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cajunbulldog · #1 02-22-2007, 01:10 PM

Quote:

In Re: Your name & Account #

Dear Collection Manager:

It has come to my attention through the credit bureaus that you claim I owe a debt to your agency. I can save us both some effort & time by "Settling the debt out".
Below is my offer. It is not a renewed promise to pay nor does it constitute any agreement unless you sign and return it. Note, I have not agreed yet that this debt is mine and have the option to seek further proof from your agency of this debt. It has also come to my attention that your agency regularly purchases debts in the course of doing business.

Suffice to say, you hold all the rights to report the debt to the credit bureaus as you see fit and you can change that listing at any time as the source reporting the debt.
I am sure you are aware of my right to dispute this debt and request full proof of the obligation. Paying this unverified debt to you means little to me if we cannot mutually agree that you will report the debt as mentioned below.

While I realize that your purpose is to collect debts as a collection agent, I am also aware of what a paid collection would represent for me, which is not favorable. That being said, I have concurred through the bureaus that you have the absolute right to report this debt as you see fit or not report it at all.

Please do not quote to me that you are unable to change the listing or I will be forced to cease and desist our communication and request full lengthy verification of the debt.
My goal is to arrange a term acceptable to both us since this debt is questionable.
I will pay your company the amount of $xx as payment in full for the full satisfaction of this account. Upon receipt of the above payment, your company has agreed to remove this account from all three of my credit bureau reports.You also agree to accept payment as being in full and to never transfer any possible balance to another entity.

If you concur with these terms please acknowledge with your signature and return it to me. You agree the terms herein are confidential and you have the authority to make such decisions. No payment will be made without written confirmation.
Upon receipt of this signed acknowledgment, I will immediately mail you funds priority mail. This is not a renewed promise to pay but rather a restricted offer only. If no terms can be met, no new arrangements will be made and the offer will be void.

Name of Creditor:

Signature of company officer :

Date:

Sincerely,

Name
Address
Do not sign your name!

Enjoy and please reword to fit your unique circumstances.

Cajunbulldog

Howard · #2 02-22-2007, 01:23 PM

Cajunbulldog, great work!

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cajunbulldog · #3 02-22-2007, 01:24 PM

Howard,
That is a great idea,but I would have to retrain my writing skills a little better before I attempt that.

Howard · #4 02-22-2007, 01:30 PM

You already are a good poster with useful information on pay for delete letter. And, bloggers don't need to be professional writers. It's your space and you can write anything there. It's up to you how to make the content useful and get maximum hits from visitors coming to your blog. This website picks the best blogger every month.

Bossy4455 · #5 09-11-2007, 04:17 PM

This is a great Pay For Delete letter Cajun- leaves no room for mis-interpretation!!..Karen

cajunbulldog · #6 11-02-2007, 03:21 AM

I have updated my Pay For Delete letter to set out what I would want to accomplish with it being complete removal of account information from credit bureaus and removal of account from their system disallowing any balance to ever be sold or transferred. Please be cautious using this Pay For Delete letter as it is a contract once all parties are in agreement on terms.

khandipoetess · #7 11-15-2007, 09:33 AM

This is a great letter!

One question: Can this Pay For Delete letter be used in settling a judgment?

cajunbulldog · #8 11-15-2007, 09:39 AM

Yes Pay For Delete can.You would need to reword telling creditor to move court to vacate the judgment or affirming that they would not be opposing a motion to vacate that you would do. Once judgment is vacated,in the eyes of the legal field it never existed.

khandipoetess · #9 11-15-2007, 10:00 AM

Thanks, cajunbulldog, for the quick response. My judgement is 4 years old. Can that still be vacated? And, once vacated, can that be removed from my credit report?

Thanks again!

cajunbulldog · #10 11-15-2007, 10:18 AM

If they don't oppose a motion to vacate in response to Pay For Delete letter,then it should be possible. Once judge signs off there is no longer any judgment to report to credit bureau.Simply send bureau a certified copy of vacate order and demand removal.

#11 12-03-2007, 10:44 AM

In Feb 2004, I filed a chapter 7 and had a number of accounts discharged. This was mostly due to a business failure and debts on my wife's credit, of which I was a AU on most (thus, they are not counting on my score now). On my personal file, there are a few $500 and $700 chargeoffs which I would now be willing/able to pay (Cap One and Chase...formerly FirstUSA).

I have heard of Pay for Delete letter working for straight chargeoffs, but what about discharged accounts included in a BK?

cajunbulldog · #12 12-04-2007, 03:19 AM

Accounts charged off in a Bankruptcy are discharged and cannot be collected on.A creditor would violate Bankruptcy law receiving payments for a discharged debt.

jaydanielle1 · #13 12-04-2007, 07:17 AM

I sent 3 of these Pay For Delete letters out last week before you changed it, but it looks the same, I hope to get at least one of them off! Thanks Cajun!

#14 08-16-2008, 04:30 PM

I was wondering if, when I finish paying my carnote off, will I be able to request the creditor remove bad credit marks from my record?

#15 08-16-2008, 04:53 PM

I realize this an old thread, but I just wanted to correct some incorrect information in it. Actually, you can voluntarily repay debts that have been discharged in bankruptcy. The bankruptcy discharge merely eliminates your legal obligation to do so.