Paying off a Repo

Hi wendel34

Yes definitely paying this off will improve your score and your creditor will be more than glad to get his money :)

Well, you could speak with your creditor about a debt settlement and try and convince him for one. But before you can go to your creditor, do your own calculations. How much in total do you have to pay to your creditor? How much have you already paid? Now with the balance amount that you have, assess how much you think you can afford to pay all at once. Once you have done your calculations, talk to your creditor and see if you can convince them for debt settlement. Explain to them why you want to get into a settlement and also give them the amount you want to settle for. Also request them for a pay for delete agreement.

Hi Wendel,

Paying off debts improves your score and it is a good habit to pay off debts even if you are little late in paying the debts. Of course, the request you are planning to make is a realistic one. You can send a pay for deletion letter to the creditor asking them to remove the negative listing after you pay the amount both of you agree. Just check out Carol's post where you'll find a link "Pay for delete". When you click on the link, it'll take you to a page where you'll get a pay for delete sample letter. You may use this letter to negotiate a pay for delete agreement.

I just fell into about 10 grand from a settlement - I have a repo on my credit and they want 10 grand to pay it off and I think I can get them to agree to delete it. Is it worth it to pay it off "how much will this improve my score I have a 540. If I don't pay they are already in the process of taking me to court and I don't want a judgement. It will fall off in 2 years but thats 2 more years of terrible credit. How much would it help my credit and how much would it hurt to get a judgement added on? should i pay at all or just enjoy my money? thanks