Verbal pay for delete agreement?

Submitted by acya_ya on Thu, 08/20/2009 - 03:39
Forums
Credit repair

I had worked out a verbal agreement with a collection agency where they promise to delete collections record from my credit report upon receipt of my payment. However, they refuse to document this pay-for-delete agreement in writing, claiming that it is against their corporate policy to do so.

What should my next steps be? The amount is not significant to me and I can pay it in full at once. Of course, I am concerned that they will not honor this verbal agreement and will ruin my credit for the next seven years. What should my next steps be: should I record the phone call (letting them know about it at the beginning of conversation), send an endorsement letter with my payment, refuse to pay if they do not supply anything in writing?

Please let me know if you can help with this matter.

Thank you!

carol

Hi acya_ya

You can only request your CA for a pay-for-delete. You cannot force them for one. But maybe you could try and convince them to get you in writing. As far as I know verbal agreements too are legally binding. You may talk to your CA and with their permission tape the agreement for evidence. However, if they do not at all agree, then you have limited choice. You can't force them to do anything.

You can either pay up on account of good faith and wait for them to delete the record or not pay and let the debt be on your report for 7 years.

Thu, 08/20/2009 - 09:10 Permalink
Anonymous (not verified)

Hello Carol,

Thank you! What are your thoughts on the endordement letter? Do you know if examples when CAs were ok with it? Also, the CA that has my account has an option of paying online. I can use a one time virtual account number. Is it a good option to pay? One last qeustion, should I dispute the account with credit agencies after I make a payment?

Thanks a bunch!

Thu, 08/20/2009 - 12:52 Permalink
carol

Hi Guest

Also, the CA that has my account has an option of paying online.

I would suggest you do not pay online. Pay through checks and ask them for a receipt.

One last qeustion, should I dispute the account with credit agencies after I make a payment?

If they agree to remove your record from the report and don't do it even after you make a payment, you can then dispute it. Else it makes no sense at all. However, if they agree to remove your records get it evidenced.

Fri, 08/21/2009 - 10:49 Permalink
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Wed, 08/06/2014 - 04:49 Permalink