- Credit Card
- Real Estate
I have a credit card in collections with a balance of $1972. I will be able to pay this off in a couple of weeks. I have read a lot of articles that say that I can negotiate to have the balance reduced by 40 to 60%.
Sometimes, this credit card company puts a no negotiation hold on their collection account. Besides, negotiation would not say “Paid in Full” and I need my credit report to clearly state that I have PAID IT OFF.
Some websites say that we should get it in writing that they agreed to “close” the account for the negotiated amount. Their reasoning is that the credit card company could just take your money and say “You never paid us anything”. If that is the reason, they could very well do it with a full payment as well, can’t they?
If I plan to pay the collection account off COMPLETELY ($1972), should I still get it in writing that I agreed to pay it off? What would be the contents of this letter?