Pay for delete letter: Negotiate to remove negative listing

Oh I never knew there was one there. I am not real familair with the debt forum. I usually post here. I will check it out though.

Thank you for all your help.This forum has really helped me in my credit situation.

You are welcome. Hope you will continue to hang around and post with us.

Do any one has been sent this letters. I will like to now is the work>

please..... not gess answer..... true response ...Thankssss.

I am sorry credit solution. I do not quite understand your post. Please be a little clearer.

Pay for deletion letter definitely works only if you get the agreement in writing. There are instances where the debtor has only made oral agreements with the creditor and the creditor has not removed the listing from his credit report even after he has paid off the debt in full. But if you have the PFD in writing, then even if the creditor do not remove it, you can dispute the listing with the credit bureaus who will remove the listing from the credit report.

Yes, Mary is right. The pay for deletion agreement works only if you get it in writing. However, if the debt has been sold off to a collection agency by the original creditor and you make a PFD agreement with the CA, then the CA listing will be removed and not the OC listing. But if the debt is still with the OC or only the right to collect the debt has been passed to the CA, and you make a PFD agreement with the OC, then both the CA listing as well as the OC listing will get removed from your credit report once you pay off the debt in full.

If you send a copy of the Pay for Delete letter, to the CB's, will the CB's automatically remove the debt? The CB's should know, by then, you have proof on what you say.

SD I hear from different posts that sometimes it takes a second time of you requesting a mark be removed before it actually gets taken off. I am not real sure of this since I have never personally had to do this but just repeating what I have read.

If you have to do that a SECOND time, I suppose it could get frustrating. However.....you wouldn't have to give money, to someone else to do it for you...you would ALREADY know what to do.

Thast my theory on the whole kit and kaboodle too. I really am anti-credit repair. I actually read in the readers digest quite awhile ago that a good part of these companies actually work for the creditors and so do debt settlement companies. I really don't think doing it yourself is very hard at all. Yes it takes learning a little and maybe scary at first but a person can achieve the same thing a repair agency does. Just takes time and legwork.

I agree. I woulod want to 'gt it right' the FIRST time, so you don't end up paying a TON of money to 'fix' it again. Everthing takes time.

Now we need to convince all the new comers of that. I think some of these collection agencies scare people so bad by telling them they have to act quickly or get a lawsuit filed that they just automatically give into their demands and sometimes make the worst mistake they can. I would like to see a law put into place that before these places can collect on a loan they should legally HAVE to validate it before pursuing it. Some people do not even relize there is a thing like debt validation.

I have had to burn and learn on this one, the good thing is there are sites like this where first timers can come and learn first, it will save them a ton in the long run.

You know what I was thinking? They should have to advise people on some things or even make a pay for delte mandatory once a debt is paid...even with the original creditor. Really seriously thin k about that. If they would pass some kind of law on this and how much crap (money) they can add onto a defaulted card don't you think they would see the number of defaulted debts would decrease ALOT. Look at all the post over the past few months on this forum where people want to pay but can not come up with70% of an astronomical debt that was only a few hundred dollars at first. Also how many people want to pay but are to afraid of restarting SOLs and of making huge monthly payments...

True
If they are going to charge $800 for an original $300 then an automatic delete should be there. I always wondered why the government has not got involved with this rip off. I mean they dove into the mortgage industry business, why are they ignoring the credit or debt collection practices.

I know Gn. What does it take for them to take notice of this. They say credit card debt is also to blame for the economy but they do not do anything to help the debtor. People act like we went out and purposely made debt without planning on paying. That is not the truth for most. Bad times, illness and death come into play here alot. If you turn on Channel 11 on Tuesday evening they are going to have a special report about credit card debt and what you can do if collectors are harassing you. I plan on watching so if you miss it be sure I will update on here if there is anything we do not already know.

please come and let us know, I don't really watch the news, it would be good if they could crack down on the greedy collectors and put a limit on what they can jack the fees up to. Maybe if the business was not so lucrative then there would not be as many people trying to break into the business and make money by collecting or trying to collect on old debt.

I will. If you are on tomorrow evening I will update. Its on at 5 but I usually on until 7.

Look forward to hearing about it fireyone.

Well it wasn't much just the things we have been learning here. Gosh do you know how much this forum has taught us. I am hearing the news inform people of their rights and I am sitting here thinking did it take a whole nation to crumble before we finally seen the light of what credit card debt can do? Most people didn't even relize they had any rights and most collectors were going WAY overboard. I wanted to jump in and invite them in to our forum

Hi Mike
I have found that you have made several posts in this forum as guest. I would advice you to sign up with your email id and password and earn money for every post you make. I myself have benefited much from this forum and can now advice others who are new to the forum and are facing credit problems. Credit problems have become a part of our daily life and the most important part of it is that we can solve our credit problems by ourselves if we have knowledge with us.

IF the creditor has already validated your debt, you need to send a pay for deletion agreement letter to the creditor. You can find a sample debt validation letter if you visit the link letters of credit . If the creditor does not agree to the PFD agreement, then also you should pay off the debt else the creditor can bring judgment against you.

is paying a collection agency over the phone with a personal check by reading the routing and account number a good alternative to using "certified funds"? after all you have the physical check and bank summary as proof of the transaction.

You can pay collection agency over phone by disclosing your bank account number and routing number, but before that you should check whether you actually owe the debt or not by sending a debt validation letter. If they validate the debt, you should get the settlement details in writing and then pay it off. However, after you pay off the debt, you should keep the bank statement with care as a proof that you have made the payment towards the debt.

Debt validation shall only include a copy of the original signed contract between you and the original creditor, proof that the CA has puchased the debt from the OC or the OC has transferred the right to collect the debt to the CA (in case if you ask for debt validation from the CA) and copies of the bills.
Now since, you owe $304 and the bills show $410, the difference may be due to the addition of interest rates.
I don't think that the collection agency is liable to share their license number with you. If they can proof that they has purchased the debt, it automatically means that the OC has sold off the debt to a licensed CA. Moreover, if the CA is not licensed, they will not be able to report the debt to the CRAs.

It is not obligatory for the collection agency to agree to PFD as per the Fair Credit Reporting Act. Now, if they agree to settle for 60%, you can go for the same but get it in writing that they have agreed to settle for 60%, before you make any payment towards the debt. Moreover, you should get the debt validated by the CA first before you start paying.

No, generally if you go for settlement, the creditors never agree to pay for deletion. They change the status to "settled for less" as soon as you pay it off. All that you can do is to ask the creditor to change the status to "paid as agreed" instead of "settled for less" in your report. This will help you to improve your score. However, if you do not pay it off, there can be a judgment against you which may lower you score.

Yes, it means that the woman represents a debt settlement company. These companies have tie ups with the creditors and so they can negotiate with the creditors to bring down your outstanding debts to 60% of the outstanding amount. However, debt settlement does not improve your score much, but prevents you from being sued by the creditor.

If the debt is with the collection agency, and the CA does not agree to pay for deletion agreement, you can ask the CA to change the status to "paid in full" after you pay off the debt. This will be positive for your credit report.
Now, even if the CA agrees to PFD, you can only remove the CA listing and not the OC listing. So it is better to pay off the debt after you get it properly validated by the collection agency. If you pay off the debt, you can prevent yourself from getting a judgment.

Hi dan
Why don't you sign up with this forum and post you query? If you sign up and make the same post as registered user, you can earn magic points from this forum which you can encash later. For every 1000 magic points you earn, you get $10. Membership is totally free and you can visit the link forum registration for becoming a member of the forum.

If you pay off the debt in full, the creditor have to change the status to "paid in full" in your credit report. "Paid in full" will also show as negative, but as compared to "settled for less" it gives a positive impact to your credit report and score. You cannot expect to increase your score much by just "paid in full" listing. You should try and improve your credit history to increase your score. "Paid in full" only saves you from the creditor bringing judgment against you to recover the outstanding debt.

Hi Joy
Hard inquiries can stay on your credit report for 2 years from the date it gets listed in the report. It is a negative information which cannot be removed before this 2 year period. However if the inquiry is unauthorized, it can be removed from your report. For this all you need to do is to send a letter to the creditor asking them either to verify your authorization or remove the listing from your report. In most cases the creditor cannot verify your authorization and remove the listing from your report.

I think that before paying off the debt if you can negotiate with the creditor to remove repossession in return of full repayment and get it in writing, the item can be removed, else it will stay there in your report for seven years and affect your credit score.

The collection agency can never remove an original creditor listing from your credit report. It can only remove its own listing. However, once you pay off outstanding debt in full, the status of the debt will automatically get converted to "paid in full". However, before you pay off the debt, you should get the debt validated to be sure whether you owe the debt to the collection agency or not.