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Got another one for you guys, got myself into some payday loan debt and and am working to slowly pay it back. Back on 7/30/16 I took out a loan for $600 bucks. Paid back some of it leaving me with a balance of $479 dollars. So the account is about 523 days old. I called back into today to see if I could pay on it as I couldn't pay it online anymore it said the account was with axcess financial. They transfered me to collections which they said was another department in there company and account was still there in there office waiting to make the final decision at the end of the month if it was gonna leave. At this point im shocked it hasn't been sold off to a 3rd party collection and nothing is on my 3 credit bureaus as of yet. The guy i spoke to was very nice offered me a settlement amount of 51%. I said I wasnt sure and he said to throw out an offer and see if I can get it approved. I asked for 250 and he said that was the lowest he could go and after it was paid off he would send out a letter saying it was settled. I asked him if this would be put on my credit in the future he said he wasnt sure but from what he has seen in the past he hasnt that but he cant make any gurantees? Does anyone have any information about this? I am willing to settle but I dont want to see it on my credit report in the future. Thanks.

You'd need them to make it part of the garuntee in that letter that they will consider it as payment in full and that they won't report it as a derogatory mark on your credit report. I know from helping someone else do a settlement on something before that the creditor had the option of listing it as a charge off which can still effect the credit report negatively as one of a number of deragatory marks. He was able to get them to agree to not report it on credit as part of the payoff agreement and it's not showing. It's been a few years and still not on there. If the company you are working with can't give that garuntee, you may have to see if you can talk to the original creditor. Some companies have internal precollect departments that are separate from main accounting, but aren't technically a 3rd party collector that the debt has been sold off to. That's just my experience with that. I had to really work on it and take names and dates and follow through with the supervisor to make sure everything was followed through on.

Sub: #1 posted on Tue, 01/23/2018 - 17:25

Melissa C Melissa C

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