I was a victim of the Nigerian Counterfiet Check Scheme in September 2003 and owed $5K. I attempted to negotiate with the bank via my attorney to no avail. The bank forgot about the case and never pressed me for payment. A couple of months ago I got involved into real estate with the negative account being on my credit report. My broker gave me some advice by saying either I was going to pay the bank who I "owed" the debt to or pay anoher bank in obtaining a lower loan-to-value when making an investment purchase. I thought long and hard about it and had my broker contact the bank. He negotiated the debt down to $4K and the bank's account rep said the account would be deleted from my credit file if I paid it off.
While closing on my first investment property I paid the account off. The amount paid was $3,400 (TOTAL OUT OF POCKET) after all credits. I received a 4 unit apartment building for $3400 ($110K value paid $102K) and got the account deleted from my credit file. I will recoup my $3400 in 4-6 months and my FICO score jumped 20 points. It was a very bad experience but the outcome was worthy.
I wish all of you luck!!!!
