyone posted with the result.

[Anonymous]

LOL isnt that the truth! I totally understand what you are talking about, but the reason I questioned the wording was because ... sentence one it is basically saying this is not my debt as I have no idea about this account you speak of ........ then it goes on to say, I am willing to pay this in full for a deletion ..... then finishes with I am not admitting this debt is mine. Do you see what I mean? Either that or my eyes are too blurry from watching paintball videos on the net! LOL

Cujo

[Anonymous]

Oh, yeah, for sure I see your point. I tinkered with the letters i'd sent, rewording them in a couple places so the point was more concise. But the basic gist remained.

The thing i'm wondering is if they'll agree to PFD at a reduced cost. It's kind of queer that this PFD letter says we'll pay in full (or settlement percentage) for PFD. Of course the CA would go with full payment. They'd probably hang it over our heads b/c the more we pay, the more their commission. Giving both options in a letter like this is basically saying we'll agree to pay the full amount.

This is going to be expensive for me!

[Anonymous]

I hear ya, it tends to be pricey doing the PFD. I just start with the small ones of course... lol

As for the letter, yea I usually adjust it and take out the *settlement* part. If they come back with nope, wont delete, then I will send another saying that we will settle then for about 40%-50% of what is owed.

Cujo

[Anonymous]

i have debt from providian that was sent to collections and i just found out it was passed off to another collection agency. they offered me a settlement but i heard that it was not as good as paying it in full. the ca guy told me that paying the settlement amount would be like getting b on my credit instead of paying in full and getting an a....how true is that? also is it worth trying to get them to delete it if there is already a previous ca listed on my credit for this account?

[Anonymous]

yes and no. you already got an F on the test, which is why the debt is in collection. don't worry, i flunked a semester's worth! is the full amount too great for you to pay off in one shot? if not, offer them a descriptive PFD. IN WRITING. and get their response IN WRITING. Use the letter on page 1 of this thread, or there are others floating on this board for you to look at.

Basically, your debt is already bad, and in collections. aint gonna get much worse.

How old is the debt, and when's the last time you paid any money on it?

[Anonymous]

the debt is from 2003, its basically the last thing left on my credit to pay off. the settlement is about $900 less than the full amount. i was able to get a new car last year and with paying everything off my credit my score has gone up significantly but theses are debts from 2003 which im sure helps raise my score. if there is not a big difference between paying it in full or paying the settlement amount i might as well save the $900 and try use the letter to get them to report it as was paid in full.

[Anonymous]

The major difference will rely on if they delete the TL from your report. You should see a considerable improvement for a deleted TL, versus a TL that stays on your report after it's been paid and closed.

They're allowed to continue posting the line on your account for 7.5 years from DOFD. You could pay in full or for a settlement, but the line could remain until the 7.5 years passes. You could convince a collector to delete the line by paying in full. Keep in mind that all they want from you is your money. The more the agency receives, the more commission the agent makes. There is a chance you can get the TL completely removed by paying the full balance.

Was 2003 the DOFD, or the date you opened the account?