FCO: next step?

[Anonymous]

Hey!

So I have this $736 collection (it's my last collection left) that FCO will *not* PFD. I have been working that angle for quite some time, in addition to debt validation, etc. 

It's for a joint apartment debt. It's from 2011. I know I have read that scores typically jump a lot when the last collection drops off (I still have other baddies, like many student loan lates, etc.). 

What is my next step?

- continue to work PFD? I believe I've escalated to the most senior individual

- pay in full and then work GW? i doubt i'd have success there, with how stingy they've been on PFD

- try to negotiate a settlement?

   - if i settle, i am aiming to have them make status "paid in full," correct? not "settled" ?

[Anonymous]

Bump

[gdale6]

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@Anonymous wrote:

Hey!

So I have this $736 collection (it's my last collection left) that FCO will *not* PFD. I have been working that angle for quite some time, in addition to debt validation, etc. 

It's for a joint apartment debt. It's from 2011. I know I have read that scores typically jump a lot when the last collection drops off (I still have other baddies, like many student loan lates, etc.). 

What is my next step?

- continue to work PFD? I believe I've escalated to the most senior individual

- pay in full and then work GW? i doubt i'd have success there, with how stingy they've been on PFD

- try to negotiate a settlement?

   - if i settle, i am aiming to have them make status "paid in full," correct? not "settled" ?

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If its updating monthly settle it and if its past states SOL you can offer less for that. As far as Fico is concerned it doesnt matter if its settle for less or in full

[Anonymous]

Okay, thanks for the reply. I *should* still see a bump when paid though, yeah?

[Anonymous]

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@Anonymous wrote:
Okay, thanks for the reply. I *should* still see a bump when paid though, yeah?

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That depends on what other baddies you have.  If  you have others I would not expect anything significant.  That being said, enjoy the peace of mind knowing you have one less debt to pay.

[Anonymous]

Bump here for new information.

I can now confirm that FCO does not *own* the debt, they are merely the collecting agent for the debt. The debt is still owned by the original creditor. Obviously, I want to pay the original creditor in this scenario. I attempted that a while back, but they did not answer whether or not they owned the debt, only told me I had to contact FCO.

My question for you guys:

1) Why is the OC adamant that I contact FCO? If they are getting paid, why would they care? 

2) If payment is eventually made to the OC, what's my next step? Do I need to get OC to agree to cease collection agreement with FCO? Will FCO simply stop reporting? Would I need to dispute the debt at that point? If I dispute the debt, it should be removed, yeah? Since it no longer exists after payment to the OC...

[Anonymous]

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@Anonymous wrote:

Bump here for new information.

I can now confirm that FCO does not *own* the debt, they are merely the collecting agent for the debt. The debt is still owned by the original creditor. Obviously, I want to pay the original creditor in this scenario. I attempted that a while back, but they did not answer whether or not they owned the debt, only told me I had to contact FCO.

My question for you guys:

1) Why is the OC adamant that I contact FCO? If they are getting paid, why would they care? 

2) If payment is eventually made to the OC, what's my next step? Do I need to get OC to agree to cease collection agreement with FCO? Will FCO simply stop reporting? Would I need to dispute the debt at that point? If I dispute the debt, it should be removed, yeah? Since it no longer exists after payment to the OC...

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If youIf you pay the OC - get them to recall it from FCO.    Make sure you get something in writing and a receipt for payment so you can prove you paid the bill and that FCO doesn't have authority to collect the debt.   They  may tell you it can take 60-90 days for it to be removed from your reports , but experience tells me it is usually gone within a couple days....2 weeks was my longest......

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Bump here for new information.

I can now confirm that FCO does not *own* the debt, they are merely the collecting agent for the debt. The debt is still owned by the original creditor. Obviously, I want to pay the original creditor in this scenario. I attempted that a while back, but they did not answer whether or not they owned the debt, only told me I had to contact FCO.

My question for you guys:

1) Why is the OC adamant that I contact FCO? If they are getting paid, why would they care? 

2) If payment is eventually made to the OC, what's my next step? Do I need to get OC to agree to cease collection agreement with FCO? Will FCO simply stop reporting? Would I need to dispute the debt at that point? If I dispute the debt, it should be removed, yeah? Since it no longer exists after payment to the OC...

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If youIf you pay the OC - get them to recall it from FCO.    Make sure you get something in writing and a receipt for payment so you can prove you paid the bill and that FCO doesn't have authority to collect the debt.   They  may tell you it can take 60-90 days for it to be removed from your reports , but experience tells me it is usually gone within a couple days....2 weeks was my longest......

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Thanks! How likely is an OC willing to have debt recalled? Or is it more likely they stand firm of having to go through the collecting agent? Am calling tomorrow.