Pay for delete

One method for eliminating part of your debt load is to request from a creditor or a debt collection agency that a pay for deletion be used to settle your account balance still outstanding. For the consumer, a portion or a full amount of the balance is paid in exchange for a deletion of the account.

There are some collection agents that will lead a consumer to believe a pay for delete negotiation is not legal or they are not able to offer you the option. However, a pay for delete is an acceptable practice for negotiating debts.

Get It in Writing

A key point in a successful negotiation to delete accounts after payment is to ensure all negotiations and made agreements are put in writing. If you are sending a request for a payoff and an account deletion, it should be done by you in writing to the creditor or collection agency and mailed via the certified, return receipt requested option at the post office. It will cost you more in postage but the extra steps will give you the peace of mind that you have left a traceable negotiation on your debt.

Other Tips for Successful Deletion

Once you are able to negotiate a pay for delete scenario with a collection agency or creditor, you will need to Read more…

The path to credit repair might require you to pay off some (or all) of your past due accounts. You could easily feel overwhelmed by the amount of your past due accounts, but don’t let this discourage you or cause you to delay your credit repair. You can pay off these accounts one at a time.

Figure Out What You Owe

Make a list of all the negative accounts on your credit report that have outstanding balances. Your credit repair agency may not be able to get these removed these from your credit report unless you can pay off the balance. If you put together a list of the accounts you owe, you can better come up with a plan to pay off all the accounts.

Your accounts may have different levels of delinquencies. Some may be late, but not yet charged-off. Others may be charged-off. And you may have some accounts that are with collection agencies. How you pay your accounts depends on how delinquent they are. For example, if you have accounts that are late, but not charged-off, you might pay them to keep them from becoming charged-off, especially if you don’t have any other charge-offs on your report.

Pay for Delete

You may be able to talk the creditor into removing the negative item from your report in exchange for payment. The pay for delete strategy can be difficult because Read more…