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PFD chances

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pkenn
Regular Contributor

PFD chances

What do you all think? better chance to get an accepted PFD if you owe say $3k as opposed to  $300?

Message 1 of 4
3 REPLIES 3
JM-AM
Valued Contributor

Re: PFD chances

IMO I believe the chances are the same. It will depend on what company and their policies and the person you end up dealing with. 

Good Luck
May all your dreams and wishes become a reality!
Message 2 of 4
dytch2220
Regular Contributor

Re: PFD chances

I'll let you know. I have several derogs that range from $433.00 to $16,000.00.  I plan to attempt PFD on all of them.  Some PIF and some as settlement regardless of the potential tax consequences.

Installment Accounts

Revolving Accounts
Message 3 of 4
RobertEG
Legendary Contributor

Re: PFD chances

Several factors to consider.

In my opinion, chances of luring them into acceptance of a payment by you increases as the amount of the debt increases.  Getting a lot of $$ is more enticing than getting a little.  So yes, I think $3K vs $300 will be a factor in their consideration..

But then thay have to consider what conditions you are placing on your offer to pay. 

Your PFD offer could have two primary conditions for them to consider:

1. are you offering full payment or a settlement for less than the full amount?

2. is payment conditional on credit report deletion, which is apparently your case, since that is what a PFD is,  What is their corporate policy for deletion of previously reported, and accurate, information?  Some debt collections summarily dismiss any PFD as in violation of their reporting contract with the CRAs.  Others may bend this policy if the $$ they will receive are substantial.

 

Then, if they dont want to accept your conditional offer for payment, can they still seek full recovery in court?  Why settle for paritial payment if they can go to court and get it all?  Which means, has your state SOL expired.

I think that expiration of your SOL will be one of their prominent decision factors.   So I suggest that you first  know the commencement and date of running or your state SOL when considering to PFD, and its consequences..

Message 4 of 4
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