Negotiating pay offs
Date: Tue, 01/23/2007 - 10:21
Finally! I am at a point where I can start paying off debt on my credit report. If the debts are 4-5 yrs old, should I negotiate for a smaller pay off balance? Should I get in writing that they are either going to remove, or list "Paid" or "Pays as Agreed" on my report?
toohotnky .. The debts are already 4 or 5 years old. They mig
toohotnky ..
The debts are already 4 or 5 years old. They might be close to the expiry period of SOL in your state. Check the laws before making a payment. The latest payment is going to renew the SOL timeframe from the beginning.
In case, if you are interested to pay off the past debts and improve your credit, ignore the SOL and call your creditors with a payment proposal. Get everything in writing so that you have enough proof of your actions. Don't forget to get the PIF letter once everything is paid off.
