I could only get them down to 57% on my 18month-old balance of $3,500.
But hey, you can always ask for 40% first, and see if they counter with something you like. I wouldn't expect anything better than 50%, though. 55-60% seems fairly common with them.
(And yes, they did delete the collection off my reports after I settled with them, and I didn't even ask them to delete it, it just happened automatically. In fact, all my collections at a variety of agencies all got deleted automatically after I paid them. I think it's starting to become common practice among CA's - maybe they all got tired of arguing with "clients" about doing PFDs and just decided to make it their standard procedure.)
Total Loan Balance: $43k / $65k
Total SL: $78k
In my opinion, one's ability to negotiate with PRA is dependent on the following factors:
- SOL - If the SOL has expired, your leverage increases exponentially
- Urgency - If you needed it removed asap, your leverage goes down. On the flip-side, if you can be patient for a couple of months and reject their initial offers, they'll succumb
- Time of the month - They have quotas/goals. Therefore, if you negotiate at the end of the month I believe they are more willing to do so because they are trying to make goal
My debt was past well past the SOL and, in fact, was fraudulent so, I didn't want to pay it on principal alone. Therefore, I was willing to be hard-nosed. On my first call with them (I called them), their offer was 75% of the debt. I declined, countered with 40% and they declined. I politely but firmly told them the following:
- The SOL has expired so, you have no leverage
- I am content to wait out the remainder of time until it falls off my reports
- 40% is a lot better then 0%
- I'm not hiding. You have my number and I always answer the phone. If you change your mind, call me
They called me about two weeks later and I had to go through my spiel again with the same result. But, the next time they called me (October 31st) they were MUCH more accomodating. I suspect it was either their end of the month goal or they finally realized I wasn't going to budge (or a combo of the two) that they acquiesed.
@Caardvark wrote:In my opinion, one's ability to negotiate with PRA is dependent on the following factors:
- SOL - If the SOL has expired, your leverage increases exponentially
- Urgency - If you needed it removed asap, your leverage goes down. On the flip-side, if you can be patient for a couple of months and reject their initial offers, they'll succumb
- Time of the month - They have quotas/goals. Therefore, if you negotiate at the end of the month I believe they are more willing to do so because they are trying to make goal
My debt was past well past the SOL and, in fact, was fraudulent so, I didn't want to pay it on principal alone. Therefore, I was willing to be hard-nosed. On my first call with them (I called them), their offer was 75% of the debt. I declined, countered with 40% and they declined. I politely but firmly told them the following:
- The SOL has expired so, you have no leverage
- I am content to wait out the remainder of time until it falls off my reports
- 40% is a lot better then 0%
- I'm not hiding. You have my number and I always answer the phone. If you change your mind, call me
They called me about two weeks later and I had to go through my spiel again with the same result. But, the next time they called me (October 31st) they were MUCH more accomodating. I suspect it was either their end of the month goal or they finally realized I wasn't going to budge (or a combo of the two) that they acquiesed.
Great strategy. It's true that if you make yourself seem desperate to fix the collection on your credit report, then you give them all the leverage. On the other hand, if you make it clear that their only 2 choices are to accept your offer or to accept nothing (and that you have all the time in the world to wait), then you have all the leverage.
For some it took 45 days mine was from 3/1 to 3/30 after paying on 2/26
Starting Score: 494 503 521
Their policy is to update the CRAs within 10 days to show the status as paid. They'll subsequently request the CRAs delete the tradeline within 30 days.
Bear in mind they only request deletion within 30 days. It can, and often does, take the CRAs a few days to get around to doing it.
TLDR Give it until day 45 and report back.
@Anonymous wrote:So small update, I settled the account with them back on 5/20 for $330 (only got 33% off after asking* to speak with a supervisor). Then on 6/1/19, I got notification the collection item balance changed to $0 with a 11 pt increase in my score and I also received the letter within 12 days.
I checked my FICO scores two days ago through here and the collection is still showing, I called and asked, they said that I needed to give it the full 30 days and that the request to have them deleted were all submitted to the CB. Did it take anyone longer than the 30 days for them to fully be deleted?