Charge off/paid less than full balance

If you are going to be paying the full amount that they are asking for make sure they update your credit report with settled in full. If you do pay off the $255.00 it will be noted on your credit report just as she stated and that does look kind of bad on your credit report. Try to get them to notate this as paid in full and nothing else.

Ok then it seem it's best to pay the full amount to get the paid i full status. Side note. In paying off some of the debt's. How come the amount of Derogatory are still the same amount when some have been paid off. I only have 3 showing derogatory. But in summary on credit report it shows that i have 7. The 4 show being Closed (PAID)

Get it all in writing, they sometimes sell the balance to another collector.

Ok i have a issue with this CONN's settlement.

I got another letter in the mail saying that i owe the rest of the balance on the Conns account. But i have a signed Settlement letter from there Sr manager that say's after i pay for the agreed amount it will be taken off my credit report in 10 calenders days. I called there legal department and now some lady say's it takes 40 days to have Paid on my credit report and that they don't take off account on my credit report. I told her i have a signed settlement letter saying that they do from there legal department. I asked to speak to the person who signed the letter. She was not there. So they sent me to another Supervisor all i got was a voicemail.

All in all what is my next step with this? Will i have to take them to court if they don't remove? Maybe small claims court. Will i fight to get it remove or get damages if i have to go thru that process? I have the original settlement and the fax copy of the document i sent them when i paid for it. Will i win. I thought this would be simple but nothing with credit repair never is.

If you have those terms in writing signed by an authorized representative of their company and they do not follow up then I would start typing up your ITS letter.

I been around for a little bit. But what is a TFC letter?

ITS = Intent to Sue

when settling for less than owed and asking them to mark it as PIF do you request a propasl in writing before making a payment to them? I would assume thats the best way to handle it, but i have never had to do this before.

Yes, I have the sheet that they signed. I would only pay until i received the original first.

Can you type the exact wording of the agreement so the forum can review?

CONNS CREDIT CORP
3295 COLLEGE ST
BEAUMONT, TX 77701

Date:Sept 8, 2008

Re: Account No:*********

Account Information as shown on Credit Report:
Acct #*******
Balance: $848.00????
Acct. Opened ???????? 3/1/2004

Dear Sir or Madam:

This letter is an offer to amicably settle the above account. It is not to be construed as an acknowledgment of my liability for this debt in any form.

I will pay your company the amount of $424.00 as full settlement of this account.

If you accept this agreement, I will send you a money order or certified cashiers check for the settlement amount of $424.00 in exchange for a full deletion of all references regarding this account from my credit profile and full satisfaction of the debt, WITHIN TEN CALENDAR (10) DAYS following receipt of payment. This agreement is binding and will be void should you not hold up to your end of the agreement. Furthermore the debt will be deleted from my credit profile at all three credit bureaus (Equifax, Experian and TransUnion), or the bureaus your company regularly reports to in the course of doing business.

If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of [Conn's], and return a copy to me. It is to be implied that this signed letter shall constitute a legally binding contract, enforceable under the laws of my state.

Notice: This agreement is restricted. This is not a renewed promise to pay, but rather a restricted settlement offer only. By not signing below, you agree that the debt has not been renewed nor have any concrete written agreements been exchanged.

Thank You. I look forward to resolving this matter in the best interest for both of our parties.

Creditors Authorized Signature: __________________________________

Date: ________________

Name: _____________________________

Title: _____________________________

Joe the Plumier
Address

Here's a good question that you should maybe think about...Why do they need your cc # if you are sending a money order or cashiers check??? What actual purpose does this action have? If you don't send the money then obviously they won't mark your account paid in full, but they may actually charge your cc if you fail to keep the arrangement...

Well i bought a prepaid visa card. To pay the debt. So if they tried to charge me again, they will only get the amount i put on the Pre-Paid CC i got from my bank that has nothing to do with my real bank account.

Seems pretty solid to me. Anyone see any flaws with this?

THAT IS HOW I HAVE PAID OFF A LOT OF MY DEBT PUTTING IT ON A PREPAID CARD, SO THEY COULD NOT TAKE MORE THAN WHAT I SAID. I HAVE 2, AND I WOULD DO 1/2 ON ONE CARD AND 1/2 ON THE OTHER CARD, AND I ACTUALLY HAD SOME COMPANIES TRY TO TAKE MORE, AND THEY WOULD CALL AND SAY THEY COULDN'T GET THE FUNDS , AND I WOULD TELL THEM IT WAS BECAUSE YOU TRIED TO TAKE MORE THAN WHAT WE AGREED ON, AND THIS SHOWS ON THE PENDING TRANSACTIONS BEFORE THE CARD KICKS IT BACK TO THEM

If I send a letter to the Credit Bureau with the copy of my letter, do you think that will help take it off. Or i should just start writing the ITS = Intent to Sue letter. And dont look back.

sounds good to me

Especially with a CA, I wouldn't be giving information like CC's or bank accounts to them. You never know what they will do with it. I had this problem with one of them. The CA kept calling and asking for my bank account #. I said IF and WHEN I get paperwork, in the mail, agreeing on some kind of payment plan, THEN I will give it to you. They never sent the paperwork and they continue to call.

Is Conn's the company that is demanding payment or is it a 3rd party collector? If it's Conn's, I would find out who the CEO, President and CFO are and start firing off letters to them. You have a signed agreement that is concrete proof of the settlement, signed by a duly authorized agent of their company. Go to Google and type in "Nutcase Letter" and read some of the examples out there. I'm sure you can find something appropriate for this situation.

If this is a 3rd party collector working for Conn's, demand that Conn's pull this back and write it off.

Here is the update. Ok I paid verizon the amount. Well come to find out they put not paid in full on my credit report. Even thou i have proof that they would take it off in 10 days. Plus they sent me a letter saying they contacted the credit CB that the account was paid in full.

Well looking at a update on my credit report it say's Paid-Not paid in full. So im guessing the next step is to send the CB the copies of the letters. Does anyone have a sample letter to send to Experian and Equifax with the copies of the info I have and proof of the letter to settle the dept.

How does "paid in full for less than balance" affect your credit score if you agree to accept offer by creditor?

does anyone still have a copy of the payoff letter that would share with us?