Reply
Regular Contributor
Posts: 176
Registered: ‎02-08-2010
0

Re: VZW Settlement Letter

Yea they said I was current after the 30 day which I know I wasn't because I had BK right after ....but I'm sending new disputes to the CRA with proof, I'm hoping that will fix the crap they pull, they only gained one more year of being able to report and DOFD is in March of 2011 for 7 years, but I'll need to wait another 180 days because it was marked Charge off. Gotta love Americredit.

New Contributor
Posts: 53
Registered: ‎03-31-2008
0

Re: VZW Settlement Letter

What are the cons if I accept the settlement?


 

Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
0

Re: VZW Settlement Letter


PharmaStockman wrote:

What are the cons if I accept the settlement?


 


As long as you get a General Release from them when you settle, the only con I see if that they can send you a 1099 and the "forgiven" amount will be treated as taxable income.

IAALBNYL
New Contributor
Posts: 53
Registered: ‎03-31-2008
0

Re: VZW Settlement Letter

Well, then that's it... I'll certainly settle if that's the only con. I just didn't want the debt to reage.

Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
0

Re: VZW Settlement Letter


PharmaStockman wrote:

Well, then that's it... I'll certainly settle if that's the only con. I just didn't want the debt to reage.


Understandable.  Payment can not reset the DOFD, though in some states it can toll the SOL.  Still, since you will be getting a General Release the SOL is irrelevant. 

Have you given up on hopes for a PFD?  You said you tried using PlanetFeedback three times, but did you try to approach the creditor directly?

IAALBNYL
New Contributor
Posts: 53
Registered: ‎03-31-2008
0

Re: VZW Settlement Letter

 


O6 wrote:

PharmaStockman wrote:

Well, then that's it... I'll certainly settle if that's the only con. I just didn't want the debt to reage.


Understandable.  Payment can not reset the DOFD, though in some states it can toll the SOL.  Still, since you will be getting a General Release the SOL is irrelevant. 

Have you given up on hopes for a PFD?  You said you tried using PlanetFeedback three times, but did you try to approach the creditor directly?


Yes, basically I've given up on PFD... I've spoken to an executive assistant 3x, 2 supervisors in their recovery department, and shot an email to a PR person early this week and I've come up blank (all of which are from the OC)... I plan one last shot when I call in to settle. I'll ask for a supervisor and  I'll do the routine again... If all else fails I'll settle on the spot with a promise for a GR... Do I ask them to send it to me once I pay them? How does it work?

 

Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
0

Re: VZW Settlement Letter


PharmaStockman wrote:

 


O6 wrote:

PharmaStockman wrote:

Well, then that's it... I'll certainly settle if that's the only con. I just didn't want the debt to reage.


Understandable.  Payment can not reset the DOFD, though in some states it can toll the SOL.  Still, since you will be getting a General Release the SOL is irrelevant. 

Have you given up on hopes for a PFD?  You said you tried using PlanetFeedback three times, but did you try to approach the creditor directly?


Yes, basically I've given up on PFD... I've spoken to an executive assistant 3x, 2 supervisors in their recovery department, and shot an email to a PR person early this week and I've come up blank (all of which are from the OC)... I plan one last shot when I call in to settle. I'll ask for a supervisor and  I'll do the routine again... If all else fails I'll settle on the spot with a promise for a GR... Do I ask them to send it to me once I pay them? How does it work?

 


It's generally best to hand them the money order with one hand and get the GR in the other, but it's not always practical.

 

What you can do is tell them that once they receive payment and it clears, to send you a General Release.  Further, I would advise paying by personal check and not a m.o. or cashiers check.  On the back of your personal check add a restrictive endorsement stating that encashment of this check constitutes payment in full and a general release from future liability for this debt.

 

Write the account number on the face of the check and in the "Memo" section write: Payment in Full.

 

Save any e-mail or correspondence they've sent you and keep careful notes of who you talk to, when you talk to them and what is said.

 

That should suffice to cover your rear if things go sour.

IAALBNYL
New Contributor
Posts: 53
Registered: ‎03-31-2008
0

Re: VZW Settlement Letter

 


O6 wrote:

PharmaStockman wrote:

 


O6 wrote:

PharmaStockman wrote:

Well, then that's it... I'll certainly settle if that's the only con. I just didn't want the debt to reage.


Understandable.  Payment can not reset the DOFD, though in some states it can toll the SOL.  Still, since you will be getting a General Release the SOL is irrelevant. 

Have you given up on hopes for a PFD?  You said you tried using PlanetFeedback three times, but did you try to approach the creditor directly?


Yes, basically I've given up on PFD... I've spoken to an executive assistant 3x, 2 supervisors in their recovery department, and shot an email to a PR person early this week and I've come up blank (all of which are from the OC)... I plan one last shot when I call in to settle. I'll ask for a supervisor and  I'll do the routine again... If all else fails I'll settle on the spot with a promise for a GR... Do I ask them to send it to me once I pay them? How does it work?

 


It's generally best to hand them the money order with one hand and get the GR in the other, but it's not always practical.

 

What you can do is tell them that once they receive payment and it clears, to send you a General Release.  Further, I would advise paying by personal check and not a m.o. or cashiers check.  On the back of your personal check add a restrictive endorsement stating that encashment of this check constitutes payment in full and a general release from future liability for this debt.

 

Write the account number on the face of the check and in the "Memo" section write: Payment in Full.

 

Save any e-mail or correspondence they've sent you and keep careful notes of who you talk to, when you talk to them and what is said.

 

That should suffice to cover your rear if things go sour.


Fantastic info here O6!! I really appreciate it! This should be pinned.

 

Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
0

Re: VZW Settlement Letter


PharmaStockman wrote:

 


O6 wrote:

PharmaStockman wrote:

 


O6 wrote:

PharmaStockman wrote:

Well, then that's it... I'll certainly settle if that's the only con. I just didn't want the debt to reage.


Understandable.  Payment can not reset the DOFD, though in some states it can toll the SOL.  Still, since you will be getting a General Release the SOL is irrelevant. 

Have you given up on hopes for a PFD?  You said you tried using PlanetFeedback three times, but did you try to approach the creditor directly?


Yes, basically I've given up on PFD... I've spoken to an executive assistant 3x, 2 supervisors in their recovery department, and shot an email to a PR person early this week and I've come up blank (all of which are from the OC)... I plan one last shot when I call in to settle. I'll ask for a supervisor and  I'll do the routine again... If all else fails I'll settle on the spot with a promise for a GR... Do I ask them to send it to me once I pay them? How does it work?

 


It's generally best to hand them the money order with one hand and get the GR in the other, but it's not always practical.

 

What you can do is tell them that once they receive payment and it clears, to send you a General Release.  Further, I would advise paying by personal check and not a m.o. or cashiers check.  On the back of your personal check add a restrictive endorsement stating that encashment of this check constitutes payment in full and a general release from future liability for this debt.

 

Write the account number on the face of the check and in the "Memo" section write: Payment in Full.

 

Save any e-mail or correspondence they've sent you and keep careful notes of who you talk to, when you talk to them and what is said.

 

That should suffice to cover your rear if things go sour.


Fantastic info here O6!! I really appreciate it! This should be pinned.

 


One important distinction:  This restrictive endorsement only works in your case because you have already reached a settlement agreement with the creditor.  If you had no such agreement, this type of restrictive endorsement would be useless.

IAALBNYL
New Contributor
Posts: 53
Registered: ‎03-31-2008
0

Re: VZW Settlement Letter

 


O6 wrote:

PharmaStockman wrote:

 


O6 wrote:

PharmaStockman wrote:

 


O6 wrote:

PharmaStockman wrote:

Well, then that's it... I'll certainly settle if that's the only con. I just didn't want the debt to reage.


Understandable.  Payment can not reset the DOFD, though in some states it can toll the SOL.  Still, since you will be getting a General Release the SOL is irrelevant. 

Have you given up on hopes for a PFD?  You said you tried using PlanetFeedback three times, but did you try to approach the creditor directly?


Yes, basically I've given up on PFD... I've spoken to an executive assistant 3x, 2 supervisors in their recovery department, and shot an email to a PR person early this week and I've come up blank (all of which are from the OC)... I plan one last shot when I call in to settle. I'll ask for a supervisor and  I'll do the routine again... If all else fails I'll settle on the spot with a promise for a GR... Do I ask them to send it to me once I pay them? How does it work?

 


It's generally best to hand them the money order with one hand and get the GR in the other, but it's not always practical.

 

What you can do is tell them that once they receive payment and it clears, to send you a General Release.  Further, I would advise paying by personal check and not a m.o. or cashiers check.  On the back of your personal check add a restrictive endorsement stating that encashment of this check constitutes payment in full and a general release from future liability for this debt.

 

Write the account number on the face of the check and in the "Memo" section write: Payment in Full.

 

Save any e-mail or correspondence they've sent you and keep careful notes of who you talk to, when you talk to them and what is said.

 

That should suffice to cover your rear if things go sour.


Fantastic info here O6!! I really appreciate it! This should be pinned.

 


One important distinction:  This restrictive endorsement only works in your case because you have already reached a settlement agreement with the creditor.  If you had no such agreement, this type of restrictive endorsement would be useless.


Gotchya! Thanks again!

 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.