Sample Pay for delete letter/Pay for deletion letter Please read and tell me if it ok to use,and for everyone to use it too ? Name of Collection Agency Address of collection agency Re: Collection Account for Original Creditor Account Number Amount: $ Dear Sir or Madam, This is for your information that I am disputing validity of the debt referred to above. I am not aware of the account number and you have not informed me of the existence of this account. some of my rights have been violated under the FDCPA.I assume you are aware of the fact that reporting any invalidated information to major credit bureaus may constitute defamation of character, as a negative listing on my credit report is not beneficial to me as a consumer. I would also like to advise you that on several occasions representatives of your company violated the Commerce and Trade – 15 USC Section 1692e while trying to collect from me. I am sure you are well aware of the history of violations your company has under this section with other consumers. I’m sure your legal staff will agree that non-compliance with this request is likely to put your company in serious legal trouble with the Federal Trade Commission (FTC) and other state/federal agencies. I am willing to pay this account in settlement percentage of 30% that I have to barrow or wait for my tax return to pay with .I know I have to pay on the 1099C from too. If you agree to immediately delete the account from the credit reporting agencies (namely Equifax, TransUnion and Experian) that you have reported to, and validated this account. My sole purpose is to get this item removed from my file. This letter should not be interpreted as recognition of the debt or acknowledgment of liability for the debt. If you accept the terms of this agreement, the certified amount of $ will be sent to your collection agency provided there is complete deletion of any reference to the debt from my file on all the credit bureaus that you have reported to, and the debt is validated. As the full amount demanded will be paid back, there should not be any waiting period to delete this item from the reporting bureaus. Your agency should delete all information regarding the account from my credit files within 10 business days from the receipt of the payment, as mentioned in this agreement. The terms of this agreement will not be discussed with anyone but the original creditor. No third party will be informed if contacted and no acknowledgment of the debt, any kind of payment, or settlement will be discussed if I am contacted by the Reporting Agencies. Following the acceptance of the agreement, please prepare a letter on your company letter head unambiguously agreeing to the aforementioned terms and conditions and have it signed by your agency's authorized signatory. This letter will imply a legal contract, enforceable under my state law. If I do not receive an approval letter within 15 days of your receipt of this letter, I will withdraw this offer. Please communicate regarding this account to the address mentioned below. Your Name Your Address What you think about the letter is it acceptable,and those not tell you,or aproves you that the debt is yours and you have to pay it ?
Hi I was wondering if every body received a 1099C from that the debt has been cancelled after the debt gets charged off ? and what that means ? Thanks
I'm not sure of the exact number, but I think they are required to send you a 1099C for any forgiven debt over $600. The IRS treats this like income to you. Crazy, eh? Oh, and your PFD letter is too long and complex for me. I would go more simple and to the point- take a look at the one in our Sample Letters section for some guidance, but be sure to put it in your own words.
Hi Thanks for your respond. I have not received a 1099C from my Debitor . When are they going to send me one if the debt has been charge off,and how can I declare it to the IRS ? If you receive the 1099C form do you still have to pay the debt to collection ? Can anyone please help me? thanks so much!!!
A 1099C is for forgiven debt. They will send a copy to the IRS and you, and then you need to include it along with your personal tax returns. You would most likely receive a copy around the beginning of the year when you receive all your other 1099s, W-2s, ect.
Ok, but I think the acount was sold to the collection in 2011 Do you think I sould received a copy of the 1099C form last time I did my taxes ? If yes what do I need to do please ? If I do pay taxes on the charge off is that mean the collection can't collect on the acount any more ? How is that work ? My other question let say you received a settlement offer fro what they call them self Attorney at law Firm working for the collection to collect the debt for them. Do you think will be good idea to respond to them with settlement offer ,and also respond with settlemnt offer to the collection agency too ? Thanks
You'll have to deal with the CA now. If the debt is legitimate and they have the right to collect it because it's been assigned to them or they purchased it, then the OC won't want anything to do with you if you reach out to them instead regarding a settlement. OC's can continue to report charge-offs because it was exactly that for them- a charge-off.
If the original cerditor charge off the bebt I think they should send the 1099c form any way it is the law isn't that correct , what you think please ? If the debt is legitimate any way and we don't know that yet. My question was that can I sent a settelment offer to the collection agency who bought the debt,and send 2 settlement offer to this Law firm office who the collection agency who bought the debt and hired them to collect the debt for them? My question let say you received a settlement offer from what they call them self Attorney at law Firm working for the collection who purchased the debt from the OC agency to collect the debt for them. Do you think will be good idea to respond with 2 settlement offers one to the Attorney at Law Firm ,and 2 settlemnt offer to the CA agency too ? Thanks Please awnse the 2 question if you can.
What will hapen if you I close a credit card that I opend almost 4 years ago will my credit score fall bad and how many point will I losse? what hapen if I open a new acount will I loose point on my credit score? Thanks
Hi Samira, Generally, your credit DOES take a hit when you close a credit card. Your credit score could also take a hit if you open a new credit card (added credit utilization, a lower credit age and making an inquiry on your score are all factors). I would recommend keeping the old card open and, if you're set on applying for a new card, apply for a good balance transfer card, transfer any debt you have and begin paying it back interest-free.
I was wondering those every body gets or receives a 1099C fro the debt that has been charged off and what that means? I think it shows on my credit report the the debt has been charge off in 2011 ,but how come i have not received 1099 c form> Thanks
Hmmm... If the debt was written off in 2011 then you should have received a 1099C form by the end of that year for tax purposes. It might be worthwhile to get in touch w/ the CA or debt company to get on the same page in regards to the debt charge off and the lack of confirmation on their end.
To calculate your credit ratio do you add all the credit cards togother ,and you want the ratio to be under 30% or do you want to calculate every credit card on it on ,and every credit card needs to be under 30% ratio? Thanks
It's a 30% debt to credit ratio, so you want your debt to be under 30% of your entire credit line. However, if one credit card is at 60% and the next card is at 2%, that 60% will still hurt you. So, the answer is both - keep all cards under 30% and you won't have to worry about calculating your entire debt to stay under 30%.
Ok I have not received the 1099 c fourm last year so what that tose to me on my taxes last year is it going to be a problem for me. The only reason I was thinking about canceling my credit car is because I have to pay anaul fee . Thanks for all your help
Got it - yeah, that's frustrating. If it's a small fee (whatever that means, anymore) then you just have to consider the pros and cons of keeping versus closing, and whether you think the drop in credit is worth the boost to your bank account. And yes, I would get in touch with CA that did not confirm via 1099c form - hard to say what tax effect that could have but it's worth checking into before the year ends.
Hello again, My qyestion is: If you decided to settle with collection agency just as paid in full on you credit report how bad or how much damaged can it do for your score or credit report? Those it look bad when you apply for a loan or credit card if the creditor see paid in full on collection agency ? Thos it stay for seven year fromthe date you make that settlemnt to collection , and those it impact your credit scor for seven years even when you sttle in full ? Thanks
My qyestion is: If you decided to settle with collection agency just as paid in full on you credit report how bad or how much damaged can it do for your score or credit report? Those it look bad when you apply for a loan or credit card if the creditor see paid in full on collection agency ? Thos it stay for seven year fromthe date you make that settlemnt to collection , and those it impact your credit scor for seven years even when you sttle in full ? Thanks
