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I Just got an e-mail from one of my internet payday lender Purpose loans stating they accept my letter of how much i legally owe them and accepting my payment plan. They also stated they will mark my account paid in full when i pay the amount, and no negative remarks will be made with any reporting agency.

Well i just checked my credit report and Purpose Loans had left a negative remark of past due 2 payments on my credit report.

I am supposed start payment plan at the begining of next month... Do i start mailing the payment or have them take the negative remark off my credit report before i mail payments??? I don't know what to do. Any help and advice would be great. I just want the negative remark off my credit report.

Posted: Mon Jun 25, 2007 1:44 pm Subject:

What did they actually mention in the email? Did they say they will remove all the negative items from your credit after you have finished the payment plan? Or did they say that they will continue to report the negatives for now and remove everything later? You should negotiate with them for a fair reporting.

Posted: Mon Jun 25, 2007 1:49 pm Subject:

I would go to the reporting agency and challenge those negs. Send a copy of the letter where they accepted how much you owe and then agreed to your terms. The reporting agent will remove it until the PDL substantiates it. Which they probably won't.

Posted: Mon Jun 25, 2007 1:52 pm Subject:

But remember ...anytime you challenge anything on your credit report it has 30 days to substanciate your claim. If they do not hear from the said company (the pdl) they are required to remove it.

Posted: Mon Jun 25, 2007 2:01 pm Subject:

how much was your loan from Purpose Loans, mine was $300.00 and I have paid them $534.76 so far. They told me that the payoff would be $490.00 as of last week. INSANE!!!!!!!!!

Posted: Mon Jun 25, 2007 4:08 pm Subject:

The letter states after i have paid the entire $297.00 we will waive all remaining principle, interst and fees leaving your account with zero balance. No further collection activities will be initiated and no negative information will be reported to the credit bureaus regarding this account provided payment is received in accordance with this aggreement.
But they already left a negative remark on my credit report stating 2 payments late and owe them $540.00. They did this after they received my first letter stating what i legally owed them.

Do i call them and tell them to put in writing they will remove this from my credit report before i make payments???
I don't know what i should do. Please any help?????

cindysunshine

I too have dealt with Purpose Loans and just an FYI, they are an over-rated PDL, they are actually an "installment loan", they get away with the outrageous charges by using that term, but in the long run they are just another PDL charging outrageous interest and not very interested in responding to anything via email,, I refuse to call them, I want everything in writing and if they want to mark my credit report,, that is fine with me, I will pay what I owe, but I want it in writing. They also will debit your account they have on file over and over again and try for different amts everytime. They "re-write" your loan once you default and change your payment amts so you cannot do a stop pay. I am in the process of reporting them to every agency I can,, whether it does any good or not, I don't care I just want to be sure everyone is aware of their tactics!!!

Posted: Tue Jun 26, 2007 11:50 am Subject:

Yeah, Purpose Loans is backed by a bank, so they are a different animal. They probably reported you late before these arrangements were made. I would stick to the plan, as long as you have it in writing, and make sure they take all neg remarks off once you are paid off. From what I read they will stop reporting negativly and remove the item once payments are recieved.

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