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Settlement Offers

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Settlement Offers

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...

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 1 of 12
11 REPLIES 11
Contributor

Re: Settlement Offers

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

Message 2 of 12
Regular Contributor

Re: Settlement Offers

That’s usually not part of the settlement. Which collection agencies?
March 2018 - EX: 419 EQ: 456 TU: 423
February 2019 - EX: 537 EQ: 547 TU: 509
March 2019 - EX: 625 EQ: 555 TU: 579
April 2019 - EX: 640 EQ: 637 TU: 642
Message 3 of 12
Community Leader
Super Contributor

Re: Settlement Offers


@Bbradford71 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...


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. 

EX 753 EQ 769 TU 755
Message 4 of 12
Regular Contributor

Re: Settlement Offers

Thanks for the replies..

 

The CA's are LVNV Funding and  ERC

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 5 of 12
Moderator

Re: Settlement Offers


@Bbradford71 wrote:

Thanks for the replies..

 

The CA's are LVNV Funding and  ERC


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

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 6 of 12
Regular Contributor

Re: Settlement Offers

Thank you

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 7 of 12
Regular Contributor

Re: Settlement Offers

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

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 8 of 12
Highlighted
Moderator

Re: Settlement Offers


@Bbradford71 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


Are they updating monthly?

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

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 9 of 12
Valued Member

Re: Settlement Offers

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.

Message 10 of 12