What Is A Pay For Delete Agreement ?

What Is A Pay For Delete Agreement ?

Anyone who has read Confessions Of An Ex- Bill Collector knows that I rarely suggest you pay a bill collector,but there are some times when it may be justifiable. For instance say you wish to purchase a car or home in the next 30 days. The debt collectors were unable to show proof that the debt is owed. Now you have the upper hand over the debt collectors. Contact an attorney and have him draw up a pay for delete agreement offering a low settlement offer of 30% of the balance owed. Have the attorney send them a letter along with the pay for delete agreement.

When bill collectors agree to the settlement and sign the agreement send a money order for the settlement amount. Let your attorney know that you will pay no higher than 50% of the amount that is owed.

Act like you could care less whether they accept your offer. You have power over them. Most of the time bill collectors will accept your settlement offer as something is better than nothing when an attorney is involved. Never accept an offer from debt collectors over the phone. The reason is they will lie and say they never agreed and not delete the tradeline. When you have an attorney handle the negotiations this ensures that they will honor the agreement.

Never use debt settlement companies to settle your debts. Debt settlement companies are only a waste of money and will not help you in repairing and raising your credit scores. When you send the debt settlement proposal if the debt collectors refuse your offer then just have your attorney file a lawsuit for fdcpa violations. Many times debt collectors will agree to your settlement offer to avoid going to court. If you do have to go to court they have no proof of debt and would lose anyway. Now you can see the advantages of hiring an attorney to represent you in negotiating with the bill collectors. Now you know what a pay for delete agreement is.

Become The Victor Not The Victim !