I was in almost the exact same boat as you 5 years ago...and I learned the hard way...before I discover this site, I paid out thousands of dollars to settle 3 accounts. 2 of them are still still on my CR listed as 'paid charge-offs'.
Others may chime in, but I would NOT PAY them right now. Each of those baddies are probably lowering your score 50+ points. Think of it another way...the difference between your current 525 score and having a score close to 700 is getting these three items deleted. The bad news is even if you pay and/or settle, they will continue to hurt your score in a big way for at least another 5-6 years. So it is in your interest to hold out for PFD and get those items removed (deleted) from your reports.
Once you pay them, you have ZERO leverage (as I learned). Right now, THEY have little leverage. They've already damaged you by reporting to the CRAs. The only one that may be a concern is the Chase account, only because of the amount (you don't want to end up being sued) so you may want to approach differently. YMMV.
Try calling again and see if you get someone different. Keep calling until you get someone who will play ball. I have a hard time believing the collection agencies wouldn't want a PFD...that's the only way they get paid. Most importantly, do not send money until you have an agreement IN WRITING.
Have you done a DV letter yet? If you haven't I would do so right away. With any luck, they may not respond in which case you will have grounds to ask the CRA's to remove the item from your report.
Hang in there!
Sorry...guiness is correct. Debt validation is only good for the 30 days before the acct is put on CR
What I meant by DV is Debt Verification (not debt validation) with the CRA's...so many abbreviations on here, it's easy to get confused :-).
The CRA's are required to investigate. Here's where it gets tricky...the OC/CA are under no obligation to respond, but if they do not respond to the CRA investigation in 30-45 days, the CRA must delete it. Of course, this does not stop them for re-inserting it later, but it's worth a shot. I had two baddies from CA's disappear because I disputed them and poof they were gone.
If they come back as 'verified', then try a method of validation letter. This asks the CRA to document exactly how they verified the debt with the OC/CA.
But...your best bet for resolving this is still by trying the PFD route. Maybe try to work out a PFD for a couple of months and if that doesn't work, then file a dispute.
@Dw4250 wrote:Sorry...guiness is correct. Debt validation is only good for the 30 days before the acct is put on CR
What I meant by DV is Debt Verification (not debt validation) with the CRA's...so many abbreviations on here, it's easy to get confused :-).
The CRA's are required to investigate. Here's where it gets tricky...the OC/CA are under no obligation to respond, but if they do not respond to the CRA investigation in 30-45 days, the CRA must delete it. Of course, this does not stop them for re-inserting it later, but it's worth a shot. I had two baddies from CA's disappear because I disputed them and poof they were gone.
If they come back as 'verified', then try a method of validation letter. This asks the CRA to document exactly how they verified the debt with the OC/CA.
But...your best bet for resolving this is still by trying the PFD route. Maybe try to work out a PFD for a couple of months and if that doesn't work, then file a dispute.
If the debt is valid, do not file a dispute. Keep attempting PFD. Search these boards for the names of the CAs and find people who successfully PFD'd and see what method worked for them.
