PFD possible with a payment plan?

[Anonymous]

I have a collections thats around $15,000 with Midland Credit.  It's actually 2 different collections but that's the total owed. There is no way I could offer to pay in full for delete in one lump sum payment.  I know having a closed account is better than having a collections for obtaining a mortgage but I've got so many negatives against me right now - late payments that are a year old but still, no positive trade lines except for a car loan that is paid off but always paid on time and my student loans which are now showing as on time but were over 150 days late at one point, plus things that need addressed on my husbands end.  I have other charge offs and collections too for lesser amounts and I feel so hopeless.  It's so hard to know where to put our efforts and if it will even make a difference. I know it's a process and it's going to take time but I'm just wondering if there's any possibility of getting this huge collections amount off my credit report or if I just need to accept that I'm going to pay it off and it's still going to sit there continuing to ruin my life.

[OmarGB9]

Well the good news is that the collection is with Midland, who DOES do PFD as a matter of policy without you having to ask, as long as it's been 2 years since DOFD. That said, depending on the age of the debt, they may be willing to settle for less. Whether they allow that in payments, I don't know. You'd have to call and ask and negotiate that with them, just beware that if you're already outside of SOL, calling and acknowledging the debt/trying to negotiate a settlement or payment plan may reset it.

[Anonymous]

So you're saying if I pay it off - it will automatically get deleted off my report 2 years after the date it first became deliquent?  How do i find out what that date is exactly?  The first time it was added to my credit report as a collections?  Unfortunately it only just showed up.  It's been over 2 years since I stopped paying the credit card but it only just showed up on my credit report now.  Since this is their policy, do you think its worth a try to ask them to delete it as soon as it's paid off?  Or they don't budge on the 2 year thing?

[gdale6]

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@Anonymous wrote:

So you're saying if I pay it off - it will automatically get deleted off my report 2 years after the date it first became deliquent?  How do i find out what that date is exactly?  The first time it was added to my credit report as a collections?  Unfortunately it only just showed up.  It's been over 2 years since I stopped paying the credit card but it only just showed up on my credit report now.  Since this is their policy, do you think its worth a try to ask them to delete it as soon as it's paid off?  Or they don't budge on the 2 year thing?

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The DoFD is set by the original creditor not the CA. DoFD is the day after the due date that you missed a payment and never again brought it current leading to the CO.