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Settling accounts for mortgage?

The last post in this topic was posted 889 days ago. 

 

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I have two large collections that have both offered me settlements. Im in the process of wanting to improve my credit so I can get a mortgage but was told by a mortgage lender Id have to pay off the collections because of the debt to income ratio. So I guess my question is, am I able to dispute settled accounts to get them removed after I settle?

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A settlement will probably report a "zero balance" with a notation which says "legally paid in full for less than full balance". Maybe you could negotiate for them not to report to the CRA's but this will be a long shot. Good Luck

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I have two large collections that have both offered me settlements. Im in the process of wanting to improve my credit so I can get a mortgage but was told by a mortgage lender Id have to pay off the collections because of the debt to income ratio. So I guess my question is, am I able to dispute settled accounts to get them removed after I settle?

 

Are you sure this is the reason?

 

What amounts do your credit reports show as the monthly payments for these two TLs?

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The letter I received said pay 50% and the account will be considered paid in full. I wonder if I call them and agree to that as Long as they delete if they will do it.

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People say never call. I don't always agree with that.

 

Try mailing. But to me it sounds like you need this resolved quickly.

 

1. Are you good on the phones? Are you a strong negotiator? Then call.

 

2. When on the phone tell them to take you off a recorded line. Do not verify your social security number or your mailing address. Don't tell them the real reason why you want to settle. They will insist. Tell them that its for your privacy protection against identity theft and all you can reveal is THEIR information.

 

3. Tell them you don't agree that you owe the amount stated or any amount for that matter and you wish to come to a reasonable agreement to make this go away.

 

4. Tell them that you will mail the payment after you receive all the stipulations in writing. Offer to have them fax it to your local UPS store to expedite things.

 

5. Front line people will think it's all impossible. Quit frankly all front line people think this at most companies. So ask to speak to management.

 

Management have sales goals. If they need your money, they will make it happen.

 

Good luck.

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In faxing the agreement - there are also fax-to-email services - you can set up a trial account for free (google it).

 

The CA is going to push hard to do a direct debit of your bank account. DO NOT give them your bank info! However, if time is of the essence, you could open a throw-away account, with the sole purpose of funding an ACH debit for the CA. This might be necessary if you're able to negotiate a pay-for-delete, because they're going to push for immediate payment in return for the deletion.

 

re: #5 - just like buying a car - people are pushing to make their numbers at the end of the month. You might have better success negotiating in the last week of the month, rather than the first.

 

If you've already been applying for a mortgage, then everything about negotiating a deal is pretty much out the window. The CRA's sell a service to CA's, that notifies the CA's when someone applies for a mortgage. Armed with this information, the CA will know they've got you over a barrel. If that's the case, that existing 50% offer is probably the best you can do.

 

ETA - the letter you referred to, about paying 50% -- was that a settlement offer from one of the CA's? Or did you mean that the mortgage lender wants you to pay down at least 50% of your collection balance?

Edited by JeffeVerde

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People say never call. I don't always agree with that.

 

Try mailing. But to me it sounds like you need this resolved quickly.

 

1. Are you good on the phones? Are you a strong negotiator? Then call.

 

2. When on the phone tell them to take you off a recorded line. Do not verify your social security number or your mailing address. Don't tell them the real reason why you want to settle. They will insist. Tell them that its for your privacy protection against identity theft and all you can reveal is THEIR information.

 

3. Tell them you don't agree that you owe the amount stated or any amount for that matter and you wish to come to a reasonable agreement to make this go away.

 

4. Tell them that you will mail the payment after you receive all the stipulations in writing. Offer to have them fax it to your local UPS store to expedite things.

 

5. Front line people will think it's all impossible. Quit frankly all front line people think this at most companies. So ask to speak to management.

 

Management have sales goals. If they need your money, they will make it happen.

 

Good luck.

I know at my Company the CSRs cannot stop recording a call. There is no way to take you off a recorded line. I would expect the same at all major banks. The call will be recorded.

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I am wanting to buy a house in 4-6 months. Im trying to remove everything possible and am fixing to attempt to remove my BK. It was discharged 5 years ago and this is literally the only collection I have on my report since then. I need 20 more points to qualify for the loan. The letter they sent me said it would be considered pid in full for 1,200 which is 50% of the total but it didnt say it would be deleted.

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People say never call. I don't always agree with that.

 

Try mailing. But to me it sounds like you need this resolved quickly.

 

1. Are you good on the phones? Are you a strong negotiator? Then call.

 

2. When on the phone tell them to take you off a recorded line. Do not verify your social security number or your mailing address. Don't tell them the real reason why you want to settle. They will insist. Tell them that its for your privacy protection against identity theft and all you can reveal is THEIR information.

 

3. Tell them you don't agree that you owe the amount stated or any amount for that matter and you wish to come to a reasonable agreement to make this go away.

 

4. Tell them that you will mail the payment after you receive all the stipulations in writing. Offer to have them fax it to your local UPS store to expedite things.

 

5. Front line people will think it's all impossible. Quit frankly all front line people think this at most companies. So ask to speak to management.

 

Management have sales goals. If they need your money, they will make it happen.

 

Good luck.

I know at my Company the CSRs cannot stop recording a call. There is no way to take you off a recorded line. I would expect the same at all major banks. The call will be recorded.

 

Not true. They call you back from an unrecorded line.

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People say never call. I don't always agree with that.

 

Try mailing. But to me it sounds like you need this resolved quickly.

 

1. Are you good on the phones? Are you a strong negotiator? Then call.

 

2. When on the phone tell them to take you off a recorded line. Do not verify your social security number or your mailing address. Don't tell them the real reason why you want to settle. They will insist. Tell them that its for your privacy protection against identity theft and all you can reveal is THEIR information.

 

3. Tell them you don't agree that you owe the amount stated or any amount for that matter and you wish to come to a reasonable agreement to make this go away.

 

4. Tell them that you will mail the payment after you receive all the stipulations in writing. Offer to have them fax it to your local UPS store to expedite things.

 

5. Front line people will think it's all impossible. Quit frankly all front line people think this at most companies. So ask to speak to management.

 

Management have sales goals. If they need your money, they will make it happen.

 

Good luck.

I know at my Company the CSRs cannot stop recording a call. There is no way to take you off a recorded line. I would expect the same at all major banks. The call will be recorded.

Not true. They call you back from an unrecorded line.

I can tell you in my company that is not possible. And it would be a firing offense if they did somehow. I am sure it may happen some as people can be stupid, but I wouldn’t count on it. Where I work all calls with customers should be recorded.

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I am wanting to buy a house in 4-6 months. Im trying to remove everything possible and am fixing to attempt to remove my BK. It was discharged 5 years ago and this is literally the only collection I have on my report since then. I need 20 more points to qualify for the loan. The letter they sent me said it would be considered pid in full for 1,200 which is 50% of the total but it didnt say it would be deleted.

The letter, to me, is a great indication they want to play ball.

 

I would call, under the instruction provided above, and start settlement negotiations at 10% of balance. Never pay more than 30%. During these negotiations make it contingent on pay for delete. They are going to have to send you a letter for the lesser amount regardless, so they can add in the pay for delete language. Some may be aggressive to get the money that day, which is why I recommened the UPS fax line.

Good luck.

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People say never call. I don't always agree with that.

 

Try mailing. But to me it sounds like you need this resolved quickly.

 

1. Are you good on the phones? Are you a strong negotiator? Then call.

 

2. When on the phone tell them to take you off a recorded line. Do not verify your social security number or your mailing address. Don't tell them the real reason why you want to settle. They will insist. Tell them that its for your privacy protection against identity theft and all you can reveal is THEIR information.

 

3. Tell them you don't agree that you owe the amount stated or any amount for that matter and you wish to come to a reasonable agreement to make this go away.

 

4. Tell them that you will mail the payment after you receive all the stipulations in writing. Offer to have them fax it to your local UPS store to expedite things.

 

5. Front line people will think it's all impossible. Quit frankly all front line people think this at most companies. So ask to speak to management.

 

Management have sales goals. If they need your money, they will make it happen.

 

Good luck.

I know at my Company the CSRs cannot stop recording a call. There is no way to take you off a recorded line. I would expect the same at all major banks. The call will be recorded.

Not true. They call you back from an unrecorded line.

I can tell you in my company that is not possible. And it would be a firing offense if they did somehow. I am sure it may happen some as people can be stupid, but I wouldn’t count on it. Where I work all calls with customers should be recorded.

 

That's great, you work at a bank. At a debt collection office, its sales, and sales is collecting. Banks have many income streams, with office manuals the size of the IRS code. Your comment doesn't apply here.

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People say never call. I don't always agree with that.

 

Try mailing. But to me it sounds like you need this resolved quickly.

 

1. Are you good on the phones? Are you a strong negotiator? Then call.

 

2. When on the phone tell them to take you off a recorded line. Do not verify your social security number or your mailing address. Don't tell them the real reason why you want to settle. They will insist. Tell them that its for your privacy protection against identity theft and all you can reveal is THEIR information.

 

3. Tell them you don't agree that you owe the amount stated or any amount for that matter and you wish to come to a reasonable agreement to make this go away.

 

4. Tell them that you will mail the payment after you receive all the stipulations in writing. Offer to have them fax it to your local UPS store to expedite things.

 

5. Front line people will think it's all impossible. Quit frankly all front line people think this at most companies. So ask to speak to management.

 

Management have sales goals. If they need your money, they will make it happen.

 

Good luck.

I know at my Company the CSRs cannot stop recording a call. There is no way to take you off a recorded line. I would expect the same at all major banks. The call will be recorded.

Not true. They call you back from an unrecorded line.
I can tell you in my company that is not possible. And it would be a firing offense if they did somehow. I am sure it may happen some as people can be stupid, but I wouldn’t count on it. Where I work all calls with customers should be recorded.

That's great, you work at a bank. At a debt collection office, its sales, and sales is collecting. Banks have many income streams, with office manuals the size of the IRS code. Your comment doesn't apply here.

It might for others reading the boards thinking calls don’t have to be recorded. It’s not true in all cases.

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I am 100% sure regardless of what bank you work at, someone can speak to someone off a recorded line.

 

Do you call your friends and family on a recorded line from work? Is you bosses line recorded at all times?

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I am 100% sure regardless of what bank you work at, someone can speak to someone off a recorded line.

 

Do you call your friends and family on a recorded line from work? Is you bosses line recorded at all times?

Not going to keep going back and forth but yes many personal calls are recorded. Not all bosses calls are recorded but for the frontline all calls are recorded no matter who they are talking to.

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Ill go back and forth because thats what you want.

 

Collection departments at banks can take you off a recorded line.

 

Ive done it with Amex Bank of America Wells Fargo etc.

 

Ive walked the walked.

 

Please relieve yourself from this topic. Its beyond your expertise.

Edited by repairing

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Time to restock the popcorn? ...

Nope I am not going to keep engaging the newbie. They think they know it all anyway. I know what I know. Yes there are ways around it but if caught the team member would be gone.

 

I don’t need to prove my knowledge to them nor will I State how I have my knowledge.

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Time to restock the popcorn? ...

Nope I am not going to keep engaging the newbie. They think they know it all anyway. I know what I know. Yes there are ways around it but if caught the team member would be gone.

 

I don’t need to prove my knowledge to them nor will I State how I have my knowledge.

 

 

You are the classic example of a fake expert.

 

You come on a board like this to spew your knowledge that is half baked to make yourself feel good about yourself.

 

If you have no value to add, the world will survive without your comments.

 

Jamie Dimon is not firing people to collect money owed to his bank because of an unrecorded call. Sorry that's not how business work. And, that's not how the real world works outside your cubicle.

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