jbtj wrote:
Do not get me wrong, Im not looking to walk away form anything and am trying to d the right thing including paying off the debt, Im just trying to understand where the power is with the PFD.......the longer i think about it and examine it the more I think there really is no power and am totally shocked it works at all..........just my thoughts, hopefully someone proves me wrong because id sure love to PFD some negs
Keep in mind that the CA isn't the original organization that you owed the debt to. In many cases, they purchase your debt for 12 - 15 cents for each dollar owed. That $1000 they keep harrassing you for only cost them $150. Throwing 500 at them still provides them a nice return on their investment.
With that said, the only reason they report to the CRAs is to extort you into paying them. So if you are in a position to pay, and have a willingness to pay, then they have accomplished their goal. If you pay, they should be willing to remove the negative as the original point of putting it on your report is to give it more power than it would have otherwise.
It is a strong arm move, make no mistake about it. But it costs them little to nothing to take it off your report, and if a debt is SOL, then that is in essence the only way they will get paid. Ultimately, a win/win for all involved. They get some money, you remove the negatives from your credit report. Life is beautiful.
