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I have one baddie remaining on EX that is a CO from the OC. It's $8k and it ages off in 2 years. This is the only thing preventing me from getting a new home and an AMEX & who ever else pulls EX.
I got a return call from the OC trying to work out some sort of agreement. I mentioned that I'm only interested in negotiating a PFD or I'll just let it fall off in 2 years. OC was very interested in helping me of course discussing options like payments, settlement, etc. I was not interested in those options. OC said he would like to help me out if I wrote a hardship letter and provide a recent paystub, utility bill with my name on it, & 3 references. I immediately responded Im not providing references but I will write a letter.
I'm asking for some advice here on how I should handle this. I get the feeling that this is info this CU is going to use to maybe sell to a JDB. But I doubt it because it's so old and they have issued a 1099c on this in 2010. Do you think I have a shot at a PFD? Should I leave it be? Do you think OC would negotiate for less than 50% of the balance for a PFD? What would you do?
Thanks a Milly,
Wrong section.
You should definitely aim for PFD, but even when OC refused to PFD you should pay off the debt so it reflects paid CO from CR. When it comes to mortgage or manual credit review paid CO is much better than unpaid CO.
I'll leave the rest to others. Keep everything in writing.
Whatever you do, make sure you do not re-age the account.
Either PIF or let it age off.
If you are really in the hunt to buy a home within the next two years, then just PIF - if not, then don't.
Considering a 1099 has been issued, I'd make sure to get it in writing. Apparently; issuing a 1099 doesn't discharge the debt so your only option is a PFD. "Settled for less" will not fully improve things.
Give him documents?? UMM NO!!!!
The only that letter would contain if I was going to write them is address, phone number, and IF PAID IN FULL WILL YOU DELETE THE ENTIRE ACCOUNT OFF MY CREDIT REPORT?
The debt is 8 years old and you can't get a mortgage?
No the debt is not 8 years old. It is 5 years old. Thus its due to fall off in 2 yrs. Do you think I have the upperhand in negotiating a PFD for less than the 8k? Say 3 0r 4k for a PFD?
@CapnCrunch wrote:No the debt is not 8 years old. It is 5 years old. Thus its due to fall off in 2 yrs. Do you think I have the upperhand in negotiating a PFD for less than the 8k? Say 3 0r 4k for a PFD?
Have you verified that it is outside SOL? If not, you could end up triggering a lawsuit. If it is outside SOL, I suppose there is a chance because OC can't collect anything if you choose not to pay. Though negotiating with the original creditor is not like negotiating with a collection agent who purchased the debt for a fraction of the total amount.
Yes its outside SOL.
Thread moved to Rebuilding Your Credit.