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Setteled in full or paid in full ?

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  • Setteled in full or paid in full ?

    hello team,

    asking this question for a friend. They have a small collection account of about $300 and it showed up on their credit report. The CA offered a 50% settlement and stated it would appear on the credit report as settled in full. My friend wants it completely removed if he pays. He offered to pay the full amount, but the CA said it would remain on the credit report as "paid in Full'. The friend still wants it completely removed.

    It it remains on the CR if its settled or paid in full, how will it affect his credit ?

    Thanks
    Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7

  • #2
    I have some experience with this.

    CAs are liars and 95% of them don't know what they're talking about even if they're not lying. They're likely to report it as "settled for less than owed" no matter what they say.

    I'd tell the CA to bite me and unless they're willing to delete AND put it in writing that they will delete it, then I will pay what little money I have to another CA that is more reasonable. Emphasize that you have only a little money, not enough for everyone, and it's going only to the CA that will delete and put that promise in writing.

    The word of a CA means nothing. Must be in writing. Period. Pay nothing without it in writing.
    Chapter 7, above median, no asset. Discharged with no UST involvement.

    Comment


    • #3
      Interesting strategy. I would not pay any collection agent unless they were willing to remove the entry and use eOscare for immediate removal upon payment. They can remove the entry IF they want to.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog


      I am not an attorney. Any advice provided is not legal advice.

      Comment


      • #4
        It will remain listed as derogatory with settled in full or whatever wording they choose. the fact it shows a zero balance IS better on your score than one with a balance owed but the fact remains it will continue to report negative regardless of what they say! Don't get suckered in to believing they will remove it. 90% won't.

        Comment


        • #5
          I have only had one collection agency ever remove an entry. The only reason why they removed it was that I proved that they could not prove that I owed the debt. In fact, it was not my debt. However, I was thinking that they'd still try to collect after I sent a demand letter that they were wrong, wrote to me showing that they had no proof (and clearly stated so), and that they had 10 days to remove the entry. To my shock and surprise, they removed it with eOscar the same day they received the letter.

          Never in my life. But, again, they were wrong, wrong, wrong.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

          Comment


          • #6
            For those that may read this and not know what it is, E-Oscar is the tool used by all creditor (bureau subscribers) to modify and or update a trade line and is real-time.

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            • #7
              Originally posted by df04527 View Post
              For those that may read this and not know what it is, E-Oscar is the tool used by all creditor (bureau subscribers) to modify and or update a trade line and is real-time.
              Exactly! Don't let them tell you that it will take "time" to update the bureaus. eOscar is instantaneous.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                Originally posted by justbroke View Post
                I have only had one collection agency ever remove an entry. The only reason why they removed it was that I proved that they could not prove that I owed the debt. In fact, it was not my debt. However, I was thinking that they'd still try to collect after I sent a demand letter that they were wrong, wrote to me showing that they had no proof (and clearly stated so), and that they had 10 days to remove the entry. To my shock and surprise, they removed it with eOscar the same day they received the letter.

                Never in my life. But, again, they were wrong, wrong, wrong.
                But see? You didn't actually owe that money.

                That's a completely different matter. They were merely correcting your credit file, because they had reported a debt which was not really your debt in the first place.

                For the most part, it is nearly impossible to get them to remove an account that you really do owe. Even if you paid it in full, it will usually still remain on there for the duration of the 7 year reporting period.

                Now that more than 7 years have passed for all my defaulted debts, my credit report has no negatives at all. And just a few "soft pulls" in the inquiry section, which supposedly, no one else can see.
                The world's simplest C & D Letter:
                "I demand that you cease and desist from any communication with me."
                Notice that I never actually mention or acknowledge the debt in my letter.

                Comment


                • #9
                  Originally posted by GoingDown View Post
                  But see? You didn't actually owe that money.
                  That is debatable! That is why they could not prove that I personally owed the debt.
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog


                  I am not an attorney. Any advice provided is not legal advice.

                  Comment

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