Pay for Delete

**ladybird** · 03-03-2009, 07:33 PM

My husband and I are trying to repair our horrible credit. I was horribly ill for 2 years and lost my job, got buried in medical debt. I've paid off almost everything except for a $3,700 Bank of America CC that has been charged off and sent to collection agents who harass me round the clock.

I read about sending a pay for delete letter and I wanted to know if I should send it to Bank of America directly (sounds very intimidating) or to one of the collection agents (there are a few agencies who seem to have the debt)?

Also, I can't Pay in Full but I can settle for $1,000.

Has anyone had any luck doing this or can anyone give me advice? Thanks so much!

**Magic69** · 03-04-2009, 07:35 PM

I believe the collection agency owns your debt now, so they are the ones reporting your collection to the bureaus. Get them to remove and you would be good.

You might also have to deal with BofA to get their portion cleared up.

**easycreditinfo** · 04-12-2009, 12:56 AM

I would negotiate terms with the collections, they bought your debt for a specific amount of money or they get a percent of money in which they collect from you. I recommend you contact them, explain you can give them $800 and see what they say, start low then work our way up high! At worse maybe you can put $800 down and pay a couple months worth of payments but just make sure you know what the finally total amount is. Also when negotiating payment try to keep them to update your payments as current, this will increase our credit score and some companies will do it for you, if you show a sign of good faith! Good luck!

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