I have 4 credit card accouts that are charged off as bad debt; only 1 yr old. 2 are with one agency, and each of the other two are with 2 other collection agencies. One of the debts is listed once with the credit card company and again with the collection agency (so total of 5 adverse accts). Total gross amount is about $6000. I might settle for 50% if I can either get the items deleted or noted as "paid in full as agreed". One is offering 50% before I said I'd pay anything, but claims that offer is only on the table tonight. Question: is "paid in full as agreed" about as good as it gets for an enhancement notation. Can I even hope to get any items deleted? Will (or can) the collection agencies do this for me? For the account listed twice, I assume I should not get that one deleted since I cannot force the credit agency to revise the second listing unless I can SHOW it was settled, i.e., point to the "paid in full as agreed." Should I send them an agreement that I would have them sign, or just have them send me one with certain key points included? Also, is 50% reasonable or should try to play hardball and go for a 25% settlement? Please respond soon if you can. I'd like to settle today if I could.
A "Paid as Agreed" collection account is still a negative mark on your credit report. It won't hurt to try and negotiate payment for the complete removal of a negative listing. It can be done. Also, the number one rule in negotiating anything is "never take the first offer laid on the table." I've found that to be especially true in life when people try to convince you to make a hasty decision by telling you the offer is only good for today. I think it's great that you're taking responsibility to settle your outstanding debts, but don't give in so easily. You're dealing with a business, so negotiate like it. Also, make sure you're getting terms in writing. Don't expect any verbal agreements to actually happen unless you have them documented in writing as well.
