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PFD's

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Anonymous
Not applicable

PFD's

I would like to settle 2 cap 1 accounts through PFD. They are charge offs. I don't have all the money currently to pay in full however I would like to start paying little by little and to also stop the interest from increasing. Should I wait until i have all the money first and then do a PFD or can i get a PFD while paying little by little. Thanks everyone, i am on my way to improving my credit. you guys are great
Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: PFD's

Bad idea.

If you pay in installments, some creditors will use that as an excuse to reset the SOL and the DOFD. In other words, the seven-year "clock" on when the negative entry drops from your credit score would be reset, the collection would be re-aged to now, which would ding your FICO at least 10 to 20 points.

Should the system work like this? No, it's punishing people for trying to do the right thing. But that's reality. Don't mess with a collection or chargeoff unless you can pay in full, now.
Message 2 of 3
tiff
Regular Contributor

Re: PFD's

I totally agree!
Message 3 of 3
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