Page 67 - Winning The Credit Game Bundle (CK Patrick)

GETTING TO “PAID AS AGREED” 55

financial expert to pursue a more favorable arrangement. If the creditor
suggests that you pay more than you can afford, tell them the amount
that you have in your budget to pay them.

“I am currently working with a professional with my financial
situation. I can pay your company____________ per month for the next
______ months.”
Creditors will want to obtain as much payment from you as they
can. But if they think the alternative is receiving nothing, they may
agree to a more modest payment plan, or even to accept less than the
full amount of the debt.
If they offer to accept less than the full amount of the debt or
you intend to ask for this, make sure to stipulate that you will
need the creditor to agree in writing to report your status as
“BIF”—“Balance in Full”—to the credit bureaus. This status looks
much better to bureaus than “SIF,” which stands for “Settled in
Full.”
“Once I’ve made the payments we’ve agreed upon, we agree that
any derogatory information about this account will be removed from
my credit report, and my status will be reported to all three credit
bureaus as Balance in Full.”
Ask what the best email address is to contact the company for a
written agreement to report you as BIF once you have paid them the
agreed-upon amount.
Once you have obtained an email address or snail mail address,
send a confirmation letter to confirm in writing what was discussed
today. The notes you have been taking in your phone call log will come
in handy for this purpose.
If you send a snail mail letter, keep a copy of the letter and a record
of the date and time at which you sent it.

“Thank you <name of collector> of <name of their company>, for
working with me.
We agree that I will make monthly payments of ______ beginning