New Here: PFD BENEFICIAL Bank?

[Anonymous]

Hello, I have been monitoring the boards for the last few months, while trying to create a solid plan for rebuilding my credit. I have a Collection account from Benefiticial bank in the amount of $5000. I was thinking about offering them a PIF for a PFD. Has anyone had any success with a PFD with Beneifical Bank? If so, how did you do it? I stopped paying the account in June 2008 (I think) but I called them to talk about the account in June 2010. How do I verify the last activity on the account to see if the SOL have expired or are still in place? I live in PA where the SOL is 4 years.... Any and all help would be greatly appreciated!

[Anonymous]

Bump.  Looking for help - anyone have words of wisdom?

[llecs]

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@Anonymous wrote:
How do I verify the last activity on the account to see if the SOL have expired or are still in place? I live in PA where the SOL is 4 years.... Any and all help would be greatly appreciated!

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The DOFD is the basis for the SOL clock. This is when you first went late and never recovered. If you did not make a payment since that time and/or make an acknowledgement that the debt is yours, then add 4 years for SOL to that DOFD and that's when SOL expired or will expire. In some states, SOL can restart if you pay on a debt or make any sort of promise to pay or even acknowledge the debt. YMMV on PA's laws.

ETA....if you have 100% saved up, then SOL is unimportant anyway because you could pay it to avert a judgment. In other words, if you were planning to send a PFD, then don't sweat SOL.

[Anonymous]

Thank you for your help! Do you advise writing with a PFD or calling? Should I offer less than the full amount or does the full amount make it more desireable for a PFD? Has anyone had a successful PFD with Beneficial? I was stupid and cashed a check that they sent us during hard times. I then couldn't repay and its hurting us now. I'm prepared to repay, but I'd like for it to have a minimal negative impact, if possible.

[llecs]

Always send a PFD offer in writing. Some have done so verbally, and accepted the OC/CA's word verbally only to be burned because a CSR didn't recall that conversation. Some have called in a PFD request and asked for a response in writing, only to get a response back not compliant with the PFD request. Now if it's an OC, and there's a level of trust there, then, IMO, there's nothing wrong with a call here or there, but always get it in writing first.

If you offer 100% or less, then that's your call. IMO, I'd rather offer 100% and move on. If they are open to PFDs, your odds at 100% are better than the odds of 50%, for example. Plus, I always wanted to offer 100% because I didn't want to be in a position to start at 50% or wherever, and have to back-track with a counter at 60%, 70%, etc. My need to get the baddie off immediately outweighed any savings.