Contacted by an LLC

Hi John,

Did you check your latest credit report from the three bureaus? Please know your latest financial standing from Experian, Equifax and TransUnion.

I didnt check yet, but I am sure it is not so good.

Would LLC accept a partial payment? I can pay about $2500 of $3200 to them.

Hi John,

Any creditor or a collection agency is most likely to accept a payment plan as long as you are willing to pay your debt. You need to enter into a proper negotiation so that this deal works out positively.

Before you negotiate with your creditors, you can consider taking expert advice from the consultants offering free counseling to solve your debt related problems.

Regards
Roxette

John,
If you don't want to make payments on the account remember most places will settle for 60% balance.

The original creditor or the Collection Agency?

Won't that be bad on the credit report?

Since it is allready a charge off, won't it be better to pay it all?

Once you pay your debt, a "charge off" account will be changed to a "Paid charge off" in your credit report. But it is still a negative remark and will stay in your report for 7 years. However, a paid charge off account is always better than an unpaid one.

The other thing that you should concentrate on is the rating that the creditors will update your account with the credit bureaus. "Settled" is a negative remark and since your credit report is already tarnished, you should take every step to improve it in every possible way.

Convince your creditors to update your accounts with "Paid as Agreed" as it is considered to be a better remark.

Regards
Roxette

John

I have had a couple of charge offs settled and I was able to get the creditors to update my credit with Paid as Agreed. Because most creditors are wanting to receive payment, they are willing to negotiate with you.