Pay for delete- no success

Chadius · ‎06-14-2009

I have sent the PFD listed on this site to several collection agencies, and they just respond that they cannot do such a thing. Almost every one of the CA's said that they could do pay in full, no delete. I asked about a settlement

and they said that those are really bad and that a pay in full is better. Have I ran into the only ones that do not do PFD or do they not have the power for that determination?

Anonymous · ‎06-14-2009

Before doing anything with your CR you need to know:

What the DOFD is What your SOL is.

Always send a DV CMRRR before a PFD or accepting any offer by a CA.

If you file a dispute or send a DV while within SOL they might file suit.

Most will accept a PFD when you are past SOL.

Any PFD must be in writing and signed (no email)

Message Edited by HappyDays on 06-14-2009 11:47 AM

Message Edited by HappyDays on 06-14-2009 11:48 AM

Chadius · ‎06-14-2009

Can sending a DV to a CA wake up a sleeping giant? I mean could they do bad stuff in response to me DV'ing?

I have several collections I'm trying to get rid of, so I can buy a house. About how long does it take your score to rebound after paying all the collections? (if PFD doesn't work?)

llecs · ‎06-14-2009

Contacting a CA or disputing will wake up a CA. That's why we suggest to wait until SOL expires or at least make sure you have the $$$ to PIF before doing anything. Some may opt to sue, send letters, call, harass, etc. Worst case scenario is that they sue and you could always PIF prior to the court date to avert a judgment.

If you pay a CA without a PFD, your score could drop. CAs will update the DOLA and reported dates and FICO will read that CA as a newer CA, thus dropping your score. In general, the mere presence of a CA on your CR is the damage. It doesn't matter if you owe $0 or $10,000, the damage is the same. The only option for score improvement is to get rid of it.

As HappyDAys mentioned, always DV a CA before offering a PFD. All PFDs need to be in writing.

jazz_collegegrad08 · ‎06-15-2009

@llecs wrote:
Contacting a CA or disputing will wake up a CA. That's why we suggest to wait until SOL expires or at least make sure you have the $$$ to PIF before doing anything. Some may opt to sue, send letters, call, harass, etc. Worst case scenario is that they sue and you could always PIF prior to the court date to avert a judgment.

If you pay a CA without a PFD, your score could drop. CAs will update the DOLA and reported dates and FICO will read that CA as a newer CA, thus dropping your score. In general, the mere presence of a CA on your CR is the damage. It doesn't matter if you owe $0 or $10,000, the damage is the same. The only option for score improvement is to get rid of it.

As HappyDAys mentioned, always DV a CA before offering a PFD. All PFDs need to be in writing.

I'm in a similar situation. I have 1 collection account $785 which I can't pay in full but I can afford th 60% settlement. I'm well within my SOL (DOFD is April 2008 I think bc that's the last time I paid). WHat should I do about that??? I'd hate to DV then they sue me for the $785. And bc I'm within the SOL, a PFD might not work as someone said before they usually take a PFD on accounts outside of the SOL.

llecs · ‎06-15-2009

jazz_collegegrad08 wrote:

I'm in a similar situation. I have 1 collection account $785 which I can't pay in full but I can afford th 60% settlement. I'm well within my SOL (DOFD is April 2008 I think bc that's the last time I paid). WHat should I do about that??? I'd hate to DV then they sue me for the $785. And bc I'm within the SOL, a PFD might not work as someone said before they usually take a PFD on accounts outside of the SOL.

$785 @ 60% = $471 ....or $314 savings.

Whether you decide to settle or DV, its a personal decision. You have to decide whether or not you mind having a CA on your CR in exchange for $314. Depends on what your goals are.

When I started repair a couple yrs ago, my #1 goal was to have clean CRs. I put blinders on and everything else had to take a back seat. A settlement w/out a PFD would never enter my mind as an option. If I was in that situation, I still would DV then offer a PFD, if they verified, for 60% if they had offered it in the past. If I knew I owed all the money, I'd probably offer 100% to improve my chances.

But before I would do any of that, I would go on a fact finding mission first. Try comparing your last couple of OC bills with any balance the CA is showing. Check to see if licensing is required in your state and see if the CA is even allowed to collect. Check the dates too. Pull your CRs directly from the CRAs to see what that DOFD says. Also check with your state's UCC section to see if a payment resets SOL. In a few states, a payment won't reset SOL (Sorry, don't know which ones).

If you are inside SOL, they are licensed, and you owe 100% they say, then you'd have to decide whether or not to send a DV first. At the very least, try a PFD first for the 60%. If the CA accepts a PFD post-SOL, then they certainly would accept it pre-SOL. If after a few "No's", then you could always pay them w/out it.