General Revenue Corp

[jordanmedical]

They have an acct they are collecting for a college I went to. College refuses to pull it back and have added like 290 in collection costs.

Any one have experience doing a pay to not report? (they haven't reported, just hp my report, already been dv'd)

Are collection costs allowed to be added?

[Shogun]

The additional costs depends upon your initial agreement and the laws of your state.  You could do a modified PFD where you offer to pay if they don't report.

[jordanmedical]

So I guess it'd be a good idea to consult my prepaid legal. 29% in collection costs seem a little excessive to me.

Any one have experience with this CA? (My old school refuses to pull anything back stating something about a contract, they also state they haven't sold the debt so they remain debt holder for it)

[jmcmillan]

I had a Perkins loan charge off to General Revenue Corp. They worked with me to have it consolidated with my Direct Loans. I don't know how much I was charged in fees, but I did notice that the amount consolidated was much more than what the original loan (loan was $6,000 and the consolidated amount was $8,000). Something seemed fishy, but I've pretty much given up on keeping track because I owe everyone money for my college education.

They did not report as a collection, but there is a hard pull from them, as well as al the lates from my school.

I hope that's helpful.

[jordanmedical]

This is for health charges and a short term loan for books, total 1030 before collection charges. As soon as I found out, paid the health charges. UCF says they will be updating the collection to 430 plus collection costs.

Saw the school soft pulled my report on 2/5, can they report anything if I pay this?

[guiness56]

Yes.  They can report at any time until the TL would be excluded due to age.  It would show as a paid collection.

[jordanmedical]

So is my only hope a pay to not report? Can I get one that includes the OC not reporting?

If this hits my reports, I can kiss my mortgage app good bye.

[guiness56]

The only way to include the OC would be a PFD modification to the OC.   The OC and CA have no control over each others reporting.

How old are these accounts?  If they haven't reported yet it is likely they won't now.  However, I understand your concern.

[jordanmedical]

The acct is from 2010 and it was just submitted to collection the end of Jan. Collection company says they wont report til 90 days after they recieved it, early may. OC says they don't report and only CA does on their behalf, skeptical of this since they soft pulled my report on 2/5.

[dddewdrop]

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@jordanmedical wrote:

The acct is from 2010 and it was just submitted to collection the end of Jan. Collection company says they wont report til 90 days after they recieved it, early may. OC says they don't report and only CA does on their behalf, skeptical of this since they soft pulled my report on 2/5.

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Determine if it is worth it to you to pay the 290 if they agree to take it completely off your report.  If it is then you can send a PFD letter. If it is totally not you can just leave it and hope that nothing happens. If it were me the calculation in my head would be not what is necessarily excessive for them as fees cause you can't control that. It would simply be is it worth it to me to pay the 290 for this to go away forever? I agree with you its not fair and excessive in percentage terms. You did owe them and you did pay late. Right now the past is in the past however and you have to weigh your options and maybe bite the bullet and pay for a deletion if they will do it. its up to you. Good luck.