Good afternoon, everyone.
Here is my story, as short as I can make it. Back in 07/2009, myself and a former friend of mine got a joint lease on an apartment. Suffice to say with my bad credit at the time, I was ecstatic to get the apartment. Unfortunately though, my friend of three and half years (really good friend actually up till then), decides out of the blue and nonchalantly that he will be moving out within the month (10/2009) to his sister's place. I spoke with the apartment manager and he was on my side of this since he did notice my roommate acting stranger the past month up till then. The apartment manager tried his best to keep me as a tenant by even offering to move me to a 1 bedroom, but I was part-time and not enough hours to have any money left over to pay the rent alone, nor anyone to fill the roommate's place that had good credit.
Fast forward to today and I of course have this collection on my account. The original balance is $2,918 and the high balance by the CA is $3,609. The drop off date is in 2016 which I cannot afford to wait till then. I live with a family right now whom have been very good to me, but unfortunately for me the parents are planning to move soon by the end of this year or up to middle of next year. Now I am willing to pay up to HALF of the $2,918 amount since for one, I don't feel this should entirely rest on my shoulders due to the situation caused by the ex-roommate and him not bothering to ever help pay this debt off. By the end of this month I will have enough to comfortably pay up to half of the $2,918 as stated, with some reserve money to make sure other expenses are covered.
This is an account that is still within the SOL and it would be about 6 months roughly till I would have the full $2,918 amount without compromising my own monthly expenses. I've had the CA call me a couple of times, even earlier today, but I never talk to them on the phone since I'm unsure how I want to proceed exactly with this last collection on my account. (The other is a medical collection that falls of this month.)
So essentially, I am wondering what would be the best course of action to take in regards to this collection. Any input, advice, thoughts, etc., is appreciated and I will be thankful. Have a great day everyone.
Starting Score: EX: 646, EQ: 624, TU: 639 (07/26/2013)
@Brax wrote:Wakefield is very very unwilling to delete no matter what, so I would be very very careful with how you proceed with this. Whatever you do, DO NOT bring this account to their attention until: 1. The SOL is up or 2. The OC will take this account back with full payment. or 3. You can pay the CA the whole amount + interest to get PFD (if no PFD settle for a % of original amount)
As a general note, this CA is more incompetent than most. They charge one of the lowest collections rates in the state but have a dismal collections rate. I think one of the reasons they can be the cheapest is they employ convicted felons (supposedly from a convincing review with inside info). I would be very careful with how you deal with this CA, I have read the strangest stories of dealings with them over the phone.
Thank you so much for replying! Yeah, I have read some awful things about this CA and it's the only one I have to deal with at this point. Thankfully the apartment complex is only a 5-10 minute drive from me and if the original manager is there, hopefully I can talk to him about paying it. Of course though, I should have more of the money upfront as you suggested to follow through on it and of course the SOL to be up. I'd rather pay the apartment company as opposed to Wakefield & Associates. February 2010 is when the account was opened with Wakefield from what I am reading on my CR and I'm in California, so I believe the SOL is 4 years.
That sounds like a good strategy to first talk to the apartment complex and see what you can work out with them. Better to deal with someone local than try your luck with some ex-felons in a sketchy part of Denver, CO. (Wakefield is located in Aurora, a questionable suburb of Denver)
I figured you were out of state from where Wakefield is. You're getting a decent break from their incompetence, it seems like they're only tacking on 5-6% in fictitious "legal" interest whereas most states the imaginary pretend interest is 8-15%. Not only is time on your side, you're very fortunate the SOL is up (You’re correct it is 4 years in California). No doubt Wakefield doesn't have a clue about California law; they can barely get their act together pursuing defendants in the Denver area. Ha. 
@Brax wrote:That sounds like a good strategy to first talk to the apartment complex and see what you can work out with them. Better to deal with someone local than try your luck with some ex-felons in a sketchy part of Denver, CO. (Wakefield is located in Aurora, a questionable suburb of Denver)
I figured you were out of state from where Wakefield is. You're getting a decent break from their incompetence, it seems like they're only tacking on 5-6% in fictitious "legal" interest whereas most states the imaginary pretend interest is 8-15%. Not only is time on your side, you're very fortunate the SOL is up (You’re correct it is 4 years in California). No doubt Wakefield doesn't have a clue about California law; they can barely get their act together pursuing defendants in the Denver area. Ha.
Lol, so very true. You are right, time is on my side thankfully. I will just wait it out till a little after February and then speak with the apartment complex about resolving the debt with them. If it comes down to it, I'll just pay the whole dang thing myself. I at least, want to fix my credit even if the other individual wants to squander his. Thank you so much for your insight and advice, it truly does help! I've learned so much in the past several months on this site, it's been the best one I've come across thus far in regards to credit. Have a great day!