Will PFD letter reset SOL on a valid debt?

[goldenyears]

I am beginning the process of re-establishing my credit following some hard times several years back.  I am getting ready to write my first pfd to a collections agency on an account from ChaseBP.  The debt is far outside of the 3 year SOL and will be dropping off my credit report next year.  However, I want to make good on the original debt, as well as repair my credit sooner rather than later.

I would like to offer a settlement amount equal to the original purchase balance plus approximately $50 (the debt is now at 300x the original balance of my card).  I don't contest the debt, so I am wondering if making this offer will reset the SOL - all the example pfds and discussions I have been able to find are contesting the validity of the debt.

Am I risking resetting the SOL clock and losing my leverage by not contesting in the PFD? Suggestions?

[sge760]

I believe the SOL begins on the date of the first delinquency.  So I don't see how a letter would change that date.  Especially if they agree to your terms and delete the item - it wont matter.

I see no need to admit anything, so I wouldn't write proclaiming the debt is yours. 

[llecs]

In some states admitting to or acknowledging the debt as yours can reset SOL, even if it expired. Keep with the form PFD letter and you'll be OK. The validity question in the PFD is there to protect you. The OC/CA can't make the argument that you agreed the debt is yours.

[sge760]

That's what I meant to say

[goldenyears]

Thanks for the feedback!  I have not been winning any of these (so far), so every bit of informations helps.  This makes me a nervous wreck.  

[RobertEG]

+1

In my opinion, you should not include anything that alludes to a dispute of the debt in a PFD request.

First, it could result in their treatment of the request as a dispute, and the placing of a dispute flag in your CR.

Second, controversy does not usually promote good will.  A PFD is a form of GW request.  It does not serve the purpose of the request.

[goldenyears]

So mad at myself right now.  I used to form PFD and didn't realize it uses the phrase 'dispute the debt', and I didn't remove it.  I'm now worried they will confirm and I will have to pay the full amount (over 3/4 of the balance is fees from collection agencies) to get them to delete.  I could just kick myself, this would have fallen off in less than a year and I feel like I have blown my leverage.

If they investigate and validate the loan, what are the consequences for my ability to negotiate a PFD?

[icanimprove]

No worries goldenyears I sent my PFD's with the form letter info too. The next time you send a PFD letter  just remove the dispute language so they won't get confused.