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IC System Settlement Offer

New Member

IC System Settlement Offer

I have one account on my CR (left) that is in collections. It is from IC Systems for 3200 and its near 3 years old. I sent them a settlement offer of 30% CMRRR. Figured this was a good deal since i hadnt asked for validation. They responded with a 50% offer. I dont have 50%. So i responded again for 27% settlement since again, no validation. Easy money for them. Well now they havent responded. Instead they updated my report as in dispute.

Do you think they will validate or are they just ignoring me? What if they cant validate? Dispute with CRAs? Send a formal request for validation? Not sure if they even own the debt. They sent 1 letter in 2010. Thats all, ever. Could use advice on what to do next or what u think IC system will do. Any similar stories or experiences?
Message 1 of 5
4 REPLIES
Established Contributor

Re: IC System Settlement Offer

You said you didn't ask them to validate so they aren't.  I may be wrong but I think you validated by offering to pay, unless you specified that you were not validating in your wording.

FICO: EQ 768 | TU 813 | EX 781

Amex BCE $25000, SFFCU Visa $15000 + LOC $5000, USAA Amex $6000, USAA MC $7000, Cap1 $8000, Freedom $12000, Slate $500, Barclays "RIP" SM $11500, USBank Cash+ $7500, Citi Diamond $7900, Citi Double Cash $3700, Care Credit $13500k.
My Credit Repair Journey
Message 2 of 5
New Member

Re: IC System Settlement Offer

The letter states I am not accepting responsibility and that if they don't accept I will request full validation. So my process was going to be just that. Don't accept. Then I will request validation. Asking for settlement isn't admitting you own the debt as long as the letter specifically states that and both of mine did. I was merely trying to get it settled. I never disputed it. And now it is in dispute. Perhaps they are validating it anyway so they have something to go on to try to get more than the 30%. I don't know.

I once offered settlement by phone for a debt, same time period, 3800 and the CA didn't own it, couldnt validate it and flat offered to delete without my asking.
Message 3 of 5
Established Contributor

Re: IC System Settlement Offer

My only experience with them is paying a settlement just last month (I think it was just a little over 50%) but it hadn't gotten to my report yet.  They were good about keeping their word.  They never reported it.

FICO: EQ 768 | TU 813 | EX 781

Amex BCE $25000, SFFCU Visa $15000 + LOC $5000, USAA Amex $6000, USAA MC $7000, Cap1 $8000, Freedom $12000, Slate $500, Barclays "RIP" SM $11500, USBank Cash+ $7500, Citi Diamond $7900, Citi Double Cash $3700, Care Credit $13500k.
My Credit Repair Journey
Message 4 of 5
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Established Contributor

Re: IC System Settlement Offer

Just checked my notes and the settlement they offered and that I paid was for 40%.  I don't know it makes any difference, but it was from the very first call they made to me before it ever went to my CR, and I agreed.  They faxed me the offer in writing no problem, and I paid them immed once I received an email stating yes this won't be sent to my CR.

FICO: EQ 768 | TU 813 | EX 781

Amex BCE $25000, SFFCU Visa $15000 + LOC $5000, USAA Amex $6000, USAA MC $7000, Cap1 $8000, Freedom $12000, Slate $500, Barclays "RIP" SM $11500, USBank Cash+ $7500, Citi Diamond $7900, Citi Double Cash $3700, Care Credit $13500k.
My Credit Repair Journey
Message 5 of 5