freefromdebt wrote:Hello Everyonei am new here and new to debt resolution. I am trying to pay off my bills and get my credit score up so that I can buy a house. Most of my credit cards are in collections. I have been through a lot of financial hardship but should be truly back on my feet soon. I have received collection letters but not all of the CA are listed on the experian credit bureu report. .If i send a PFD what happens to the notation on the account that says charge off/collections?Please advise on my best course of action. I really want to be free from debt!thanks,freefromdebt
freefromdebt wrote:thanks for answering and thanks for the list!DOFD--probably 6-8months agoDOLA---all within a year's timeI tried to save the accounts from going to collections but either the minimum due was too high or I didn't have any extra money to pay for the bills. Its a true mess.to clarify when i look at the credit report the original creditor is listed but no collection agency is listed just the notation: collections/charge off. I am just wondering what will happen to that notation, since the PFD is for deleting listed collection accounts (I only have two listed on my credit report).
Renae wrote:While I haven't seen the PFD letter, be sure that you get in writing from the creditor that they will delete the delinquency from your report BEFORE you remit payment. If you pay them, then request a deletion, you have essentially lost any leverage. Remember, they want to be paid and you want a deletion. At this point, it is a win/win situation. Also, you should be prepared with cash in hand to negotiate effectively - of course you're not paying with cash - but if you are prepared to pay the amount you owe or a lesser agreed upon amount, you'll be less likely to lose the deal because you you'll have the money to pay up according to the terms of the agreement.