paying a CA
Date: Mon, 01/28/2008 - 05:54
Let's also say this is close to being outside the SOL for your state (say 3 months from now).
If I pay them how much longer would it stay on my report? Does a lump sum payment start DOA again, making this stay on my report for another 7 years?
Can I demand a pay for deletion? If they don't agree to that, but offer me paid in full status should I accept that? I would make sure I got this in writing.
Since I would not be paying the entire amount originally owed, but a portion of that, which has been agreed to, will the remainder keep be shuffled around to other CA's?
I've read about people making a payment thinking the account was settled, only to hear from another CA down the road. I don't want that to happen to me.
Thanks for the help.
Be very careful. collection agencies will lie to you about anyth
Be very careful. collection agencies will lie to you about anything. Get an agreement in writing prior to paying them. Make sure that they agree to update your file and send you an account settled document. Make sure that you pay them by moneygram or money order only. They will take more than the agreed amount if they have you card or bank info.
It doesn't stop being a debt because the SoL expired. That just
It doesn't stop being a debt because the SoL expired. That just means that they can't take legal action against you.
If you are going to take a settlement offer then I would suggest you have them mail or fax you a settlement letter. You would also need to ask then when you are able to get a zero balance letter. It is a good piece of paper to have incase some years down the road another agency calls you about the remaining balance.
I disagree the statement that they will take more than agreed upon should you do a check by phone. I've really only seen that scenario from iPDL companies.
However if you are not comfortable with giving more personal information on the phone I suggest you send your payment Western Union or Money Gram as settlements usually have deadlines and I personally don't trust the mail.
Quote:If I pay them how much longer would it stay on my report?
Quote:
If I pay them how much longer would it stay on my report? Does a lump sum payment start DOA again, making this stay on my report for another 7 years? Can I demand a pay for deletion? If they don't agree to that, but offer me paid in full status should I accept that? I would make sure I got this in writing. |
I'd go for a PFD, but if you are unable to get the entry deleted, it will stay on CR for 7 years from date of charge off. If you cannot get a PFD, then PIF will look better than settled.
Quote:
Since I would not be paying the entire amount originally owed, but a portion of that, which has been agreed to, will the remainder keep be shuffled around to other CA's? |
Get the agreement in writing, and get a PIF letter as soon as your payment has cleared.
Unfortunately, I sent personal checks to a CA (payments) after a
Unfortunately, I sent personal checks to a CA (payments) after an agreed upon monthly amount. I defaulted on the payment a few months later because I didn't have the money that month, and they debited my account for the amount of the payment due (without my permission) using the account information from previous checks, so yeah, I would use money orders only. I agree, get it in writing first, and send a money order to pay off the settlement AFTER you receive the document.
Well, you could wait the three months until it drops off your cr
Well, you could wait the three months until it drops off your credit report, AND THEN pay it off, at least that way you pay it off and it won't sit on your credit report for another 7 years.
Oops I misread that...3 months from SOL of state...I see now. T
Oops I misread that...3 months from SOL of state...I see now. Thats kinda a pickle...you want to pay it, but then your clock restarts...I agree with the others, get it to be paid in full not settled and get a zero balance letter just in case. And get it in writing! As for the payment, it is always better to be safe then sorry, send it in a different way so that you don't tempt them. :lol: