pay for delete agreement

Cajunbulldog, great work!

Start a blog. You will have a personal space to write your views. And you earn while blogging. See this

http://www.debtconsolidationcare.com/forums/community-rewards.html

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

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.

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

:oops: 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.

This is a great letter!

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

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.

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!

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.

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?

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.

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!

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?

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.

Wow, that would take a very special person to do so and also whom has the means to do it.

Has this letter worked for anyone? I've just paid two small accounts in full on my credit report and I wish I had seen this letter prior to doing that. I'd like to use this letter when I pay off the next account if it will actually get the account taken off my credit report.

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I am being sued by LVNV Funding for $2,000 + interst. I'm in KY, so the SOL may or may not be passed, it's kind of up to the judge. If I can get this settled out of court and off my credit reports, it would be the best thing.

I've edited the letter from the begining of this post. Can someone with more expereince look at it and see if it would be OK to send to their lawyer?

Any and all sugggestions are welcome! Thanks!

******
I received the summons from the **** county court system last weekend and will be responding. However, 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 LVNV Funding LLCP regularly purchases debts in the course of doing business.

Suffice to say, your client holds all the rights to report the debt to the credit bureaus as they see fit and they 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 your client 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.

My goal is to arrange a term acceptable to both us since this debt is questionable.

I will pay your client the amount of $1,000.00 as payment in full for the full satisfaction of this account. Upon receipt of the above payment, your company has agreed:
??? To cease pursuing collection against me through the court system
??? To remove this account from all three of my credit bureau reports
??? 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 the original document 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, signed confirmation.
Upon receipt of this signed acknowledgment, I will 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.

*******

Oops!

The above post is mine- I must have forgotten to log in.

Thanks!

Has anyone had success in this type of letter working? I have not heard of this thing before but sounds good.

Yes. I have actually had two items completely removed from my credit. A couple of things to note. One of the companies tried giving me a letter confirmation... and it stated paid in full. This is different than pay for delete. If I would have paid them, they would have just reported that the debt was paid in full... but the line item would still have showed on my credit. I went back to them and said that I wanted a letter saying they would remove the entire line item from my credit before I would pay. They faxed me a new letter that same day.

Another thing to note... this usually will work when you are dealing with collection agencies. Larger companies such as credit card companies and banks typically will not agree to a pay for delete.

How do I go about writing a letter for delete when the account has been paid off, but is still on report

COURT

what kind of offers will CA's typically accept? Will $2000 for a $10,000 credit card be enough?

If you press hard enough I imagine it will. They typically buy debt for 10% or less of its face value.

Tips for Sending Your Pay for Delete Letter

• Send the letter only if you have the ability to pay the full amount listed as soon as the collection agent agrees to your offer.
  
• Send the letter and your followup payment via certified mail with return receipt requested.
  
• Make sure you keep a copy of the letter for yourself.
  

Hello to all..I am just a consumer desperately trying to repair my credit. I am writing this letter in refrence to should I just pay old collections in hopes of them bieng paid in full on my credit report

Can you send this to an originallcreditor or does this apply only to collection agencies and also., If the original creditor agrees do the collection agency reports get removed as well?

Thanks for shring this information with us.

I have printed it & filed to my documents.

Any thoughts on sending a brief settlement offer letter w/actual agreement prepared by me that the creditor can sign? Am I risking anything? I'm no attorney - CA's get in trouble all the time when their settlement agreements violate FDCPA laws. Also, what if they sign such an agreement, but fail to remove the debt from your credit report?

My simple letter would be this:

Dear Collection Manager:

My credit report shows that you claim I owe the above debt to your agency. To save time and effort I will send $XX as payment in full if you agree to instruct all 3 credit bureaus to remove all information on this account from my credit report per the attached agreement. If you agree to the terms please sign the attached agreement and return to me by XX-XX-XX. Upon receipt of this signed agreement I will send said payment and your agency will remove the debt from my credit report.

My attached agreement would be this:


SETTLEMENT AGREEMENT TO DELETE A DEBT REPORTED TO THE CREDIT BUREAUS


(Date)
(Creditor name & address)
(My name & Address)
(Alleged debt information that appears on your Credit Report)


(Creditor) agrees that the above alleged debt will be considered paid in full upon receipt of ($xx) from (my name). Upon receipt of said payment, (Creditor) agrees to instruct all 3 Credit Bureaus (Transunion, Experian, and Equifax), within 10 calendar days, to remove said debt, in it???s entirety, from (my name) credit report.

The following is understood by both parties:

(Creditor) is an agency that regularly purchases debts in the course of doing business.
(Creditor) has the right to report debts to the credit bureaus as they see fit. This right includes changing or deleting a listing they have reported as part of a settlement agreement such as this.
(Creditor) agrees to not discuss this offer with any third party (except the original creditor).
This settlement agreement is not an acknowledgement that (my name) owns this debt.
This is not a renewed promise by (my name) to pay this debt nor does it constitute any agreement unless this document is signed by a (creditor name) authorized agent and returned to (my name) by (date).
This agreement is subject to the laws of (my state).
As per the Fair Debt Collection Practices Act, (my name) has the right to dispute this alleged debt and seek full debt validation from your agency if no agreement is made.





______________________________________
Printed name of (creditor) authorized agent

______________________________________ ____________________________
Signature of (creditor) authorized agent Date

Regarding the pay to delete letter.

If I want to get the Wells Fargo Charge off which is now a Portfolio Collection how do I get them both off my C report
which I would and can pay in full now but I want to get both entries removed ..Please advise

Thank you good nelly to give this information to us.

This could work if you have one thing that you want removed... although if your credit history is flocked full of missed payments and inquiries you may want to look into having a company get these removed for you. THen you do no have to worry about writing every letter correctly! Check out www.gkicredit.com for some free advice on you specific issue!

If my pay-to-delete letter is accepted how do I word the follow up\payment letter to avoid 'loopholes' in the agreement?

This is a very informative thread. One that I wish I would have known about several years ago when I was shopping around for a to help me with some financial trouble I was going through. I ended up filing for bankruptcy in the end because of the fees associated with the program I checked into.
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I was thinking about sending a check to a creditor with a terms, conditons and agreement printed on the back of the check.Drawn up by a para legal. Which will state if you accept this check you agree to delete my account.something to that effect. Do yo think that will work? Any help you can provide me with would be greatly appreciated.

I added "The letter will be subject to the laws of California and treated as a legally binding contract."

Just in case the debt collector is out of State (his office may be in your state, but that doesn't mean he is actually domiciled in your state, or he will sign the agreement in your state- just another loophole to make it difficult for you to enforce) and does not perform, you don't want to find yourself having to try and enforce the agreement in another State...make sure that your agreement will be bound by the State in which YOU live.

I love this pay for delete letter! It is exactly what I need to help improve my credit. Is there anything that I can do with the original creditor, whom is also on my credit report as a "charged off and sold" account?

This is a fantastic letter. Where did you stumble upon this? Did you construct it yourself?

What does pay for delete mean?

I'm thinking of doing this, but what if creditor agrees to delete, takes money, but doesn't delete? Do most creditors delete? Should I not worry about that?

If they don't delete where does that leave you? What can you do to get item deleted as agreed upon for payment?

I just thought of another question on this.

If creditor is collection agency, potentially they are a junk debt buyer. When sending a pay for delete letter to collection agencies do you want to challenge them on what is owed, or should you just offer to pay in full to get it off your credit report.

Any input? Thanks.