Settlement Offers

[Anonymous]

I received letters from two different CA's today for two separate collections, both of which are on my credit reports as collections/charge offs.  Both CA's are offering me settlements around 50% of the origional debt. Do I need to mail each CA asking for a DFP or is that part of the settlement they are offering?

Thanks...

[Wizard10]

Before any payment I would write and ask for a PFD first. If they agree then go for it. 

[Anonymous]

That’s usually not part of the settlement. Which collection agencies?

[Remedios]

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@Anonymous wrote:

I received letters from two different CA's today for two separate collections, both of which are on my credit reports as collections/charge offs.  Both CA's are offering me settlements around 50% of the origional debt. Do I need to mail each CA asking for a DFP or is that part of the settlement they are offering?

Thanks...

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That's something you'll have to discuss with CA or you can share which CAs those are. Maybe someone will now if they do PDF or not. 

Either way, if those are set to stay on your CR for a while, I'd see about getting PDF or negotiate a settlement amount so they can stop updating and bringing your scores down. 

Good luck. 

[Anonymous]

Thanks for the replies..

The CA's are LVNV Funding and  ERC

[gdale6]

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@Anonymous wrote:

Thanks for the replies..

The CA's are LVNV Funding and  ERC

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LVNV isnt going to grant a PFD though you can try. ERC is more likely to be amenable to such.

[Anonymous]

Thank you

[Anonymous]

Okay, so I have written the PFD letters and will be dropping them in the mail shortly. If the CA's mail me back and are not willing to do a PFD should I go ahead and settle and pay on the collections? If I do this what benefit if any will it have on my credit reports/scores?

Thanks

[gdale6]

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@Anonymous wrote:

Okay, so I have written the PFD letters and will be dropping them in the mail shortly. If the CA's mail me back and are not willing to do a PFD should I go ahead and settle and pay on the collections? If I do this what benefit if any will it have on my credit reports/scores?

Thanks

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Are they updating monthly?

How much longer do they have before they can no longer be reported on your CR?

[martypav7]

So whoever commented on this thread and informed you that LVNV will not delete for payment its NOT true. I just had success with them payment for delete, however i did sent request via certified mail, and ask PFD or i would bring case to court. They replied within week and ageed to delete upon paying in full.