Jefferson Capital Systems, LLC (Payment Rewards Program)

[Anonymous]

I had a credit card (First Premier Bank) sent to collections (Jefferson Capital Systems) in 2014. They have sent me a couple of letters in the past offering monthly payment plans, or to pay off my debt in a lump sum for a lower overall amount (due to reviews in the past on the company I decided not to accept the offers). I recieved a letter today about a Payment Rewards Program. (The debt owed is $878.15 btw) The letter states that I Would pay at least $444 within 12 months. Complete the payments to qualify in one lump sum or make minimum monthly payments of $37 over 12 months. And once I have paid the $444, I will recieve a Debt Reduction Credit of $434.15. (They also say that I can recieve a bank-issued unsecured credit card at the end of the program but they state in bold that it is completely optional and voluntary and the offer it as a reward for completing the program, I would not accept the credit card obiously but just throwing that info in there). My questions are:

1. Seems to good to be true really. Is it? I have read up on Jefferson Capital Systems and although I have seen a lot of negative reviews about them, they were all mainly back in 2008-2009 and I believe they had a law suit in 2010(?) I'm hoping someone has had success with them recently or with this program they are offering.

2. The account on my credit report (The $878.15) Is a closed account. If I were to accept this offer would it open this back up and lower my credit score drastically? I have made a lot of poor childish decisions when I was younger and I have been working hard on fixing my credit (from low 500's now to 631).

[recoverysauce]

Do not do it! I'll try to make this short. 

Nov. 2015 I got the same letter from a card for the FPB as well. I paid half settlement to settle in full. I didn't want the card they offered, but never recieved it.

Worst part is I am still fighting this with First Premier now like i just got back dispute from eq who now updarted my account to last paid 2015 when original date was 2011 last paid. they say it's not paid, and jefferson has not will not send me a letter. 

They are nice on the phone but they pay pennies on the dollar for your debt I have seen people paid a 3rd and settled, but scam is no proof it was paid except my bank statement.

Found some other information in these forums that I would recommend digging deeper. However I can tell you I got robbed of $300 from them at this point currently. I would look to see if jefferson Capital is even on your CR as a collection that was the big warning sign I did not see when I paid them.

[Anonymous]

Thank you for the info. Jefferson Capital Systems is not reported in my Credit Report actually. So I will avoid accepting anything from them.

[Anonymous]

OMG!!! i just read this and now i'm freaking out. I had the same Premier Bankcard credit card and owed almost 553.84 dollars and was offered the same deal by Jefferson Capiatal Systems for 444 plus the rewards program. I paid them on 01/23/2017 and still have not received the rewards card. I didn't really care since I wasn't really interested in it. Today I just got a letter from Rushmore Sevice Center saying that I still owe  Premier Bankcard the same 553.84!!! I still have my bank statement as proof that i did Pay Jefferson Capital systems but now I no longer have their contact information!! Were you able to solve your problem and if yes? Would you please tell me what steps I should take ?

[RobertEG]

As I read the post, it says that once you pay a certain amount, they will credit a debt reduction of approx. that amount.

That is a requirement of law, as they are required to disclose the amount of the debt, and then apply any payments to reduction of that debt.

It does not say that the amount paid will be considered a settlement that will discharge the debt

What is the "deal" that seems too good to be true?

[Anonymous]

I just got them to delete the negative make off my credit report!  About a month ago I sent a pay for delete letter and they declined the offer stating that they were reporting correctly and would not delete, so my next step was a debt validation lettter and just today I got their response stating that they will be ceasing all collection activity and will be deleting the account off of my credit report.  So maybe worth a try for you!

[Anonymous]

So, mcarter0923 - you sent a PFD letter which they declined to do. Then you sent a DV letter - and their response was that they'd delete the account and cease collections.  

Curious:  Did you ever actually pay the debt?  Wondering because I'm trying to deal with them now and I can pay, and am happy to pay, but would sure like to have it deleted too!

Congrats, btw!

[twanswife916]

Congrats. I just discovered Jefferson Capital Systems added a collection account for Verizon on my credit report and I have not received any correspondence from them. Actually I sent Verizon a fraud Affidavit regarding the account months ago and now thy have sold it to a collection agency anyway. I will be  filing a complaint with BBB as well as sending another Fraud Affidavit but this time to JCS.

[Anonymous]

I accepted the offer in February 2016 and paid off the balance they asked me.

March 2017 I did receive a credit card for $150 and it has increased my credit score. no complaints here.