Negotiating settlements with original creditors for 50% or less AND getting tradelines DELETED, listed as PAID, OR PAID-SETTLED WITH ZERO BALANCE? I have heard a LOT of theory on here as to what one should or should not do.....however, I find that I have not been successful in achieving this. The latest was Fleet that offered 25% settlement BUT with a Paid-Settled and reflecting the remaining balance on the credit report. I am NOT interested in therory or what one thinks should happen, but only from those who claim on this board that it does happen and can state that they negotiated these terms.
I have never had success at this. But sometimes after items are paid some companies might be less apt to verify with the CRA. thus obtaining a deletion. I have some of my paid collections and c/o deleted from the CRA, when the collector and company themselves would not delete in negotiations.. Kev
I got this deal with Sears. I have Settled for less than full balance on my CR and a $0 balance showing. This was before I knew about payment in exchange for deletion. Basically what happened was, they sent me a letter stating their deal. I sent them a check. They report it that way. No negotiating involved. Does this help?
Did it with a small collection that showed up for an old long distance bill. I first stated that I believed it to be not mine. I had called MCI and they couldn't find much in the way of records. But the account was all but 26 or so. SO, the collector was a good guy and we laughed about this whopping bill and I told him that I thought it was certainly questionable... but for 26 bucks I'd almost be willing to pay it in full for a full removal. He said he'd take that offer if I meant it. So, while it's not quite what you are proposing, I gave them the whole amount and he did delete. Now I admit I did it the wrong way in that he wouldn't give it to me in writing but the guy actually did delete it. The other way I did one was that there really had been some fraud charges on an account that I'd let go to collections... Again I let them know the amount was in dispute and that there was NO way I'd pay in full and that I wanted Documentation in a big way... they couldn't come up with any so I paid 40% for a full delete. They didn't do it, they marked it paid in full (not settled) but they didn't verify upon dispute so it went. IF I were to do it now, I'd find an enterprising lawyer to buy it from them for me and I'd have him delete the tradeline in full. The only way I've ever made headway on the full delete is if they've screwed up and the delete is my payment for their error. So few people catch FCRA or FDCPA violations that when you do you must use them as leverage... Has the collector screwed up? Have you requested validation? Show them you'll be a pain in their assets and you have a better chance of a delete (it also gives them a reason WHY they deleted if the CRAs ask). Accounts in question can be deleted or modified but if you admit it's yours and the amount is correct technically they really would be in violation of their contract with the CRAs if they deleted the account...
Erica- Have you since tried to dispute it with the CRA's as not yours? I settled with Sears a couple of years back, I didn't get a letter, nothing. I disputed it about 6 months after I paid it and it came back "item suppressed" and it hasn't showed up since. I don't know if its a good thing or a bad thing. I think I settled for about 20% off full balance. Kellie
If you choose to settle an account, the creditor can still list a remaining balance because technically there still is one...even if you "settle in full"... Your account will be notated "Settled in Full", but a balance may still show.. jmart
1/When you enter a new agreement the new contract voilds the old one. 2/You either paid it or you did not pay it. It can't be both ways:
I believe only if the new contract explicitly removes all previously held agreements between the parties. If not, it is open to interpretation. You gotta read the fine print. -Peace, Dave
