PFD w/ Law Firms?

[Keith_Strohm]

   All,

   My HSBC saga continues. I called back Customer Service at HSBC to see if I could work out a PFD arrangement directly with them, but it appears that they have referred my account to a local lw firm via the National Attorney Network and 3 people that I spoke to said they were unable to pull it back from the attorney and I would have to work with the local law firm.

   So, I found the attorney's address and am now wondering if a PFD would work with a Law Firm? Also, this move to collections hasn't yet hit my credit report? Should I just send the PFD letter to the law firm anyway to get the ball rolling? If they accept the PFD arrangement (50% of the debt now and the rest in 9 bi-weekly installments), how should I pay them? I've heard not to give credit card or checking account info to any CA and I'm assuming that it also includes law firms.

   Any thoughts?

[guiness56]

Since it is not on your CR you would ask them not to report for payment instead of a PFD.  Still get the agreement in writing before sending any money.

I would only use a money order.  Nothing with your bank account information on it or a CC.

[Keith_Strohm]

   Thanks! Can I also negotiate with them to have the lates that are on there from the OC removed as well? Sorry that I have so many questions.

   Keith

[guiness56]

If the account has been CO'd, removing the lates will  not help.  It will still be a CO.

The law firm has no control over this, only the OC. 

If you settle the debt, the OC is less likely to want to help you.

Do you know if they still own the account or just assigned it to the CA?

[Keith_Strohm]

I believe they still own the debt. The OC shows on my most recent CR carrying the balance for this debt. They have assigned it to the CA.

   Keith