What would you offer to settle this collection account? Any success stories?

[Anonymous]

I have an OC reporting an  old collection/chargeoff (opened 09/2001)with orig bal of $5725 now at $2182, AND a CA for this OC reporting an original amnt of $5644 (opened 7/2003) now at $4797, for the same car loan.  I am able to make an offer to settle.  I have 2 questions:

1)  Who do I make the settlement offer to?

2)  Would you offer to pay 50% of the OC balance, and ask them to delete?  I have a great repor with the gal at our local CA.

I have faithfully been paying the CA $300/month for the last 15 months so they won't garnish me. ($4500 payed already.)

Any suggestions are appreciated.

Thanks for all your help.

[SmartCookie]

I would pray the OC still owns this and offer a full payment for PFD if they will get their and the CA's info off your report.

If not, it's messy as you have reset the SOL since you are making payments to a CA.  They might not settle for anything especially since they are getting such a large amount each month and they know they can sue you for the balance.

I know it would be nice to settle for a PFD for everything, but it's sorta in their corner because of the CA.  I'd want one good attempt to get it done fast.  I'm not saying you can't try for 50% with whoever owns it, just telling you it looks like a messy situation. 

[Anonymous]

This is odd(to me at least). You have a car loan with an original creditor, who had placed the your account into collection  with 2 different collection agencies?? And those 2 collections are both showing up on your CR?  Almost sounds like the car dealer sold the collection to one CA, and that CA sold it to a different CA.

Seems like only one should be reporting 1 debt. Just my thoughts

[Anonymous]

Sylviatob  I only have one CA not two.  Fortunately the CA has already told me to call them if I want to make an offer to settle for less, when I am able.  I'm thinking around $1500, since the OC  has already written it off and collected what I owed them.  Right now all I am paying is their absorbitent interest!

[Anonymous]

Ahhh, ok. You said that previously. One CA reporting 2 times.

Perhaps others will chime in and offer their opinions. Wish I could help. I lack the experience in dealing with such a problem. Sorry.

Good luck to you.