PFD...but not them on credit report? Help

[Bella1980]

Hi,

I have pulled all 3 credit reports and am trying to get my scores and reports better.

I have 4 major troublesome accts 2 with BOA and 2 with Cap 1.

Here is my problem: all 4 accts have been sold to collection agencies but these agencies are notreporting on my CR. My CR's all say that I owe Cap 1 and BOA. I called them today to verify that they no longer own the debt.

Oops, just realized that one of the credit agencies is now reporting to the CRA's as of today! :-(

Here is the thing, I would like to try and PFD the balances owed because I need a clean credit report or as clean as possible by August of next year for school and job related stuff.

However, how would a PFD work if they are not the ones reporting the debt? Also, these are the amounts I am going to offer:

1. CAP  1 - Credit limit was $300, they want $1200. My offer $500.

2. Cap 1- Credit limit was $300, they want $900. My offer $500.

3. BOA - Credit limit $3200, they want $5000. My offer $2500.

4. BOA- Credit limit $6000, they want $9000. My offer $4000.

Also, the last two cards I was going to split into 5 payments in the PFD letter. Do my offer amounts seem too low? Do you think I will have any success? And how do I go about trying to make sure that my Captial 1 and BOA accts on my Credit Reports are taken careof?

What should I do? and also say the CA accept my settlements and I pay but CAP 1 and BOA still show on my acct as owing and charged off, what could I do??

Please help me before I send in the letters and try and fix this.

BTW, I have DV letters into all the CA's on my report except for the one's due to drop off soon. All the CAP 1 and BOA ones aren't due to drop off until 2012.

Also, NCO who owns one of the Cap 1 accts sent me a letter saying I could open a creditcard acct with plains bank and the balance would be transfered there, however the balance would be $1100, whereas one of their letters said they would settle for $650. So I shouldn't accept this right?

Help, I'm so confused.

[Anonymous]

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Bella1980 wrote:

Hi,

I have pulled all 3 credit reports and am trying to get my scores and reports better.

I have 4 major troublesome accts 2 with BOA and 2 with Cap 1.

Here is my problem: all 4 accts have been sold to collection agencies but these agencies are notreporting on my CR. My CR's all say that I owe Cap 1 and BOA. I called them today to verify that they no longer own the debt.

Oops, just realized that one of the credit agencies is now reporting to the CRA's as of today! :-(

Here is the thing, I would like to try and PFD the balances owed because I need a clean credit report or as clean as possible by August of next year for school and job related stuff.

However, how would a PFD work if they are not the ones reporting the debt? Also, these are the amounts I am going to offer:

1. CAP  1 - Credit limit was $300, they want $1200. My offer $500.

2. Cap 1- Credit limit was $300, they want $900. My offer $500.

3. BOA - Credit limit $3200, they want $5000. My offer $2500.

4. BOA- Credit limit $6000, they want $9000. My offer $4000.

Also, the last two cards I was going to split into 5 payments in the PFD letter. Do my offer amounts seem too low? Do you think I will have any success? And how do I go about trying to make sure that my Captial 1 and BOA accts on my Credit Reports are taken careof?

What should I do? and also say the CA accept my settlements and I pay but CAP 1 and BOA still show on my acct as owing and charged off, what could I do??

Please help me before I send in the letters and try and fix this.

BTW, I have DV letters into all the CA's on my report except for the one's due to drop off soon. All the CAP 1 and BOA ones aren't due to drop off until 2012.

Also, NCO who owns one of the Cap 1 accts sent me a letter saying I could open a creditcard acct with plains bank and the balance would be transfered there, however the balance would be $1100, whereas one of their letters said they would settle for $650. So I shouldn't accept this right?

Help, I'm so confused.

---

What is the DOFD, DOLA and SOL for your state?

If the CA owns the account and is reporting, you want to send a PFD.

If the CA owns and isn't reporting, you want to send a pay-for-not-reporting letter.

If the OC has sold, they should show a $0 balance, they can still report charge-off. All you can do for that is send GW letters. Be careful of GW'ing to remove old accounts, as this could hurt you in the history department.

NCO would probably settle for $650 as their letter stated, but if you put it over on a CC, then they'll want full amount.

As for the settlement offers, it really depends if SOL has passed or not as to how likely they are to accept.

IMO, do not make payments on a large debt. Doing so resets SOL and allows them to sue you.