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Question
How do you do a payment for deletion on credit cards that are over there limit, and medical accts that are payed/not payed?
Hi Candy:
There is no one way to do a pay for delete. This is simply a negotiation with the creditor. Many creditors say they will not do this at all. It's really a negotiating issue. You have a better chance of success if they feel the only way to get your money is to do the pfd.
You basically have to contact them and negotiate an offer. Get it in WRITING BEFORE you send money. Many creditors have been known to verbally say they will delete it, accept payment, then not follow-through. You really have no recourse at that point.
BTW, you don't necessarily want to DELETE the account. Delete good accounts may also hurt your score. A better option is to have them report it as paid - never late.
Good luck,
Regan
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Answers by Expert:
Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.
Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports.
Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry.
I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA).
I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage.
In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.
Education/Credentials
BA University of Minnesota
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