topic Re: First Premier Bank Card need help charge-off in Rebuilding Your Credit

First Premier Bank Card need help charge-off

awoodrow — Fri, 30 May 2008 23:35:37 GMT

I am trying to rebuild my credit.

I have FPB on my CR for 400$ due to come off next year. Do you think I should pay it and ask them to re-open the account?

I believe it is a charge-off account now.

Please advise. Thanks.

Re: First Premier Bank Card need help charge-off

slyhouse08 — Fri, 30 May 2008 23:59:24 GMT

First Premier...has no forgiveness...I don't think they will...but you can try...First Premier has a lot of outrageous fees and stuff anyway...why don't you try HSBC...

Re: First Premier Bank Card need help charge-off

HappyDays — Sat, 31 May 2008 00:07:02 GMT

IMO I would not touch anything on my CR unless it was past SOL

http://www.bankrate.com/brm/news/cc/20040116b1.asp?caret=8

If you want to pay the debt & are past SOL I would use a PFD. I only say if past SOL as they are ept to accept when they can not sue you. But if within SOL you can still try a PFD.

Re: First Premier Bank Card need help charge-off

awoodrow — Sat, 31 May 2008 00:37:53 GMT

OK i called them to find out exactly what I owe and they said its now handled by arrow financial (CA). So now what sould i do ? Still send a PFD? If so for what amount should I offer in the PFD the full amount or 1/2?

also this is past SOL. Its due to come off next. year

Thanks.

Message Edited by awoodrow on 05-30-2008 05:37 PM

Re: First Premier Bank Card need help charge-off

sidewinder — Sat, 31 May 2008 02:25:42 GMT

awoodrow wrote:

OK i called them to find out exactly what I owe and they said its now handled by arrow financial (CA). So now what sould i do ? Still send a PFD? If so for what amount should I offer in the PFD the full amount or 1/2?

also this is past SOL. Its due to come off next. year

Thanks.

Message Edited by awoodrow on 05-30-2008 05:37 PM

Is Arrow Financial reporting on your reports? Have you heard from them?

You need to find out if the OC sold the account or just assigned it to them to collect on for the OC.

If they sold the account, they can't accept payment. However, if they still own the account, I'd send them a PFD.

Some state's have SOL that is longer than the 7 year CRTP. Just want to point out that just because it is due to fall off doesn't make it past SOL. Not sure what state you are in, but wanted to make sure you understood that part.

Re: First Premier Bank Card need help charge-off

awoodrow — Mon, 02 Jun 2008 15:56:09 GMT

When i called they said they no longer own the account but they still will report paid if I pay the CA. The CA is now owned by someone else rather than arrow financial. I am trying to find out by who now.

Re: First Premier Bank Card need help charge-off

ByrdMan — Mon, 02 Jun 2008 16:11:16 GMT

Past SOL, DV whoever supposedly owns the account now.

Re: First Premier Bank Card need help charge-off

slyhouse08 — Mon, 02 Jun 2008 16:13:33 GMT

You need to find out if the account was sold...or assigned to the CA...is the CA reporting on your reports???....if not.I would pay them....BEFORE..they reports....have you received a letter from them???....and if the account was sold to the CA...First Premier...MUST show a $0 balance...

Re: First Premier Bank Card need help charge-off

awoodrow — Mon, 02 Jun 2008 16:14:57 GMT

Hi Byrdman... Can I still DV them even though First Premeir Bank knows I own it? They are still the ones reporting on my CR.

And yes its past SOL.

Thanks for your help!

Re: First Premier Bank Card need help charge-off

ByrdMan — Mon, 02 Jun 2008 16:20:07 GMT

Is First Premier the only one reporting? If someone else truly owns the account and they are not reporting, you would be best served to PFD, making sure that you state in the letter that they will cease reporting (delete), if they have reported and will not report, if they have not yet reported.

It just seems like you are having trouble figuring out who in the world owns this debt.

That's why I would start off by DVing which ever CA just contacted me. Usually, if it's just assigned, they will give it back to the owner, as they don't have time for a losing proposition.

You have nothing to lose by DVing the CA, if they are on your reports.

Re: First Premier Bank Card need help charge-off

JShidell — Mon, 02 Jun 2008 16:27:22 GMT

Hello, I to have a charge-off account with First Premier Bank and on my credit report it shows a 0 balance for first premier and apparently it was sold to Arrow Financial, which is reported on my credit report. Mine is not scheduled to fall off until 2011. I was planning on trying to take care of this debt this week. I owe about $575. What is the difference between paying this before or after SOL? If I were to pay this off before SOL in full, they can't still sue can they? I think its getting pretty close to the SOL date, but I'm not quite sure. I do know I want to get pay this debt though. v/r James

Re: First Premier Bank Card need help charge-off

Wonderin — Mon, 02 Jun 2008 17:14:52 GMT

JShidell wrote:
Hello, I to have a charge-off account with First Premier Bank and on my credit report it shows a 0 balance for first premier and apparently it was sold to Arrow Financial, which is reported on my credit report. Mine is not scheduled to fall off until 2011. I was planning on trying to take care of this debt this week. I owe about $575. What is the difference between paying this before or after SOL? If I were to pay this off before SOL in full, they can't still sue can they? I think its getting pretty close to the SOL date, but I'm not quite sure. I do know I want to get pay this debt though. v/r James

A creditor CAN sue, even after the SoL has run out ... and you *would* have to go to court. The saving grace of SoL is that once IN court (unless you can reason with the creditor/litigator) is that you have what's called a "permissible defense."

And basically all that is, is pretty much saying to the creditor: "if you wanted your money, you should have taken action earlier -- now it's too late, bye-bye."

Offering a PFD (Pay-For-Delete) AFTER the SoL has run out gives the CA more incentive to accept that offer. Since it's a given that if they take the time to try to take you to court AFTER the SoL, chances are, the judge will laugh them out of the room and they have no LEGAL way of forcing you to pay (other than ruining your credit). It's case where it's a win-win for everyone -- they get the money (which they'd not be able to get otherwise) and you get the nasty off your CRs.

What is the date of last activity on this account?? If it's more than 4 years ago, I'd offer a PFD ... otherwise, you could wake a sleeping giant and be forced to pay the balance (by being sued) AND not get it off your CRs.