Is paid in full ok?

Discussion in 'Credit Talk' started by jd937, May 1, 2007.

  1. jd937

    jd937 Well-Known Member

    I recentaly spoke with a debt collector regarding one of my collection accounts. I told them that I would be willing to pay off the entire amount owed if they would send a PDF letter. They said that they would not do that but that they would send a letter stating that once it is paid it would be reported not as a collection account and as paid in full. Is this a satisfactory outcome?
  2. BellaRuss

    BellaRuss Well-Known Member

    It would not be satisfactory to me, but that is my judgement about how I spend my money.

    Don't ever call a Collection Agency. Stay off the phone. Do everything in the US Mails. Accept only deletions.

    Their " offer " would lead you with a negative on your report. You would end up disputing after paying them to get the baddie off your report(s), so why not just do that now?

    How old is the account, how much do they want, are they legally able to collect in your state without a license and bond, what percentage of the debt are they demanding?

    Have you opted out? Have you deleted old addresses and disputed the account with each CRA using the US mails?

    These are things I would do before ever considering a PFD, unless they have you over a barrell because of an impending mortgage.
  3. jd937

    jd937 Well-Known Member

    I have deleted old addresses and names (misspellings of my name) from my reports. I have not opted out ( I haven't been able to find out exactly what that means). I am not over a barrell but want to fix it as quickly as possible. In Iowa you can negotiate a debt fairly freely over the phone without restarting the sol as admissions of ownership must be in writing, therefore I thought that over the phone might be safer until I can get them to agree to send me a letter stating the terms of the agreement before I will pay.
  4. BellaRuss

    BellaRuss Well-Known Member

  5. collectman

    collectman Well-Known Member

    If they wont accept a PFD, they wont accept it. Either you pay it and it shows PIF on the CBR or you dont and they continue to collect it as they see fit.
  6. bizwiz41

    bizwiz41 Well-Known Member

    Reading your post, I'm not sure how they would post the account so that "it would be reported not as a collection account and as paid in full."

    My guess is that it would still be reported as a Collections Account, but perhaps once paid, not an "active collections".

    I think you need defintive language from the CA as to "how" they would report this. I don't see how they could report it as anything else. If you're up to it, ask them how they would respond to a dispute from the CRAs regarding this account.
  7. jd937

    jd937 Well-Known Member

    From what they said they would report it simply as a tradeline that is paid. It would not show as a collection. I am waiting though for the letter from them, so we'll see.
  8. BellaRuss

    BellaRuss Well-Known Member

    OPT OUT is to remove your name and identifying information from a marketing list which is sold to debt collectors, junk debt buyers, and a whole lot of undesirable companies...also, the data is also sold to creditors, but if you have ever had or now have collections, charge offs, judgments, etc on your file you want to OPT OUT at (888) 5 OPT OUT.

    All the options you mention above result in a negative trade line on your credit reports. Why would you pay money for that? Get a deletion, not a less negative negative.
    Not sure why you would want to h
  9. jam237

    jam237 Well-Known Member

    A PAID in full collection account is still a collection account...

    Just like a PAID CHARGE OFF is still a CHARGE OFF...

    Paid doesn't do anything to help your report.
  10. Msbigbones

    Msbigbones Well-Known Member

    Yep.....You want it gone!!!!!!!
  11. jd937

    jd937 Well-Known Member

    Ok. So don't pay it so that I can keep my leverage. Then if they want to be jerks about it I'll just let it fall off.
  12. collectman

    collectman Well-Known Member

    Yes because threatning not to pay your account because they wont remove surely will make them see the light right? I'm sure they would rather it be on your CR for the next few years, however long it has left before it falls off, before they agree to remove it because if they dont you wont pay it. They already aren't getting paid at all, so what changes?
  13. ccbob

    ccbob Well-Known Member

    Just be careful how you play the game...

    They are under no obligation to remove it, paid or not. They are obligated to report it accurately.

    You can choose not to pay them, for whatever reason, and they can choose to take you to court, get a judgement, and collect it in whatever way they can. Then you have a collection AND a judgement on your credit report. That's not exactly progress.

    If you really owe the money (and they can prove it to a judge...a very easy task from everything I've heard, especially you don't show up to challenge them), then you might get farther by talking nice to the right person and giving them a compelling reason to be nice to you.

    It's no skin off their nose if you want to play hardball. They are usually ready to start pitching fast ones, in that case.
  14. jd937

    jd937 Well-Known Member

    Yes however, it is only over a $50 debt. The general guideline that I have found is that most financial agencies will not sue for anything less than several thousand dollars. For example, my credit card number was stolen and my bank would not press charges because it was less than $10,000. It was cheaper for them to pay it out of pocket/insurance than to press charges.

    Collectman, I'm a little confused. Are you saying that if I play it right they will probably remove it or they they more than likely wont?
  15. collectman

    collectman Well-Known Member

    If they said they wont remove it, chances are 99% they wont remove it, regardless if send them a PFD. Most CA I know of have a minimum balance for suit of 1000.00 on credit cards/loans, and over 100.00 on payday loans and any amount on a hot check.
  16. bizwiz41

    bizwiz41 Well-Known Member

    For only $50, it would seem it is not worth all this trouble. I would pay it and then wait a few months to dispute it, there is a chance they won't bother to verify.
  17. cap1sucks

    cap1sucks Well-Known Member

    They actually said in writing that if you paid them in full they would report it as paid in full to the credit bureaus???

    Sure wish I could get one of them to tell me that in writing.

    Of course they aren't going to do that for me because I don't owe any collection agencies but if I did I sure wish one would tell me that.

    I'd have them in federal court so fast they wouldn't know what hit them.

Share This Page