Page 68 - Winning The Credit Game Bundle (CK Patrick)

56 THE CREDIT GAME

on <date> for a total payoff amount of $____________. In return, my
status will be reported to all three credit bureaus as “Balance in Full.”
This letter is to confirm the conclusions of our phone conversation from
<date and time of conversation>.
Since we have now reached an agreement, please remove me from
your call list. For our mutual protection, we should communicate in
writing only from this point on. I do not want you to call me again.
Thank you again for understanding my situation. I am glad we
could reach a mutually agreeable arrangement.”

If you cannot reach an arrangement that you can afford or which
you wish to enter into with the debt collector, tell them you do not
wish to pay this debt. This may result in the debt remaining on your
credit report for another seven years, but you can stop harassment
from debt collectors in this way. If they contact you again after you’ve
told them you do not wish to pay, they’ve likely violated a law.
Here is a script you can use when requesting no further contacts:
“Please give me the address or email address to which I should
send a refusal to pay and cease and desist letter in accordance with the
law. I am revoking permission for you to call me at any phone number.
I am making a written record of this revocation of permission.”

NEGOTIATING TO PAY LESS

It is sometimes possible to negotiate with creditors to pay less than the
full amount they are asking for while still getting to “paid as agreed”
status. However, this must be done within a certain time window, and
requires the use of very specific wording and some knowledge of the
collections industry to be successful.
Because the way to do this successfully is not simple, may be
different depending on the type of creditor, and is not possible for
accounts whose time window has passed, I have not attempted to
address every possible situation that may arise here. However, I do
offer assistance with these techniques as part of my Major League
Credit Repair services.