need help!
Date: Thu, 10/11/2007 - 19:21
I have $11,000 charged-off account(auto finance) on my credit history, and it is on the collection agency.
I sent debt settlement letter to the collection agency, and I got their answer.
It contains..I offered the amount for half of $11,000 and the collection agency accepted that amount when I pay before XX.
When I got this letter I knew there's something wrong than I thought.
I wanted "paid in full" but it says "settled in full".
I knew I had to do debt consolidation instead debt settlement. (actually, I didn't know the differences "debt consolation" and "debt settlement" and I thought my next step was debt settlement. :oops: )
How do I do?
Do I have to pay $11,000 if I want my credit history is 'paid in full'.
I am worried, please help!
Maybe if u offered them a little more for a paid in full?? Just
Maybe if u offered them a little more for a paid in full?? Just a suggestion! Also u can ask them for a delete... can't hurt to ask! All they can do is say no!
Not sure how good this works but i've also heard that if u pay a CA and wait a while then dispute it with teh bureau they won't answer since they have their money then it will come off completely. Of course, i don't have personal experience doing this but i've read it here!
Good Luck,
Ang
If you do a SIF with a CA, you will get a SIF letter.
If you do a SIF with a CA, you will get a SIF letter.
Sometimes collection agencies will settle accounts and report th
Sometimes collection agencies will settle accounts and report them paid in full or paid. Usualy if you settle however you will recieve a settled in full.
If they don't report paid then you do have to pay the balance to recieve a paid in full letter.
So that's like a carrot they dangle over your head..."Sure we se
So that's like a carrot they dangle over your head..."Sure we settled, but if you want us to list it on your credit as paid in full, you'll give us even more money"
I dont think it is a carrot dangling at all. As FYI and Volley b
I dont think it is a carrot dangling at all. As FYI and Volley both said, if you stettle then you get a SIF. The debt was not paid in full so no PIF.
Sorry I'm just trying to understand. When you are done sett
Sorry I'm just trying to understand.
When you are done settling, you have this amount that was forgiven. They mark it on the credit history as settled in full...but if you want to change that to paid in full, the creditor will say "Ok...you want a PIF on your credit report, then pay us the other part of the money-the amount that we were letting go. If you don't, then you are going to have a SIF" Otherwise, the creditor won't do anything but leave it on the credit report as SIF. To fix the credit report you got to pay more? Or in time will the SIF not hurt you as much as you are now building good credit again?