My boyfriend ignored his initial letter from Van Ru. I tried to get him to take care of it, offering my help, and he just refused. Now he has another letter from Van Ru, offering settlements for 55% and 60%.
- The 55% settlement is being offered in two payments of $193 each, starting on 6/11. This is not doable without a small loan.
- The 60% settlement is being offered in four payments of $106 each, starting on 6/11. This could be doable without a loan, but we'd be stretching thin.
- BOTH state, "Each subsequent payment must be received withing thiry (30) days of receipt of the prior payment," and, "... the above referenced accounts will be satisfied and closed and, upon request, a settlement in full letter will be sent. We are not obligated to renew this offer."
So, my take from this is that if we take an offer, and pay along their payment guidelines, they will be reported as satisfied, and PIF to the CRAs, and if we request, a letter will be sent to us verifying that? What should our next course of action be? An acceptance letter for one offer, then sending payment via Western Union? Any advice is highly appreciated! I'll be showing this topic to my boyfriend in hopes that he will open his eyes to what he needs to do about his credit.
First off, listen to Fish, don't send it WesternUnion and don't autodraft. Get a money order or cashier's check.
Now, I would like to know a little more about this debt. How old is it? Is it passed the SOL of your state, and is it still showing on his CR?
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
It's not even a year old, so not outside the SOL. Ok, money order it is!
It's showing as a charge-off from the OC still, and not by the CA as far as I know.