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Does PFD constitute "activity"??

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lafishy
Regular Contributor

Does PFD constitute "activity"??

I have a valid collection (something I just overlooked, for a tiny old medical bill) on my file. SOL in full effect for years and years more. Should I try PFD? If they decline or it "wakes the sleeping dog," will it re-set the clock on the account?
 
Let's say the read the PFD and are like "no way"---and I don't know why they wouldn't want to do a PFD if it means they get their money, but if they say "no way," but then they send the bloodhounds out after me, what to do?
 
Then, I have a CC chargeoff...I know, I'm a moron. I got mad at MBNA and stopped paying. They've sold to a CA. What should I do? Also due to stay on until 2012 or so. PFD them too??? Anyone have any luck with a PFD on a LARGE creditor like MBNA (Now Bank of America)??
 
Are you supposed to PFD if it's a legit debt?
 
 
 
 
 
 
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Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Does PFD constitute "activity"??

No, this will not reset the clock, but they might send out the bloodhounds since you are within SOL.
 
You can definitely PFD a legit debt.  You are PAYING it!!!  Watch for SOL, though.
 
 


Message Edited by mrscharlie on 06-11-2008 01:11 PM
Message 2 of 9
Anonymous
Not applicable

Re: Does PFD constitute "activity"??

BTW, since you are PFDing anyway, that means you are prepared to pay the bloodhounds should they come after you.  Still, it's risky inside SOL.  They CAN sue.
Message 3 of 9
lafishy
Regular Contributor

Re: Does PFD constitute "activity"??

I thought I had heard that ANY contact with a CA while a debt is still within SOL constitutes reset of DOLA.
 
No?
 
Hardly seems worth the risk, really.
TU Fako 640 (6/4/08), EXP FICO 605 (6/11/08), TU FICO 624 (7/3/08), EQ FICO 663 (6/9/08), EQ FICO 669 (8/18/08), EXP FICO 668 (8/18/08), TU FICO 663 (9/22/08),
EQ FICO 669 (10/6/08), EXP FICO 671 (10/6/08), TU FICO 714 (10/21/08)**TU FICO 3/27/09 736, EQ FICO 3/27/09 712**
Message 4 of 9
Anonymous
Not applicable

Re: Does PFD constitute "activity"??



@lafishy wrote:
I thought I had heard that ANY contact with a CA while a debt is still within SOL constitutes reset of DOLA.
No?
Hardly seems worth the risk, really.





ANY contact with the CA CAN (depending on your state -- which I don't think we know?) reset the SoL clock, but not the CRTP.

As I understand it, once the account charges off and goes to the CA, it can't be reset in terms of the reporting period because the account is CLOSED. I don't think the CA has the legal ability to re-open a dead account, therefore, can't update the activity of the original account.

However, admitting to the debt, making a payment or promise to pay CAN start the SoL all over again -- in some cases, AFAIK, even if the item is SoL (I'm not 100% sure about that one, but wouldn't want to be the guinea pig in testing it out!!).
Message 5 of 9
lafishy
Regular Contributor

Re: Does PFD constitute "activity"??

And can you PFD, then if they say no, ask for DV? Then, if no, set up a payment plan?
 
The CC chargeoff CA...they've offered this in writing (along with a 50% redux):
 
"Upon full payment your credit record on our books concerning this account can show a Paid In Full status. After Payment, if you request, we will also issue you a written letter confirming that you have paid this account with a rating of "Paid as agreed."
 
Is this trickery? Should I do a a PFD...even if I can't pay the whole amount (the settlement they offer is 2900, but the full amount due is 5800, most of which is fees, etc.). Can I do a PFD with payments?
 
Or should I just let this be the one thing on my report that can't be fixed, and let it age off?
 
I vote for that last option. But I'm a newbie.
 
GOAL: 700 club by early 2010.
 
 
TU Fako 640 (6/4/08), EXP FICO 605 (6/11/08), TU FICO 624 (7/3/08), EQ FICO 663 (6/9/08), EQ FICO 669 (8/18/08), EXP FICO 668 (8/18/08), TU FICO 663 (9/22/08),
EQ FICO 669 (10/6/08), EXP FICO 671 (10/6/08), TU FICO 714 (10/21/08)**TU FICO 3/27/09 736, EQ FICO 3/27/09 712**
Message 6 of 9
lafishy
Regular Contributor

Re: Does PFD constitute "activity"??

I'm in NY
TU Fako 640 (6/4/08), EXP FICO 605 (6/11/08), TU FICO 624 (7/3/08), EQ FICO 663 (6/9/08), EQ FICO 669 (8/18/08), EXP FICO 668 (8/18/08), TU FICO 663 (9/22/08),
EQ FICO 669 (10/6/08), EXP FICO 671 (10/6/08), TU FICO 714 (10/21/08)**TU FICO 3/27/09 736, EQ FICO 3/27/09 712**
Message 7 of 9
guiness56
Epic Contributor

Re: Does PFD constitute "activity"??



@Anonymous wrote:


@lafishy wrote:
I thought I had heard that ANY contact with a CA while a debt is still within SOL constitutes reset of DOLA.
No?
Hardly seems worth the risk, really.





ANY contact with the CA CAN (depending on your state -- which I don't think we know?) reset the SoL clock, but not the CRTP.

As I understand it, once the account charges off and goes to the CA, it can't be reset in terms of the reporting period because the account is CLOSED. I don't think the CA has the legal ability to re-open a dead account, therefore, can't update the activity of the original account.

However, admitting to the debt, making a payment or promise to pay CAN start the SoL all over again -- in some cases, AFAIK, even if the item is SoL (I'm not 100% sure about that one, but wouldn't want to be the guinea pig in testing it out!!).




An account, whether open or closed, can not have the reporting period changed. Reporting in the terms of how long it stays on your CR.

SOL, suing period, can be restarted for many different things, depending on the state. If your states SOL is three years and your last payment was 4 years ago, it is outside the SOL. If you make a payment, acknowledge the debt as yours, payment arrangements in writing etc, it can start the SOL over.

Activity on the account is the DOLA. This could be a payment, when it is updated, when they change it from a good to bad account. Any account activity.
Message 8 of 9
Anonymous
Not applicable

Re: Does PFD constitute "activity"??



@lafishy wrote:
And can you PFD, then if they say no, ask for DV? Then, if no, set up a payment plan?
The CC chargeoff CA...they've offered this in writing (along with a 50% redux):
"Upon full payment your credit record on our books concerning this account can show a Paid In Full status. After Payment, if you request, we will also issue you a written letter confirming that you have paid this account with a rating of "Paid as agreed."
Is this trickery? Should I do a a PFD...even if I can't pay the whole amount (the settlement they offer is 2900, but the full amount due is 5800, most of which is fees, etc.). Can I do a PFD with payments?
Or should I just let this be the one thing on my report that can't be fixed, and let it age off?
I vote for that last option. But I'm a newbie.
GOAL: 700 club by early 2010.





Personally, if it's older than 4 years, I'd let the sleeping dog lie if possible. I've heard stories of debts falling off sooner than the 7.5 years, just as I've heard stories where they're *bleeping* almost impossible to fall off.

I think whether or not the CA will takes payments for a PFD depends completely on the CA. I think some are "kinder" than others (really, I mean that some see the $$$ signs more than others and are more willing to work with you to GET their money). Some, however, wouldn't cut you a PFD even if you had your elderly gramma begging'em on the basis that she needs an operation and having this baddie off is the only way you can pay for it. YMMV, though.

Who IS the CA?

And make sure to cover your patootie, whoever the CA is ... CAs have been known to lie and I could easily see a random CA lying about activity that could restart the SoL (saying you admitted to the debt, made a payment, etc). Some are slimy enough to sell their gramma's kidneys. In fact, if you do a search here, I'll bet you'll see oodles of posts attesting to that fact!
Message 9 of 9
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