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PFD didn't work. Now what?

New Contributor

PFD didn't work. Now what?

I tried a PFD with a local furniture company for an account that I had back in 2003. I'm in LA so the SOL is 10 years Smiley Mad which means this account is not going to be removed from my record for at least another 2 years. Anyway, they refused the PFD, saying they weren't capable of doing that (only the CRA), which I know from this forum is a LIE. SO, can they now sue me for this debt? Should I still just pay it anyway since its already reporting negatively (chargeoff) and changing it to show a chargeoff with a zero balance won't hurt or help my score anymore? Suggestions???

 

Thanks everyone

Sometimes itsreally discouraging when you get the denials in the mail Woman Sad


Starting Score: 538
Current Score: 555
Goal Score: 675


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Message 1 of 15
14 REPLIES
Established Member

Re: PFD didn't work. Now what?

I received a denial as well. I responded to that letter and I'm trying to negotiate to see if they can maybe changed the "chargeoff" status to "paid".

 

Keep you posted.

 

2012 - THE YEAR OF HOMEOWNERSHIP!
"Keeping my eye on the prize"
Message 2 of 15
Established Contributor

Re: PFD didn't work. Now what?


ksimon1591 wrote:

 I'm in LA so the SOL is 10 years Smiley Mad which means this account is not going to be removed from my record for at least another 2 years. 

 


hoping someone could correct me if I'm wrong, but SOL is only for the amount of time a creditor can sue you for this debt.  CRA's will still remove 7 1/2 yrs from DOFD

Filed BK 12/5/14
341 meeting 1/9/15
Anticipated discharge 3/10/15

Goal: 700 by 3/2017
Message 3 of 15
Valued Contributor

Re: PFD didn't work. Now what?


casmith1980 wrote:

ksimon1591 wrote:

 I'm in LA so the SOL is 10 years Smiley Mad which means this account is not going to be removed from my record for at least another 2 years. 

 


hoping someone could correct me if I'm wrong, but SOL is only for the amount of time a creditor can sue you for this debt.  CRA's will still remove 7 1/2 yrs from DOFD


Correct.  SOL is the time frame in which a creditor can take legal action against you.  CRPT-Credit Reporting time is the amount of time a negative marks stay on your report.   If an account is charged off, it will fall off the reports 7-7.5 years from the date it was charged off.  What is this account reporting, and HOW is this account reporting?  Is it the OC or the CA reporting?


CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16
Message 4 of 15
Senior Contributor

Re: PFD didn't work. Now what?


kjm79 wrote:

casmith1980 wrote:

ksimon1591 wrote:

 I'm in LA so the SOL is 10 years Smiley Mad which means this account is not going to be removed from my record for at least another 2 years. 

 


hoping someone could correct me if I'm wrong, but SOL is only for the amount of time a creditor can sue you for this debt.  CRA's will still remove 7 1/2 yrs from DOFD


Correct.  SOL is the time frame in which a creditor can take legal action against you.  CRPT-Credit Reporting time is the amount of time a negative marks stay on your report.   If an account is charged off, it will fall off the reports 7-7.5 years from the date it was charged off.  What is this account reporting, and HOW is this account reporting?  Is it the OC or the CA reporting?


This is something I'm still very confused about and haven't been able to wrap my head around it.  Let's say OC sells to CA after 7 years.  Can't CA keep reporting it?  My brother has a repo from a CU that is right close to falling off his reports.  But CA got it about a year ago, now both are reporting, and I don't see it ever coming off his reports.  Though I know they can't sue him at this time anymore.  ??

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 5 of 15
Established Contributor

Re: PFD didn't work. Now what?

OC and CA can only report for 7-71/2 years from DOFD, regardless of when CA purchased debt from OC.

 

Once the 7 year mark hits, you can tell your brother to send letters to all three CB's explaining the debts being tied together and have the CA removed (if it doesn't automatically remove itself)

Filed BK 12/5/14
341 meeting 1/9/15
Anticipated discharge 3/10/15

Goal: 700 by 3/2017
Message 6 of 15
Senior Contributor

Re: PFD didn't work. Now what?

Really?  That's good news.  I had asked on another post about this and was told they could keep on keepin on.  huh. 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 7 of 15
Established Contributor

Re: PFD didn't work. Now what?

I've had several items removed from my credit report because it was past the time limit.  If you want, I can search around my old documents and see if I can find and I can PM you with it...

Filed BK 12/5/14
341 meeting 1/9/15
Anticipated discharge 3/10/15

Goal: 700 by 3/2017
Message 8 of 15
Senior Contributor

Re: PFD didn't work. Now what?

Yes, I'd love it if you could do that!  They are supposed to drop off in September, so no rush.  Thank you!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 9 of 15
Established Contributor

Re: PFD didn't work. Now what?


Booner72 wrote:

Yes, I'd love it if you could do that!  They are supposed to drop off in September, so no rush.  Thank you!


sent Smiley Tongue

Filed BK 12/5/14
341 meeting 1/9/15
Anticipated discharge 3/10/15

Goal: 700 by 3/2017
Message 10 of 15