Everything agreed upon should be in written form and in specific terms. Such as total amount, date for payment, method of payment, etc. DO NOT sign anything that is not clearly understood. DO NOT verbally agree to anything. Only supply needed contact information not bank account, financial status, etc.
If you are paying a collection company, make sure before you pay anything, that you get a deletion letter. This is a letter stating that if you pay, the entry will be deleted off your credit report. Now, whether you are paying in full or settling, it has the same affect on your credit score--Paid collection or paid P&L or charge-off account. This will remain on your credit for 7 years. This is why it is important that you get a deleting letter. Source: Phil Turner, Credit Bible.
Definately in writing. Get a written confirmation of the accepted amount from the creditor before handing over the settlement. If the account is currently listed as 'in collections' or 'charged-off' paying this account will most likely show 'settled/not in full' or may show 'settled' and the dollar amount of what was paid [by you] and what was not paid.
you "satisfy" a judgment by paying balance in full or settlement. but understand that once a judgment has been issued by a court then there can be no one else that does this.
Yes. They will also consider how much debt your currently have and how you are paying your other current obligations as well. Just having a past paid collection will not hurt your chances in getting a credit card.
No
No! The only obligation of the collection agency regarding a debt is to accurately report the debt...i.e. balance outstanding, current status, and payment history. However, if you are paying or contemplating paying a collection agency, it would be wise to negotiate a positive outcome...i.e. the total removal of the account from your credit profile in exchange for payment. This should be negotiated prior to paying the collection agency and the agreement should be in writing.
No the collection will not be removed from the credit report. They will show it paid in full.
Yes they can and they probably will. if you are concerned about your credit profile, it would not be a good idea to stop paying.
do i which paying bank here in the AMSTERDAM NETHERLANDS before any transfer can be made to your designated bank account in your COUNTRY?
YES. That is money that you owe and are legally liable for. Not paying it off is going to do nothing but hurt you in the future
There is the kind of letter that you write insisting on this condition prior to paying a collection account. There is also the collection agencys' written agreement stating this. There is no standard form letter.
Paying off an old account that has been sent to a third-party collection agency may not necessarily improve your credit score, as the charge-off will still show on your credit report. However, paying off the debt can stop collection efforts and may reflect positively on your credit report. It's important to consider the age of the debt, the statute of limitations, and potential negotiation options before making a decision.
You can negotiate payments, but I always recommend saving at least 30% percent of the remaining balance and negitiating a settlement. Get everything in writing before making your negotiated final payment. Then request a letter stating that the account is now "Paid in Full", instead of "Settled for less". Very important that you request this, so that they do not sell the remaining balance to a third party collection agency.
If you are paying a collection company, make sure before you pay anything, that you get a deletion letter. This is a letter stating that if you pay, the entry will be deleted off your credit report. Now, whether you are paying in full or settling, it has the same affect on your credit score--Paid collection or paid P&L or charge-off account. This will remain on your credit for 7 years. This is why it is important that you get a deleting letter. Source: Phil Turner, Credit Bible.
Definately in writing. Get a written confirmation of the accepted amount from the creditor before handing over the settlement. If the account is currently listed as 'in collections' or 'charged-off' paying this account will most likely show 'settled/not in full' or may show 'settled' and the dollar amount of what was paid [by you] and what was not paid.
you "satisfy" a judgment by paying balance in full or settlement. but understand that once a judgment has been issued by a court then there can be no one else that does this.
Yes. They will also consider how much debt your currently have and how you are paying your other current obligations as well. Just having a past paid collection will not hurt your chances in getting a credit card.