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can I send one PFD letter to collection agency that holds FIVE accounts?

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damnedanddetermined
Established Contributor

can I send one PFD letter to collection agency that holds FIVE accounts?

Ok guys~ got a question and couldnt find it listed anywhere, so if this has been said before, please forgive me Smiley Happy  I have (5) collection accts, yes I said FIVE with Portfolio that I want to PFD...my question is:: do I write one letter and list all the accts with them for a settlement of 20 or 30% (kinda of one lump sum) or is it better to write for each account? Cant stand this company!!! Oh, and I have 2 years til SOL runs out...  Ive also got (2) from Midland as well....any advice out there? Thanks in advance, I know you guys can rock this!!

Message 1 of 5
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gdale6
Moderator Emeritus

Re: can I send one PFD letter to collection agency that holds FIVE accounts?


@damnedanddetermined wrote:

Ok guys~ got a question and couldnt find it listed anywhere, so if this has been said before, please forgive me Smiley Happy  I have (5) collection accts, yes I said FIVE with Portfolio that I want to PFD...my question is:: do I write one letter and list all the accts with them for a settlement of 20 or 30% (kinda of one lump sum) or is it better to write for each account? Cant stand this company!!! Oh, and I have 2 years til SOL runs out...  Ive also got (2) from Midland as well....any advice out there? Thanks in advance, I know you guys can rock this!!


If they are inside SOL you are not getting a settlement of what you have proposed here, typically its 75% to the full amount and if you cant pay off in full I suggest you dont even contact them till they are past SOL. I would send PFD for each individual account so you can keep track of who is getting paid and when. They may try to force you to pay them all at same time. Im going to tell you these 2 JDBs are the worst or the group and rarely do PFDs so you are looking at an uphill battle. Just be careful in how you deal with them inside SOL you dont want a judgment as well,  good luck Smiley Happy

Message 2 of 5
Anonymous
Not applicable

Re: can I send one PFD letter to collection agency that holds FIVE accounts?


@gdale6 wrote:

@damnedanddetermined wrote:

Ok guys~ got a question and couldnt find it listed anywhere, so if this has been said before, please forgive me Smiley Happy  I have (5) collection accts, yes I said FIVE with Portfolio that I want to PFD...my question is:: do I write one letter and list all the accts with them for a settlement of 20 or 30% (kinda of one lump sum) or is it better to write for each account? Cant stand this company!!! Oh, and I have 2 years til SOL runs out...  Ive also got (2) from Midland as well....any advice out there? Thanks in advance, I know you guys can rock this!!


If they are inside SOL you are not getting a settlement of what you have proposed here, typically its 75% to the full amount and if you cant pay off in full I suggest you dont even contact them till they are past SOL. I would send PFD for each individual account so you can keep track of who is getting paid and when. They may try to force you to pay them all at same time. Im going to tell you these 2 JDBs are the worst or the group and rarely do PFDs so you are looking at an uphill battle. Just be careful in how you deal with them inside SOL you dont want a judgment as well,  good luck Smiley Happy


I would suggest you find a way to take care of these ASAP.  If they get a judgement you're going to have an additional derog on your report that can end up on your report indefinetly if your state allows judgements to be renewed.  You also open yourself up to wage garnishments.  Two years is a long time to leave yourself open to a surpise on your report.

Message 3 of 5
damnedanddetermined
Established Contributor

Re: can I send one PFD letter to collection agency that holds FIVE accounts?

I havent heard from them in about 3 years! Just want them off my reports! Should I take this to a higher up and bypass all the BS from phone reps? Should I just leave the "sleeping bear" alone?  Is it true a cr has to be free of all ca/co to qualify for a mortgage? Read somewhere if they are older, it wont matter. Is that just to some financing companies? Tks for the advice Smiley Happy)

Message 4 of 5
Anonymous
Not applicable

Re: can I send one PFD letter to collection agency that holds FIVE accounts?


@damnedanddetermined wrote:

I havent heard from them in about 3 years! Just want them off my reports! Should I take this to a higher up and bypass all the BS from phone reps? Should I just leave the "sleeping bear" alone?  Is it true a cr has to be free of all ca/co to qualify for a mortgage? Read somewhere if they are older, it wont matter. Is that just to some financing companies? Tks for the advice Smiley Happy)


Those are questions that only a loan officer can answer with any accuracy. I have CAs on my report, but they're all PIF/settled. Due to their age and the situation that caused that issues, my LO isn't concerned with their existence or whether they were settled. He was concerned about everything closed showing up with a $0 balance and everything open showing 6 (preferably 12) months of on-time payments. I'm also looking for a very small mortgage relative to my income, which makes a difference.

 

Agree with gdale - don't try to PFD before SOL runs out unless you can pony up 100%. How long is the SOL here? Make sure that any discussion of payment has a contingency clearly attached. In some states, a promise to pay or simple acknowledgement of the debt restarts SOL. Don't deny you know what they are, as the JDBs will take that as a dispute - don't even mention their status.

 

I think you'd be OK with sending one PFD per CA. Keep it short a sweet so they have nothing else to respond to. Title it in business form (their name/address to the left, yours to the right, date above salutation).

 

I am offering the following payments in exchange for the complete and prompt deletion of the listed accounts from my reports with Experian, Equifax and Transunion. 

 

Put in a table showing date listed on your CR, account number, amount requested, amount you're willing to pay. Total the amounts requested and amount you'll pay at the bottom.

 

Please respond with your explicit written agreement by US mail within [however many] business days of your receipt of this offer.

 

Don't sign it. Send CRMRR. 

Message 5 of 5
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