PFD for Unifund

[Anonymous]

I am trying to negotiate a PFD with Unifund.  I have sent them 2 different offers to settle for delete and they have not responded at all to either offer.  I started out low offering 25 cents on the dollar, and then went to 50 cents on the dollar.  They claim I owe them 8300.00 so 4150.00 I thought was pretty good but they didn't even respond with a counter offer.  I have the upper hand to negotiate since this account is past SOL so they can't legally sue me for the money, so I'm a little surprised that they don't respond to my offers.  Has anyone else had this problem in getting a PFD from Unifund?  If so, what was Unifund's breaking point to make a deal? I'm anxious to get them off my CR's, but the original amount of the account was 4500.00 and they have increased it to 8300.00 with interest which I think is ridiculously high.  Anyone have any thoughts?  Thanks!

[RobertEG]

Want a botom line, hardball letter to them?  Here it is...

This is my last and final offer to you.  Payment in echange for deletion of all prior credit reporting by you to my consumer credit file with each credit reporting agency.

You want money, I want credit reproting deleion in exchange.

I offer to pay ($$$$) in exchange for your written agreement, in advance of my remittance of any funds to you, as full discharge of the debt, and additionally your pre-unconditional commitment to delete any and all prior reporting made to each and all of the credit reportng agencies.

Those are my terms for settlement at this time.

Those terms end at any time  you should choose to bring legal action against me.

It is my understanding that the statute of limitations has expired for your collection of this alleged debt in court, so should you bring legal action, I will be present in court, and invoke a statute of limitations defense.  You will lose, under act of law.

Then you will collect nothing.

I seek deletion from your reporting to the credit reporting agencies in exchange for my offer to put instant money into your pockets now.

If you decline, I will see you in court,, and invoke my legal statute of limititations defense against your legal action, and you will recover zero.

Message Edited by RobertEG on 01-31-2010 08:42 PM

Message Edited by RobertEG on 01-31-2010 08:50 PM

[palmbeachwife]

I just settled with Unifund because I'm closing on a house 2/24. On my CR they state I owe 12K. I hired an attorney to settle this with them. The attorney found out they contracted the debt to another agency who said my balance was really 5K (that's close to being right) Anyway, as you know, Unifund adds an extreme amount of fees and interest each month hence my 12K balance on a debt that is due to fall off 10/10.

Long story short, my attorney negotiated a $500 settlement. They took a long time before they responded but they finally accepted it. So I got it settled, which is what I needed to get the loan. I don't know if they do PFD. But I do know they will take 10 cents on the dollar.

Good luck!

If you want information on the attorney, PM me. I've used him to settle other debts last year when a collection agency tried to take me to court for a debt that was out of SOL.

[RobertEG]

Congrats!

They may have settled, but I see nothing to indicate any removal from your CR.

[newstart2010]

Wow, they sounds like a really awful group!  I am impressed your lawyer got them to accept 10 cents on the dollar!

Robert, that letter is golden!!  I am saving that!

[Anonymous]

I finally got a response from Unifund on settling my account with them.  They agreed to settle with me for .50 cents on the dollar which is a little less than I originally owed when the account was charged off by Chase.  I also originally offered .10 cents on the dollar and never heard back from them.  I also am trying to get financing to refinance my house and could not get approved until this account was settled.  I could have tried to offer them .20 or .25 cents on the dollar, but I am running out of time with my lender to settle the account.  In Unifunds response to my PFD letter they claim that FCRA laws say that they can  not delete accounts unless,

A. Account is confirmed fraud

B. Account was sold to another entity

C. Account was cancelled and returned to the original creditor

D. The account was reported in error

They did say in the letter that they will report the account as "PAID IN FULL" rather than "SETTLEMENT EXCEPTED ON THIS ACCOUNT FOR LESS THAN THE FULL AMOUNT".  They claim that they are not permitted by law to delete an account that is paid.  My question is, if I pay them does that reset the clock on SOL and this collection remains on my CR for another 7 years listed as "PAID IN FULL WAS A COLLECTION ACCOUNT?  My lender tells me that as long as shows it's paid I will be approved for my refinance.  How do you get them to remove it from my CR?  If it is paid, why would Unifund continue to report this account to the CRA's?

[newstart2010]

It is not against the law to take something off.  Its against their contracts with the credit agencies, but not against the law.  What is against the law is for them to put on any information that falls into those categories, but nothing about being taken off.  Its good they will settle.  They lied about it being illegal to remove.  I would take them stating they are going to report the account as paid in full, but if its with a collection agency..a paid collection is as bad as an unpaid collection.  It seems the only people who will be effected by this being settled is the mortgage company.  They def want to see accounts closed and paid, but it will most likely not effect your score, depending on the age of the account and the details of the reporting.

Once its paid, do not jsut go to the CRAs and dispute.  You do not have anything to dispute.  The account is not in error and that is not the way to remove information you do not like.  Your only course of action would be to drown them with GW letters and hope at some point someone listens.

[Anonymous]

I know, from this forum and from my own countless hours of researching FCRA and FDCPA laws and rules, that it is not illegal for Unifund to remove the tradeline from my CR's.  I know that many collection agencies will gladly delete the tradeline in exchange for a pile of cash.  Why these guys aren't willing to do that I don't know.  Should I try and press them into "NO DELETION NO PAYMENT?", or consider myself lucky that they don't press me to pay them the full amount shown owing?  Also, can you answer my other question about whether or not my payment to them re-ages this account re-setting the SOL clock making it 7 years from the time I pay them to when this will drop off my CR's?  Thanks.  I appreciate your input.

[newstart2010]

When you decide to pay is your choice as it really depends on what you are ready for in the future.  Some places will sell the remaining debt, some will ignore your agreement.  Personally I would push for a pay for deletion and they get no money till they agree.  But I also pay in full which makes it a sweeter deal to the collectors.

As for resetting the SOL, that is determined by your state, and you would need to search that out.  I do not have answers on that.  I think some states have that if you pay you reset the SOL.  Another reason to pay in full so they can't try to sue you for the remaining balance.

[Anonymous]

Unifund is very difficult to work with.  I also had an account with chase that was charged off in 2003 and sold to unifund.   I paid them before I became a FICO member.  when I learnt about PFD etc I tried goodwill ... all failed.  I then filed a complaint with the agency that regulates collection agencies about some of the unfair practices i experienced with unifund.  I got a prompt e-mail from their attorney that they will delete the account.  It was gone within a week - DELETED.

So try to contact the ACA maybe they can help you work this thru