Settle or Pay in Full

[Anonymous]

Hello, and thanks for taking the time to read this post.  I am currently trying to resolve a CO account in collections.  The OC is Wells Fargo and the CA is some attorneys office.  I have called and asked for a PFD and was told that only way a PFD would even be considered was if they account was paid in full.  I asked for somethinig in writing before I paid in full and was later responded to with "Wells Fargo does not use PFD as a barganing tool", understanding that as there is no way I will be able to get some type of confirmation before paying in full.  The account is close to 4 years old and I just want to take care of it.  Would settlement be the best option since the damage is already done and I can try GW letters?  Any response is greatly appreciated. Thanks.

[Anonymous]

Update: I just realized that since I live in TX, I am outside the 4 year SoL window.  Does that give me any type of leverage when trying to get this PFD?

[RobertEG]

If their policy is that they will entertain a deletion if paid in full, and you think the money is worth "buying" the earlier CR deletion, then I would pay in full.

If they wont consider deletion without a PIF, you have no option except to wait for normal CR exclusion at 7 yrs + 180 days.  A personal decision.

If they dont grant GW deletion before the fact with the incentive of $$ unless a PIF, I would not bank on getting GW deletion after the fact.  Maybe, but I would not bank on it.

How important is earlier CR exclusion?

Regarding the issue of expiration of SOL, that will preclude their obtaining a court judgment, but wont relieve obligation for the debt.

Even upon CR exclusion, if the debt remains unsatisfied, it is still part of your credit history that may become known to others by means other than a simple pull of your credit report.

Personally, if you can afford, I would pursue the PIF with the possibility of deletion.  In addition to earlier CR deletion, it removes the future possibility that the debt will pop up later as unpaid.

[Anonymous]

Thanks for the reply Robert.