Pay to delete letter - did they send it to you in writing?

Hi lucylu. Did they send it to you in writing? If not, then you might want to call and verify that they are going to delete negative entries from your credit report and have them send it to you in writing. This way, you have written proof of your agreement in case they try any funny business. :-)

Good advice eleroo. Don't agree to pay anything until you get an agreement in writing from them. Use that as your leverage. More than likely they will agree to that, after all they want your money and their commission.

ladybug

Thanks Ladybug. :-) If there's one thing I have learned from this site, it is to get EVERYTHING in writing!

Well also lucy, if they refuse to send that in writing u can always try this route. Pay it off as a paid in full, put it in the memo of ur check or MO. Also, ask them to send u a PIF immeidately after paying it, they usually do. Then wait about a month and dispute it with the credit bureau. Most times after u pay a CA off they are not worried about reporting anymore! They more than likely won't answer and it will be deleted. IF they do answer the first time, wait a little while longer and dispute it again. Eventually they won't wanna keep doing the paperwork. (just don't dispute too often or too soon together)
Hope this helps some,
Good Luck,
Ang

I was under the impression that a tradeline could only be deleted if it was disputed and found in the owner's favor, or the seven year period is up.

A tradeline can be deleted by the company who made the tradeline in the first place. Sometimes they like to say they can't, but from all I heard they can, just don't want to.

I just got off the phone with the Collection company and I paid the balance in full via check over the phone. They will call on Monday to have the negative mark deleted. The person I talked to was very friendly and they are sending me a PIF letter.

One down!!

Quote:

Unfortunately if you didnt get this agreement in writing, when you call on Monday the collector will probably have forgotten your conversation. Today is the last business day of the month and unethical collectors will do and say anything to get money in the door today. I would have insisted that they fax a copy of the agreement. With nothing in writing, you dont have a leg to stand on.

She said they don't send agreements. Should I call back and ask them to fax me something in writing??

I can agree with everybody on this subject. Once i pay a collection agency i get a paid in full letter sent out. Actually this week, i received some good news. I disputed 4 collection items that were paid in full. They never answered the credit companies, and all 4 was deleted. Most of the times, once collection agencies receive their money, they never bother to answer letters. I feel really good right about now.

I just got off the phone with them and they are going to be sending me a PIF letter.. They have a 21 day hold in case people decide not to pay the balance or whatever. So I will keep my eyes open for that!!

A 21 day hold for something already paid? That doesn't make sense. :roll:

I can understand them waiting for the check to clear or whatever, but once it clears they should have no trouble printing one off. :D

Well lucy i'm thinking since this collector actually contacted U after sending them letters it will be ok!
i mean u DO have proof of ur payment via check and since they contacted u they will probably honor their agreement!
Let us know how it goes,
Ang

I never trust CAs. I would not pay them a dime without an agreement in my hand. You are taking a risk if you do not get the agreement prior to paying. You are trusting the untrustworthy to send you a PIF letter 21 days after you made payment. If I were you I would call them back and tell them either my financial advisor or lawyer (whichever you prefer to use) advised me to not make payment until I received the offer in writing and that you are to put a hard block on any payment they generate unless the CA faxes the offer to you immediately. Also you should never ever pay via check over phone. This means you gave them your checking account info over the phone and they can put whatever number they want in the blank even if you agreed on the amount and they can generate all the checks that they want. I hate to be a total pessimist but like I said I just do not trust collectors.

You need to send a restricted endorsement letter with your payment. Stating that they are agreeing to delete the negative entry from your credit report upon cashing the payment.

Don't be suprised though if they send it back to you. My company doesn't do pay to delete.

1) Be very careful in which tradelines you are trying to get removed when you pay them. A CA May be able to delete their own tradeline, but they really have no control over the OC's tradeline. For example, you might owe Chase Bank some money for a credit card, and Chase might be reporting the account as a chargeoff. XYZ Collections might be collecting on the account. XYZ is in no position to agree that Chase will remove the account from your credit report.

2) I had a law class and my professor was a retired attorney. He spend a whole class explaining how writing "Paid-In-Full" on the memo line of a check really means nothing if another person cashes it. The memo line is just that, a "memo", it does not enter the other payee into a binding contract if they cash it. What you would need to do it create a restrictive endorsement, like FYI said, on the back of the check.

3) 14 to 21-day hold is common in the industry. I have had personal checks bounce up to 18 days after I deposited it.

Can u put a note on teh back of the check that states if this check is endorsed it is paid in full??
Just curious,
Ang

Without writing a whole blurb on contracts, I'll just say a restrictive endorement acts as a contract; and one of the main elements of a contract has to do with "valuable consideration."

If you try to induce them into a contract by offering something that you were already obligated to do, then it's not a real contract (since they didn't gain anything above what was already owed [a legal benefit], and you did not incur any further obligations [a legal detriment].)


Then, you are giving them "valuable consideration" that was not a part of the original contract, and therefore if they accept it they are bound by your restrictive endorsement. Or else they should not cash the check, and they should mail your peppercorn back to you.

PS I use a peppercorn as my example because there was a Chief Justice of the Supreme Court, Benjamin Cardozo, who once said "Even a peppercorn is sufficient consideration" in regards to a matter of this same sort.

You made some valid points DOLLARSandSINCE...it is true now they have an open invitation to invade the checking account. Hopefully they won't, but keep your eyes peeled on your bank statement amd your credit report. If anything looks fraudulent you need to report it to your bank right away.

ladybug

So send a peppercorn too huh? Just one? :lol:
Thanks for answering,
Ang

Howcan a mother cash her daughter or son check without their signature if the check was ment for the mother and the son or daughter can't be found.