Possible to negotiate lower payoff without affecting Credit Rating?
Thu, 02/19/2009 22:59
I'm working on paying off some debt, and my next focus is our Capitol One card. We have made at least the minimum payments on time, etc. But I just want to be done with one less card.
I called to say I want to close our card and payoff - if they would accept $3100 as 'paid in full' (our current balance is $3900). But - after doing some research I've found that they SAY it will be considered 'paid in full' with an R9 rating...
Would this also be the case if I pay off an account that is NOT defaulted or late? Would I be shooting myself in the foot since it appears they SAY paid in full, but are quick to also slap an R9 rating?
I also asked to get this in WRITING BEFORE I send payment, but the person I spoke to gave me the runaround and told me to call back in 2 hours because their system was down...???
Is the possible savings of getting this balance reduced worth it, or will it be considered R9 or negatively affect my credit rating??
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.