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PIF or Settle?

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Established Member

PIF or Settle?

I have an old charged off CC bill that just reappeared on my credit report and dropped me a bunch. The balance is 1400 mol, they offered to settle for 1000, but told me it would look worse to settle than to PIF. I have the money for the settlement now, but would have to pay the full balance off over a few months. Which one is better? A CO account already hurts me, is it so much better to pay it out than it is to just settle and be done with it? And could the person who got the Cap One settlement taken off their report call and work the same wonders on this one for me?
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Senior Contributor

Re: PIF or Settle?

Oh...I'm sure they do want you to PIF.  Tell them you'll be happy to...PFD!!   Paid or not, if the CO remains...your score suffers. 
 
Ask me how I know!!Smiley Sad


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 2 of 9
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Established Member

Re: PIF or Settle?

How do I do a PFD? I'm new to this whole thing, so excuse my ignorance. What do I need to say to get them to agree to that?
Message 3 of 9
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Senior Contributor

Re: PIF or Settle?

Ok...let me ask...who contacted you to pay?  The original creditor or a collection agency??  That makes a difference.
 
BTW....PFD is...pay for deletion.  You'll pay if they remove either negative information/or entire tradeline.
 
Also:  Great link to read & save til you're familiar.


Message Edited by BungalowMo on 06-26-2008 02:37 PM


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 4 of 9
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Established Member

Re: PIF or Settle?

I called the original creditor on the account after it popped back up on my FICO report. They immediately offered to settle for $1000 or let me pay it out over 4 months at 0% interest. I told them I would have to do more research into the validity of the debt before I would pay anything.
Message 5 of 9
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Senior Contributor

Re: PIF or Settle?



the_Mom wrote:
I called the original creditor on the account after it popped back up on my FICO report. They immediately offered to settle for $1000 or let me pay it out over 4 months at 0% interest. I told them I would have to do more research into the validity of the debt before I would pay anything.

Is this your debt??  And there is no collection agency involved?


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 6 of 9
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Established Member

Re: PIF or Settle?

It is my husband's debt. So, yes.
Message 7 of 9
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Senior Contributor

Re: PIF or Settle?

If I were you, I'd write to the OC & ask that all negative comments be removed for payoff in full.  Don't expect them to delete bad info for a settlement.  Give them all their $$.
 
There is a way of asking for this & I never had to.  Someone reading this who's more familiar will guide you on that.
 
Mo~


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 8 of 9
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Moderator Emeritus

Re: PIF or Settle?



the_Mom wrote:
I have an old charged off CC bill that just reappeared on my credit report and dropped me a bunch. The balance is 1400 mol, they offered to settle for 1000, but told me it would look worse to settle than to PIF. I have the money for the settlement now, but would have to pay the full balance off over a few months. Which one is better? A CO account already hurts me, is it so much better to pay it out than it is to just settle and be done with it? And could the person who got the Cap One settlement taken off their report call and work the same wonders on this one for me?


What is DOFD, DOLA, and SOL on the account?
 
I believe Cap One has a program that allows you to reopen the account or a new account once you pay your old one off. You might be able to work something out if they let you do that.
 
How old is the account? Since the OC is reporting, you may not want it deleted.
 
Otherwise, you can write a modified PFD letter that states that once you PIF they will remove all negative comments with the account.
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