Pay for Delete Questions
Date: Fri, 04/23/2010 - 09:48
I currently have three collection accounts showing as "potientally negative"... I would like to try a "Pay for Delete" with all three of these accounts but I've never done this before. I read about it on this forum.
One account is in collections for a charged off credit card in the amount of $631.15. The original creditor was Continental Finance and the CA is FBCS in Hatvoro, PA. Is it better to make smaller payments to pay the amount in full and ask for a "Pay for delete" when the account is paid, or to pay the sum up-front with a PFD agreement?
The second account is Midstate Collections in Champaign, IL and the original creditor is a community college in the amount of $331. I have the means to pay this in full, but I'd rather pay it in full with an PFD agreement.
The last account is already paid off, can I still attempt a PFD?
Any advice would be greatly appreciated! I'm learning so much on these forums!
Many will balk at pay for deletes and all will outright refuse t
Many will balk at pay for deletes and all will outright refuse to delete after it is paid. They will simply list it as either 'paid after collection' or 'settled for less then full amount'. If you try the PFD method sometimes they will try to say it is against the law to delete, others will say by contract to the credit reporting agencies that they may not delete.
Also keep in mind that any payment made on an account will immediately reset the SOL so if you set up a payment arrangement, get it in writing! This is imperative as they might say, "sure sure, we will accept payments" and as soon as first payment is in, slap you with a lawsuit!
You can try a tactic that may work, you offer to pay the account and in the agreement have a non disclosure agreement, specifically that they do not discuss this account with the credit reporting agency....that way you just dispute the account and they can't verify it so it will drop off.
