Atlantic Credit and Finance

[Anonymous]

So...my charged off loan that was sold to Midland Funding is being managed by Atlantic Credit. I received a dunning notice today. It has not shown up on any of my reports yet. The current balance is $6934. No mention of a settlement offer as of yet. Any suggestion on what my next step should be? Thx!

[RobertEG]

Next steps depend on numerous factors.... do you acknowledge the debt, is it still wthin SOL, will ultimate credit report exclusion satisfy your needs in shielding knowledge of the debt, do you wish to pay, and if so, is it contingent on either a PFD or settlement acceptance?

You first need to make such decisions, then a plan can be selected that followx that plan.

[Anonymous]

Robert...thanks for responding. The debt is valid and well within sol. I am willing to pay...but hopeful for a settlement. Best case other than it just going away (which isn't going to happen) is a settlement that keeps them from reporting at all. Thoughts?

[RobertEG]

It's a negotiation.

If they have not yet reported, the win-win is offering a pay for not reporteing AND for an amount less than the full debt.

That is a request for two concessions on their part.

The risk taken in such an initial negotiation is that hey may then report without accepting, leaving you then with a collection that must be deleted rather than more simply not reported.  It is contrary to their credit reporting agreement with the CRAs to delete reporting based on payment of the debt, but not reporting has no such issues.

If not reporting their collection is your primary goal, then offering a pay for not reporting for the full amount of the debt may have a bettter chance of acceptance and avoiding reporting of the collection.

You roll the dice.....

[Anonymous]

Unfortunately, I don't have $6900 so full payment is not an option right now. By calling them, I am ackowledging the debt and there would be no going back at that point. I'm assuming they bought this debt for pennies on the dollar. Would a 30-40% offer be appropriate? Thx.

[Anonymous]

Bump.

[Anonymous]

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@Anonymous wrote:

Unfortunately, I don't have $6900 so full payment is not an option right now. By calling them, I am ackowledging the debt and there would be no going back at that point. I'm assuming they bought this debt for pennies on the dollar. Would a 30-40% offer be appropriate? Thx.

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Calling them is not acknowledgement of the debt. It merely acknowledges that you are aware of their CLAIM. It in no way obligates you to anything.

[Anonymous]

Thanks Norman. Do you have any experience with this CA? Any advice on what I should say when I call? Is a 30% offer reasonable? I'm assuming that if they are willing to settle they will counter with a higher number so I don't want to start too high. Thx!