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Questions about PFD with OC

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Anonymous
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Questions about PFD with OC

Hi there! I have a 3 year old CO for about $7500. I've made small GW payments monthly, even after the CO, so it's never gone to collections. Today I got a call from the person handling my account and she seems to want to make a deal. She offered to let me pay 75% for settlement of the account, but claims there's no way to remove the information from the CRAs. I didn't agree to anything, but told her that I'd talk it over with my husband and return her call if we came to a decision.

 

I'd love to have this debt off my back, but can't afford to PIF at this time. I also am not very motivated to get the debt settled if it's not going to come off my reports, kwim? What I'd really like is to make an offer of less than the whole amount (I'm hoping about 60%) in exchange for settlement of the debt and deletion from the reports. I'm tempted to just wait out the next 3 years while making my GW payments until it falls off the reports if I can't have it removed sooner. Can they still collect after that time?

 

Am I crazy? I've seen many posts about negotiating for less that PIF when dealing with CAs, but nothing about dealing with OC. Is it different in some way? Is there anything I should know or do before taking this any further? Any advice would be greatly appreciated. Smiley Happy Thanks!

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Questions about PFD with OC


@Anonymous wrote:

Hi there! I have a 3 year old CO for about $7500. I've made small GW payments monthly, even after the CO, so it's never gone to collections. Today I got a call from the person handling my account and she seems to want to make a deal. She offered to let me pay 75% for settlement of the account, but claims there's no way to remove the information from the CRAs. I didn't agree to anything, but told her that I'd talk it over with my husband and return her call if we came to a decision.

 

I'd love to have this debt off my back, but can't afford to PIF at this time. I also am not very motivated to get the debt settled if it's not going to come off my reports, kwim? What I'd really like is to make an offer of less than the whole amount (I'm hoping about 60%) in exchange for settlement of the debt and deletion from the reports. I'm tempted to just wait out the next 3 years while making my GW payments until it falls off the reports if I can't have it removed sooner. Can they still collect after that time?

 

Am I crazy? I've seen many posts about negotiating for less that PIF when dealing with CAs, but nothing about dealing with OC. Is it different in some way? Is there anything I should know or do before taking this any further? Any advice would be greatly appreciated. Smiley Happy Thanks!


I'm just gonna answer this and the answer is a resounding heck yeah.  The statute gets reset by a month every month you make a payment.

 

edit: Let me make this first point more clear the sol for debt collections gets added on to whatever is the last date you made payment whether it is 3, 4,6 years it's added to that date. OK i'm done.

 

You make that counter offer and see what happens maybe they budge maybe they won't see what happens at worst they say no.  The reason CA's budge more often is because they buy the debt for alot less than what it is and sometimes still tack fees onto it.  You can end up with some real nasty ones that will always report and refuse to delete but ah well can't hurt to make the offer.

 

Keep in mind Credit reporting and debt collection are different although no payment since the dofd means that debt collection statute is normally shorter and your case it may not be.

Message 2 of 10
guiness56
Epic Contributor

Re: Questions about PFD with OC


@Anonymous wrote:

Hi there! I have a 3 year old CO for about $7500. I've made small GW payments monthly, even after the CO, so it's never gone to collections. Today I got a call from the person handling my account and she seems to want to make a deal. She offered to let me pay 75% for settlement of the account, but claims there's no way to remove the information from the CRAs. I didn't agree to anything, but told her that I'd talk it over with my husband and return her call if we came to a decision.

 

I'd love to have this debt off my back, but can't afford to PIF at this time. I also am not very motivated to get the debt settled if it's not going to come off my reports, kwim? What I'd really like is to make an offer of less than the whole amount (I'm hoping about 60%) in exchange for settlement of the debt and deletion from the reports. I'm tempted to just wait out the next 3 years while making my GW payments until it falls off the reports if I can't have it removed sooner. Can they still collect after that time?

 

Am I crazy? I've seen many posts about negotiating for less that PIF when dealing with CAs, but nothing about dealing with OC. Is it different in some way? Is there anything I should know or do before taking this any further? Any advice would be greatly appreciated. Smiley Happy Thanks!


 

Once an item falls off of your credit report due to age, they can continue to collect.

 

Since you have been making payments after the CO, you could have restarted your states SOL for suing.  Some states say that when the SOL has expired, so has the debt.  Not many of them but, there are a few.

 

Only offer the settlement if you can afford to pay it.  The OC can have it deleted from your CR if they are willing to do that.  I find more CAs will do this before the OC will.

 

Message 3 of 10
Anonymous
Not applicable

Re: Questions about PFD with OC

Daboss- Thanks!

 

Soo.... Every month that I make a payment resets the SOL? The SOL applies to collection not reporting, correct? If I understand correctly, the SOL in my case would be 4 years. That's accordning to this site: http://www.bcsalliance.com/y_debt_sol.html    I'm in California. According to my CRs, they're not reporting my DOLA at all, even though I make tiny monthly payments. The box is just blank, what's up with that?

 

I find it a little funny that I may have put myself in a more favorable position if I'd just stopped paying entirely instead of trying and making small payments, lol. That's what I get for trying to do the right thing! Ohhh well....

 

I'd like to clarify when the account will be deleted from my credit reports before I pay anything. Since they're not reporting any of my activity, my reports say it will be there until March of 2014. I'd like a heads up if it's going to turn into 2017 or something. Ugh!

 

Thanks again for your help!

 

Message 4 of 10
guiness56
Epic Contributor

Re: Questions about PFD with OC

No, it will still be removed in 2014.  Making a payment does not make it stay longer on your reports.

Message 5 of 10
Anonymous
Not applicable

Re: Questions about PFD with OC


@guiness56 wrote:

@Anonymous wrote:

Hi there! I have a 3 year old CO for about $7500. I've made small GW payments monthly, even after the CO, so it's never gone to collections. Today I got a call from the person handling my account and she seems to want to make a deal. She offered to let me pay 75% for settlement of the account, but claims there's no way to remove the information from the CRAs. I didn't agree to anything, but told her that I'd talk it over with my husband and return her call if we came to a decision.

 

I'd love to have this debt off my back, but can't afford to PIF at this time. I also am not very motivated to get the debt settled if it's not going to come off my reports, kwim? What I'd really like is to make an offer of less than the whole amount (I'm hoping about 60%) in exchange for settlement of the debt and deletion from the reports. I'm tempted to just wait out the next 3 years while making my GW payments until it falls off the reports if I can't have it removed sooner. Can they still collect after that time?

 

Am I crazy? I've seen many posts about negotiating for less that PIF when dealing with CAs, but nothing about dealing with OC. Is it different in some way? Is there anything I should know or do before taking this any further? Any advice would be greatly appreciated. Smiley Happy Thanks!


 

Once an item falls off of your credit report due to age, they can continue to collect.

 

Since you have been making payments after the CO, you could have restarted your states SOL for suing.  Some states say that when the SOL has expired, so has the debt.  Not many of them but, there are a few.

 

Only offer the settlement if you can afford to pay it.  The OC can have it deleted from your CR if they are willing to do that.  I find more CAs will do this before the OC will.

 


Yay, I figured out how to quote!

 

Thanks for the advice! I'm definitely weighing my options carefully and don't plan to make any obligations I can't keep. Hopefully I'm not restarting any SOLs by doing this, but I guess all I can do is find out!

Fingers crossed that they agree to delete. I know it's a far fetched hope, but.....

Message 6 of 10
Anonymous
Not applicable

Re: Questions about PFD with OC


@guiness56 wrote:

No, it will still be removed in 2014.  Making a payment does not make it stay longer on your reports.


YAAAAAY! That's encouraging, thanks!

Message 7 of 10
guiness56
Epic Contributor

Re: Questions about PFD with OC

Glad you found the quote button!

 

If you have been making regular payments, chances are you have restarted the suing SOL.  What state are you in?

Message 8 of 10
Anonymous
Not applicable

Re: Questions about PFD with OC


@Anonymous wrote:

Daboss- Thanks!

 

Soo.... Every month that I make a payment resets the SOL? The SOL applies to collection not reporting, correct? If I understand correctly, the SOL in my case would be 4 years. That's accordning to this site: http://www.bcsalliance.com/y_debt_sol.html    I'm in California. According to my CRs, they're not reporting my DOLA at all, even though I make tiny monthly payments. The box is just blank, what's up with that?

 

I find it a little funny that I may have put myself in a more favorable position if I'd just stopped paying entirely instead of trying and making small payments, lol. That's what I get for trying to do the right thing! Ohhh well....

 

I'd like to clarify when the account will be deleted from my credit reports before I pay anything. Since they're not reporting any of my activity, my reports say it will be there until March of 2014. I'd like a heads up if it's going to turn into 2017 or something. Ugh!

 

Thanks again for your help!

 


That is false self reassurance ... they have proof of payment... nothing can reset your reporting unless you became current but it's already been charged off.  So the credit reporting drop off time will remain the same.   It's not gonna change.

 

However if you decide to ignore it now it can go to collections now that you kept contact with them you have kept them alerted to your status and it is within the sol. 

Message 9 of 10
guiness56
Epic Contributor

Re: Questions about PFD with OC


@Anonymous wrote:

@Anonymous wrote:

Daboss- Thanks!

 

Soo.... Every month that I make a payment resets the SOL? The SOL applies to collection not reporting, correct? If I understand correctly, the SOL in my case would be 4 years. That's accordning to this site: http://www.bcsalliance.com/y_debt_sol.html    I'm in California. According to my CRs, they're not reporting my DOLA at all, even though I make tiny monthly payments. The box is just blank, what's up with that?

 

I find it a little funny that I may have put myself in a more favorable position if I'd just stopped paying entirely instead of trying and making small payments, lol. That's what I get for trying to do the right thing! Ohhh well....

 

I'd like to clarify when the account will be deleted from my credit reports before I pay anything. Since they're not reporting any of my activity, my reports say it will be there until March of 2014. I'd like a heads up if it's going to turn into 2017 or something. Ugh!

 

Thanks again for your help!

 


That is false self reassurance ... they have proof of payment... nothing can reset your reporting unless you became current but it's already been charged off.  So the credit reporting drop off time will remain the same.   It's not gonna change.

 

However if you decide to ignore it now it can go to collections now that you kept contact with them you have kept them alerted to your status and it is within the sol. 


 

Even if it has been COd, if they do become current again, then there will be no DoFD unless they were late again.

 

 

 

Message 10 of 10
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