Pay for delete letter pdf

Pay for delete letter template

Capital Call Letter Template.pdf

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Paying a Collection Agency to Remove Bad Debts from Your Credit Report(s): The #8220;Pay for Delete#8221; Method

Are bad debts hurting your credit report and FICO Score? Perhaps you#8217;ve tried to work out an arrangement with a collection agency to settle the debt but you#8217;ve realized that even if you do, the negative information will remain on your credit report affecting your credit history and score. The #8220;Pay for Delete#8221; credit repair technique may be a valuable tool for you to use.

First, Make Sure the Debt is Valid:

Before you go through the trouble of negotiating any sort of settlement with a debt collection agency, you first need to make sure the debt is valid. If you haven#8217;t already, you need to read this article on debt validation to verify whether or not the debt collection agency has a legal right to collect the debt. In many cases, the debt collection agency is unable to sufficiently prove that you owe any money at all (as per FTC guidelines) and the debt collector cannot make any further attempts to collect money from you until the debt is proved to be valid.

Why the Pay for Delete Method Works:

Debt collection agencies typically buy #8220;bad debts#8221; from other lenders that have given up trying to collect on the account for less than half of the original balance amount. For example, lets say you have an old Verizon cellphone account balance of $300 that remained unpaid for a few months. At some point, Verizon#8217;s going to give up trying to collect the money from you and they will #8220;sell#8221; the debt to a third party collection agency. The collection agency will typically buy the right to collect on this debt for pennies on the dollar. In the case of a $300 bill from Verizon that was only a few months overdue, the collection agency may buy the debt for only $75 to $150.

Debt collection agencies are essentially #8220;investing#8221; in your bad debt with the hopes that they#8217;ll be able to collect more money than they paid for the #8220;bad debt#8221; (otherwise know as a charged-off account). If they can collect $200 of the original $300 account balance, and they only paid $100 for the right to collect it, then they#8217;ve made $100 profit. Debt collectors are eager to make a deal with you to settle the debt because the older the charged-off account gets, the less likely they are to collect on it. Debt collectors know that after 7 years the charged-off account (the bad debt) must be removed from your credit report. Note: Some states have statue of limitations that extend the time frame a debt can be collected, but 7 years is the benchmark meaning they can still SUE you to collect on the debt, BUT, the bad account must be removed from all of your credit reports including Transunion, Equifax, and Experian. You can use this to your advantage when negotiating a deal to settle the debt.

Settling With the Debt Collection Agency the #8220;Normal#8221; Way:

As I have written in a previous article about settling with debt collection agencies, one method to settle with a debt collector is to send them a letter offering a percentage of the account balance as #8220;Paid in Full#8221;. Providing you make a reasonable offer (your offer should be determined by how old the debt is). If the collection agency denies your offer you can explain to them that you have several different creditors that you are trying to settle with any you#8217;re simply going to move on to the next creditor and use the money you#8217;ve saved to settle a deal with them. Tell them that it may be some time before you have money saved again to settle the debt. Once the debt collection agency accept your offer, and they usually will, make sure you get the deal in writing and signed by the an authorized representative of the collection agency prior to sending them anything.

Settling With a Debt Collection Agency Using the #8220;Pay for Delete#8221; Method:

With the pay for deletion method, you#8217;re taking the debt settlement negotiating a step further by asking the debt collection agency to actually remove the charged-off account from your credit report in addition to accepting your offer as #8220;payment in full without recourse#8221;. As with a #8220;normal#8221; collection settlement, you can offer to pay the account for less than the total account balance as well. For example, if you had a charged-off account balance of $1,000 you could offer to settle with the debt collection agency for $650 if they ALSO agree to remove the negative account from your credit report.

Is the Pay for Delete Method Legal:

There is nothing illegal about asking a debt collection agency to delete negative account information from your credit report(s). Reporting information to credit bureaus is entirely voluntary at at the discretion of the entity owning the debt. In some cases, the debt collection agency may be violating their own agreements with the credit bureaus if they ask for a #8220;valid#8221; account to be removed from a credit report, but that is their issue not yours.

Criticism for the #8220;Pay for Delete#8221; Method:

While the pay for delete method is not illegal, critics argue that it undermines the integrity of the consumer credit industry and makes it more difficult to assess the credit worthiness of individuals. The lending industry uses scare tactics against this practices saying that we are only hurting ourselves in the long run in the form of higher interest rates (because banks have a harder time determining who is most likely to default they pass the risk on to all of us in the form of higher interest rates). I believe this is just nonsense.

When Does the Pay for Delete Method Work:

There are several factors that will increase your chances of success with a pay for deletion letter.

The Collection Agency: Generally speaking, smaller independent collection agencies are more likely to accept pay for deletion offers.

The Age of the Charged-off Debt Account: The older the debt is, the more likely a debt collection agency will accept a pay for deletion offer.

The Amount of the Debt: The higher the account balance, the more likely the debt collection agency will be willing to accept a pay for delete offer. The reason is they#8217;ve got more money invested in the deal. As I mentioned above, removing #8220;accurate#8221; account information from a credit report (credit bureau) is frowned upon by the consumer credit industry. It#8217;s not something that collection agencies want to do all the time. If they#8217;re going to do it, it might as well be fore a larger account that they could make thousands of dollars on, rather than going through the trouble of removing an account that they#8217;ll only make $50 on.

Example #8220;Pay for Delete#8221; Letter Template:

Click image to download Pay for Delete Sample Letter Template in Word format.

There are a few good pay for deletion example letters available on the internet. Most of these sample pay for deletion letters have been around for a few years and have likely been used thousands (or tens of thousands of times) so most collection agencies are probably getting sick of seeing them. To help avoid this, I#8217;ve included a sample pay for deletion letter template to the right in MS Word Format that you can download and edit as needed.

REMEMBER: Do not sign the bottom of your #8220;Pay for Delete#8221; letter, simply type your name. You want to eliminate any possibility of your signature being lifted and pasted on some other form in the collection agency#8217;s files.

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Apology letter sample for delay in payment

Sender Name and Surname

Address of the Sender

E-mail of the sender

Recipant Name and Surname

Address of the Recipient

RE: Rent for April 2015

Dear Mr [Last Name[

I am writing in regard to the delay in Rent payment for March 2015. We have struggled for days to meet our monthly expenses. However we were not able to execute payment to you until April 20, as we have agreed in Lease agreement No. _____.

Therefore, I sincerely aplogize for late payment and hope you will continue doing business with us during this difficult time.

We hope you will demonstrate understanding for our current situation, having in mind that all of our obligations toward you have been duly paid until this particular month. We are striving to cut costs, in order to adjust our expenses. In that line we can assure you that next rent will be paid on time, in accordance with the Lease Agreement.

We highly appreciate you as the landlord, and all of our employees really like the premises, as well as our customers.

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Does Pay For Delete with Debt Collectors Work?

Corporations, companies, small businesses, financial institutions—all these operate by regularly making transactions with clients. Naturally, clients make payments for whatever products or services they have received. When clients make their payments in a timely manner, it is the job of the business owner or sales associate to acknowledge the receipt of their payment. This can be done by sending your clients/customers a receipt of payment letter.

To know more about this letter, refer to our templates on this page or you may check out our collection ofВ Sample ReceiptsВ that are available for free download. Scroll down below to view these templates

Sample Receipt of Payment Letter

Confirm Receipt of Payment Letter

Receipt of Cash Payment Letter

Corporations, companies, small business owners, money lenders—all of these regularly make monetary transactions with their clients. It follows that payments are also regularly made by clients/customers. A receipt of payment letter contains a brief statement notifying the payer that the business owner or associate has received his/her payment. It contains a lot of parts. The most crucial information that must be included in this letter is the statement of the payment receipt, the date of reception, and the amount of payment received.

This receipt of payment letter is usually sent by any of the following:

  • a manager;
  • a sole business proprietor;
  • a sales associate;
  • a teller or attendant in any money-lending institution;
  • a teller or finance staff of any financial institution (insurance, banks, etc.); or
  • a business owner.

Aside from receipt of payment letters, we also have a collection ofВ Sample Cash ReceiptsВ that are also available for free download. Simply click on the link provided.

Receipt of Final Payment Letter

Receipt of Payment Letter Format

Receipt of Payment Letter for Rent

Receipt of Payment Letter for Sales in Doc

Importance of Sending a Receipt of Payment Letter

When customers make their payments on time, it is usually a sign of professionalism and must be rewarded by a prompt notification that such payments have been received. There are various reasons why a receipt of payment letter is necessary and some of those are the following:

  • It encourages more business transactions with the said customer. By showing the customer that you value his/her prompt payment, you encourage him/her to communicate with you more because your business is attentive in terms of acknowledging whatever good practice (i.e. timely payment) exhibited by your customers.
  • It solidifies customer-business bond. When a customer receives a formal receipt of payment letter, he/she would be emboldened or become more comfortable with making inquiries to the said business regarding their products and services or any pertinent business information. Through this avenue of communication, customers are more likely to make more transactions or purchases with the company thatВ sends a timely receipt of payment letter.
  • This encourages professionalism. Letters are indeed a great way to establish the legitimacy of one’s business because it is formal and subscribes to standard forms and rules on content.
  • It encourages current customers to make their next payments on time. In the case when the business is involved with providing monthly services to their customers/clients, sending a receipt of payment letter will let your customers know that you value their promptness and that you encourage them to continue doing so (i.e. paying their dues in a timely manner).

Aside from receipt of payment letters, we also haveВ Sample Sales ReceiptsВ that are also available for free download. Simply click on the link provided.

4+ Pending Payment Letter Templates

Having a hard time starting your letter of pending payment? Have no idea how to word them in a positive tone? If your answers to these questions are a yes, then you’re on the right track. In here, you can select an array of templates and samples about letters of pending payment.

We all know that money can sometimes become a sensitive issue. In the world of loan or lending agreements, demand for payment is very significant. There is a need to notify the person subject for collection of pending payment so that he or she will have reasonable time to arrange payments for it.

With that, you can now start scrolling down to check out our letter templates.

Employee Pending Payment Letter

Pending Payment Request Letter

Easy-to-Download Letter of Pending Payment Templates

A letter for pending payment can also be considered as demand letter or request for payment letter. These are done to avoid and, in some cases, notify those who have outstanding and overdue payments. Sometimes wording the letter can be difficult because demanding for money is quiet easy when verbally stated than in writing.

There is no hard and fast rule when it comes to letter of pending payment. It depends on the agreed period by the parties. Commonly, there are four stages:

  • Preliminary/forehand reminder. Depending on the agreement of the parties, the letter for pending payment may be sent 7–15 days before the maturity date. In this way, the payer is given notice and ample to tender the payment.
  • First past due reminder. In this stage, the payee was not able to pay on the said date of payment. In this case, he or she missed payment on the day of maturity. This type of letter request is then sent to him.
  • 60-day past due reminder. In this stage, it is already 60–90 days past due. It is significant to send this type request to remind the payer of the pending payment.
  • Final past due reminder. In this stage, the payment is pending for 120 days or more already. It is still advisable to send this one. You can also include your agreed legal actions in order to compel payment.

These are just some of the stages you need to take into account. If you’re looking for Payment Reminder Letter and Demand Letter templates, we also have templates for you.

Pending Payment Collection Letter

Take Note in Wording Your Letter of Pending Payment

In every demand letter or request for payment, it is always advised to maintain a positive and calm perspective. This means that the letter must still be positively worded with the use of professional and polite tone. Here are some tips you may consider:

  • Adopt a positive tone. It is very important that you communicate your request in positive manner. You should clearly outline the details and need payments to be done by the payer. It is always best to stay positive so that payer or your client for that matter will have the disposition that you still value your relationship with them.
  • Be professional and direct to the point. Always be professional. Do not use negative language. For example, you can also add the legal actions that you may take against the payer who is already overdue. In the end, always state that the payer’s compliance to render the pending payment will be very much appreciated and would simplify the process.

These are just some of the tips that you may follow. If you’re looking for Notice Period Letter, just click on the provided link to access them.

Table of Contents

What is a ‘Pay For Delete’ Letter?

Let’s say you learn you have bad credit because of a negative mark on your credit report due to an unpaid debt. One of your best options is to ask a collection agency to remove the negative mark in exchange for paying some or all of the debt. This practice is called ‘Pay for Delete’ or ‘Pay for Deletion’, and it’s the best way to settle your debts.

Pay for Delete is a good option because it’s a relatively uncomplicated process. Sending a letter is all that’s required and it’s good for collection agencies. Collection agencies typically buy your debt for only pennies on the dollar; less than ten cents for recent debts. So, if they can make 25 cents on the dollar, they’ve made money.

3 Steps to Payment For Deletion

There are three steps to having a collection agency remove your credit score using the Pay for Delete Method:

  1. Find out which collection agency owns the debt. Most likely, a collection agency will contact you. If not, the credit bureau should list it on your report. Otherwise, contact the organization that originally gave you services or loaned you money; they should have a record on file.
  2. Write the collection agency a letter. Think of it as a simple business deal: if you pay some or all of the debt they claim you owe them, they will remove the negative credit score from your credit report. Ask for the agreement in writing. You can find some sample letters below. Remember, these are only sample letters. It’s always best to use your own words.
  3. When the credit company agrees in writing, keep the letter on file and pay the agreed amount.

If your new credit report still has the negative mark on file, you have to contact the collection agency to remind them of your bargain. In the unlikely event that doesn’t work, you should contact a lawyer or a credit repair agency.

How Does a Payment for Delete Work?

First of all, it is important to note that offering to pay an outstanding debt to get a collection or judgment off your credit report, doesn’t mean you are conceding the debt is yours.

A payment for deletion offer letter lets a collector know you are open to paying off a debt that the collection agency says you owe. In exchange, you’re asking for a signed contract indicating they will remove offending negative items such as a credit card collection or debt judgment from your credit report.

The collector is under no obligation to agree to your terms. Most creditors will tell you that it’s impossible because they don’t want to have to go through the hassle of updating their report to the credit bureaus.

Collection agencies like AFNI or Alliance One, etc. only want to make money. If you stick to your guns, you will probably be able to talk to someone who will know what a payment for deletion is. They might be willing to work with you, especially if it means they’re going to get some money.

Keep in mind, while you’re working on the pay for delete process, there might be other legal deadlines to consider, such as the 30-day limit for debt validation. You will want to change the templates below to fit your situation. If this seems complicated, and it is in many cases, consider hiring a credit repair company to take the hassle out of the process.

Ready to Get Negative Items Removed from Your Credit Report?

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