Credit Guru’s, I Have $1,400 In Collections...

[Nature's Fury]

What’s the lowest you think I can get it down to so i can pay it off and have it removed from my credit? I know collection agencies buy debt for pennies on the dollars, so I want to pay this off as cheaply as possible.

 

[MR. SNIFLES]

USUALLY HALF. ANY MORE THAN THAT AND YOU'RE LUCKY.

 

[Jekyll]

Yeah half is usually as good as you can get. Also not all of them buy the debt. Some just work on behalf of the original company and have to approve settlements with them.

 

[skeetsinternal]

That's what I got in my pocket.

 

[Ol’Otis]

they still not gone erase it

 

[Wallychamp]

Just wait 7 years. Then it'll fall off.

 

[Tha Gawd Amen]

Whatever you get it settled down to, make sure you get a tangible piece of evidence saying that it will be removed from your credit report.

 

[UberEatsDriver]

What’s the lowest you think I can get it down to so i can pay it off and have it removed from my credit? I know collection agencies buy debt for pennies on the dollars, so I want to pay this off as cheaply as possible.

Did you write a debt verification letter first for the debtors to prove you owe the amount you claim you owe or did they already hit you up with letters proving you owe the debt?


Proof of the debt is the first thing you should be doing.

 

[benjamin]

Spoiler

TELL EM I SAID IMA PUT SUMPTIN ON IT nikka I AINT EATIN WAT WE GONE DO?

 

[UberEatsDriver]

@Nature's Fury also you can’t assume they will erase it. You have to ask the debt collectors if they report to the Credit bureaus. If they say no then you have to contact the original company who has the debt to see if they can. If not then you contact the credit bureau itself.


If none of that works than you are assed out and it will be marked as a paid collection on your report for a few years.

but I’m not a credit repair man I’m more of a credit counselor on top of financial counseling so idk what techniques a credit repairman might use if all these options are exhausted

 

[Nature's Fury]

Did you write a debt verification letter first for the debtors to prove you owe the amount you claim you owe or did they already hit you up with letters proving you owe the debt?


Proof of the debt is the first thing you should be doing.

they’ve been hittin me with letters, but I ain’t have it to spare at the time. I’m tryin to clean my credit up before next year so I can refinance my whip, so if they won’t erase it then fukk it I’ll just let it fall off after a few years. But if I can do something about it now, I wanna do it.

 

[Standing on business]

You a fool if you pay that shyt. The damage is done

 

[MR. SNIFLES]

Just wait 7 years. Then it'll fall off.

FALLING ISN'T ALWAYS A GOOD THING. BE CAREFUL WHICH COMPANIES YOU DO THIS WITH.

UTILITY COMPANIES CAN STOP CHASING YOU BUT YOU CAN'T TURN UTILITIES ON IN YOUR NAME. THAT CAN EFFECT YOUR ABILITY TO RENT.

 

[mortuus est]

you can sill buy a buy with zero credit , dont let the matrix trap you

 

[Nature's Fury]

You a fool if you pay that shyt. The damage is done

Not at all.