Debt is mine....do I pay it or PFD?

[srpbd79]

I've pulled my Equifax credit report....538. Ouch. I have about 11 items showing up as closed accounts/charge off's. I have some old credit cards that I quit paying on years ago and they show up as charged off accounts and I KNOW that the debt is valid. There's no reaosn for me to send a DV, as I have nothing to dispute. I'll own my debt. Say I owe $850 on one charge off....do I write a PFD and say yes, I acknowledge that this debt is mine and I'm willing to pay 50% of the total amount if they'll delete the entry off of my credit report? If they say no, does that show that I've acknowledged the debt and start my aging all over again? I'd love to clean up my credit. All my debt is ridiculous short term loans I got years ago and didn't pay or high interest credit cards with a low limit and huge interest. I've read the "how to" section of the forums, but I'm still confused on what I should do. I messed up big time and I'm paying for it with bad credit now. Can anyone answer some questions for me or tell me how to go about paying off debt that IS mine and how I can get paid collection accounts off my report? Thank you so much for any input!! I'm at a loss here!

[llecs]

If you have charge-offs showing, and the one reporting is the OC (and not a CA), then your only option is to mail a PFD because DVs can only go to CAs. Just use the examples in these forums. In the past, I modified mine to eliminate the timed-response; I always thought 10 days was unreasonable.

Per the settlement amount, if you decide to settle, I'm of the opinion that 100% should be offered. That's because your odds of getting a PFD approved are greater at 100% vs. 50%. Getting it cleared up quickly was more important for me. Also, you wouldn't want to have to backtrack if they deny at 50%. Then you are forced to up it to 60%, then 70%, and so on. But there's nothing wrong with offering less!

If the CA is reporting the balance, and not an OC, then you do want to DV first, even if you know it is yours. Why? Maybe they sold the debt and a DV would help clear that up. Maybe the amount owed is more or less, and a DV would also clear that up. If you then agree with what they say, then send a PFD to whomever reports the balance.

[Booner72]

Also in your PFD letter, don't say "oh this is mine I want to pay it" - use the verbage in the examples around here that say things like "I will agree to pay this to remove it from reports, this is not an acknowledgement" or whatever they say.

Also - make sure you get the agreements in writing before you pay.

Also - make sure you don't use your personal bank account information - get money orders.

Also - don't sign the letters you send - CA's have been known to get your signature this way and use it for what they will.

Good Luck!

[srpbd79]

Great advice, thank you both so much! I think a couple are from the OC, so I'll write out a PFD letter based on examples I've read and offer 100%. I KNOW these debts are  mine, I'm willing to take full responsibility for my irresponsibility. Hopefully this will work!

[Anonymous]

This is off topic but I just happen to see this and now I am scared.

"Also - don't sign the letters you send - CA's have been known to get your signature this way and use it for what they will."

How bad is this? Because I have one collection account that was assigned to CA and passed to another CA and sent them both letters with my signature.

[llecs]

Because there are examples in these forums of CAs copying a signature and applying that signature to a document of their choosing.