Please help me With what direction...

[Tryingtomakeitright]

I should go. First, I want to say hi. I have been a lurker for a while and I *think* I have read over everything but I am still confused. I am trying to work on paying off my past debts. I have an account with Conns credit that I paid on time every month for 3 years straight. In 2009 I lost my business (long story) and then was when my credit started to slide because my business was my income. Fast forward to today. I am back in a position where I can now payoff everything that I owe. I wrote sent Conns a DV which they responded with the contract that I had with them and how much I owed. A week later after I received the letter from Conns I get a letter from midland stating that I need owe 1k but they will give me 10% off lol. The original bill was 700. Midland has NOT reported this account yet. I called them and said that I am willing to pay the 700 that I owe, not the 1k in lieu of them not reporting. Midland said they may or may not be able to do this. I asked them to call me back when they have a definite answer the guy said they will never have a definite answer. I am really trying avoid having two derogs for one account. What should I do? Pleeeease help. Midland seems to not want to help and Conns cannot work with me. My scores are dragging because of this double reporting tactic. I haven't had any new collections/charge offs since 09 and i have a tradelines/car loan/credit cards being paid monthly on my report . Thanks in advance.

[llecs]

Welcome!

You're in limbo I suppose. There are two options that I can tell: 1) wait for them to send the dunning letter by which you can send a DV and hope they don't report, or 2) pay it and hope they don't report. The uncertainty of reporting is a constant. If I had that, I'd PIF to MCM knowing that my odds of a GW approval would be better assuming they decide to report. Based on others' reporting of MCM and their dealings with them, MCM is tough. I can't recall too many PFD success stories with them, but I can recall some GW success stories. Definitely read in here and check out others' history with them.

[Tryingtomakeitright]

Thanks for your reply! Sorry about the no paragraphs. For whatever reason my iPad does not like them.

I am guessing the letter that I received the dunning. It was the letter that I recieved telling me that they now own the debt, right?  I will pay them and then try to GW, I suppose.

[RobertEG]

You dont have to receive dunning notice in order to DV. 

In my opinion, you have three options. 

One, send a DV and gain a short-term bar against their reporting by invoking a cease collection bar.

Two, hold out for a written promise not to report.

Three, take your chances and pay, hoping they wont report.

I would opt for option 3. 

Option 1 can be overcome simply by providing debt verification, followed by immediate reporting. And by sending a DV, you also remove your ability to negotiate with them, as the cease collection bar that the DV imposes will preclude them from negotiations of any kind.

Option 2 might cause them to up the pressure by reporting.  Any hard-ball game has both an offense and a defense.

Option 3, while still providing them the ability to report, at least removes the collection pressure tactic as a reason for reporting. And you at least have an informal statement that they wont report.....

[Tryingtomakeitright]

Thanks! Do you think I should PIF or at least try to pay what I owe Conns?

[RobertEG]

If the creditor still owns the debt, you can, of course, offer to pay them.

PIF to the OC will, if they are willing to accept payment, immediately make the debt $0.  They would have to notify the debt collector, and maybe, with the debt no longer collectible, they would loose interest in reporting.

An offer for settlement for less is a negotiation offer, and even if the OC is willing to negotiate, does not assure immediate payment.

Even if the OC accepts payment, that wont preclude the debt collector from still reporting.  They now have legitimate collection authority, and are permiited to report that fact, even after it is terminated by payment of the debt.

[rckstrscott]

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@RobertEG wrote:

If the creditor still owns the debt, you can, of course, offer to pay them.

PIF to the OC will, if they are willing to accept payment, immediately make the debt $0.  They would have to notify the debt collector, and maybe, with the debt no longer collectible, they would loose interest in reporting.

An offer for settlement for less is a negotiation offer, and even if the OC is willing to negotiate, does not assure immediate payment.

Even if the OC accepts payment, that wont preclude the debt collector from still reporting.  They now have legitimate collection authority, and are permiited to report that fact, even after it is terminated by payment of the debt.

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For what it is worth OP, I agree with Robert that option 3 is the way to go --

I actually paid a Midland account a year ago after receiving a dunning. They have not reported to this day, and I firmly expect they will not at this stage.

-scott

[Tryingtomakeitright]

Agh that is so good to know, rckstrscott! Thanks!