What's a good negotiation percentage to approach collectors with on "pay for delete" letter?
I have assorted debts which we am attempting to have the "pay for delete" agreement for, which operation in opposite dates. Some of them tumble off as early as early subsequent year, as well as the small have been usually 1-2 year aged debts.
The debts in subject have been incited over to collectors, so have been not the strange creditors. we was meditative of charity something such as 75% of the reported volume for the 1-2 year aged debts, as well as something as low as 35% of the reported volume for the debts which have been 5-6 years aged as well as descending off early subsequent year.
I am perplexing to purify my credit up this year, as well as do not wish to have those aged debts sitting upon there for an additional year…plus they have been sincerely tiny (e.g. in between 0-0).
I assimilate which these collectors substantially paid for the debts for really little. we only do not wish to remove the event to solve the debt upon the "pay for delete" agreement, by charity as well little. Some opinions from those who have finished "pay for delete"??
« Has anybody worked with Armored Debt Center in Irvine, CA? Their offer sounds too good to be true.? | Home | Friend is in a bind, wants to know if credit counseling is a good idea? »
Comments
anything over 2 yrs old start at 15% – anything more current start at 45% – If you start high – you can’t go lower – so start LOW and inch up as needed
Also realize that paying off this debt will intially drop your FICO score before it raises it – so it’ll be an improvement but not overnight fix – more long term. Good Luck
For the older debts I would start with maybe 25%. I don’t think you need to worry about them rejecting the offer. If they do, then you can ask for another settlement. They will want to get SOME sort of payment.
I hope this strategy works for you, I have never heard of pay for delete, is this common?
Leave a Comment