topic Re: PLEASE HELP............................... in General Credit Topics

PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 18:22:17 GMT

First Premier sold my account to Arrow Financial Services and both show on my credit report monthly. My balance with first premier was $489. Now with Arrow Financial the balance is at $932.32. I wrote Arrow Financial a letter to settle but I got no response yet. Yesterday I got a letter from Jefferson Capital Systems, LLC stating that they're in charge of my account now. The letter stated:

Your Original Creditor: FIRST PREMIER

Your Current Creditor: ARROW FINANCIAL SERVICE, LLC

Amount Due:$ 932.32

Dear Customer:

Please allow this letter to introduce Jefferson Capital System, LLC as server of your delinquent account. Your account has been place with us for collection by ARROW FINANCIAL SERVICE.................... and now Jefferson want to settle for $652.62.

Now I am confused, who do I pay, I would like to settle with Arrow and ask for a deletion. I am also worried that Jefferson may pop up on my credit report.

What should I do? Any advise is helpful......................

Re: PLEASE HELP...............................

My_dog_FICO — Tue, 27 Nov 2007 18:34:35 GMT

Someone else help me here:

IMO

First - contact First Premier and see if you can settle the debt with them. If they still own it, see if they will do a PFD.

Second - if they don't own it, they will give you the info of who does. Contact the new owner and do a PFD with them, by mail - CMRRR. If again, they don't own it, they'll direct you to who does.

If the latest CA gets frisky, send them a DV. It will stop the calls and the legal paperwork if they're threatening a judgement, at least until they reply. If one and two above are a bust, then maybe the last CA really does own it. In that case, do a PFD with them.

This is the course of action that I'm doing now with my DH CR. I avoid CA's at all costs.

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 18:36:28 GMT

Hmmm something sounds a tad bit odd, Arrow which is a CA has hired a collection agency< Jefferson? What I would do is 1. send out a Debt Validation letter to Jefferson and 2. I would start with the top, First Premier, ask about your account and they should tell you who is charge of collecting it. If they say Arrow, then call Arrow and ask them about your account and Jefferson.

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 18:40:03 GMT

If Jefferson is indeed in charge of collecting on your account, and they are not yet on your Credit Report it may be wise to take them up on their settlement offer or see if you can negoitate even lower but that's not a bad amount. And if you can get this taken care of before Jefferson hits your CR then that's is very good and you would avoid all the extra fees, interest and over the limit fee's are going to continue until it's settled.

Re: PLEASE HELP...............................

My_dog_FICO — Tue, 27 Nov 2007 18:44:21 GMT

Don't forget, if Jefferson really is the debt owner, then Arrow has no right to the debt and should not be reporting it. Send a dispute to all three CRAs if Jefferson is the owner.

Unfortunately you probably won't get FP to remove their entry as they are the OC and have a right to report.

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 18:46:06 GMT

If I settle with Jefferson, do I have any option with First Prem or Arrow with deleting them out my credit report?

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 19:01:51 GMT

Just talk to Arrow they still own the account, Jefferson had the account and give it back....................

Re: PLEASE HELP...............................

My_dog_FICO — Tue, 27 Nov 2007 19:09:08 GMT

Blues - Will Arrow do a PFD? You can ask them on the phone, and then get them to fax you a settlement letter if they do. If you can be humbly convincing, they may just be nice enough to do this for you. You have to play the beat dog with some creditors for PFD's but it is so worth it.

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 19:26:31 GMT

just talk to a rep from Arrow and was told they donot delete anything off a credit report, all she could do is update it...........

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 19:28:57 GMT

should i sent a gw letter?????????????

Re: PLEASE HELP...............................

My_dog_FICO — Tue, 27 Nov 2007 19:31:10 GMT

If you're sweet to them before you settle, they MIGHT be nice enough to recode it as "Paid as Agreed". They definitely don't have to though.

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 19:31:16 GMT

First - STOP CALLING

Write a PFD letter and keep sending it monthly until they agree or it fall off your report. If you are past SOL for your state this is the only way they can get paid - in about the third letter let them know this.

According to FUSED - there is no good done by paying a collection without a PFD.

Re: PLEASE HELP...............................

llecs — Tue, 27 Nov 2007 19:33:16 GMT

I'm in the same boat as you. It's amazing how $150 of original debt became $1200 in three years time, in my case. The OC reported half that and the CA (Arrow) reports $1200. I DV'd Arrow and they never responded (my DV was past 30 days of initial contact). Jefferson, in turn, has sent letters on behalf of them also. In fact, Jefferson sent me a CC offer in which I would pay half owed and they would send a CC in return. To the trash it went. The CRTP ends late next year so I decided to sit it out. This past weekend, EX deleted the OC off the report with me doing anything. And who says that EX is the devil?!

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 19:58:08 GMT

Arrow Fin

Date Opened 11/05/2004

Date Report: 10/01/2007

I live in NJ, what would be my SOL?

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 20:31:43 GMT

New Jersey Statutes of Limitation

Conversion of an instrument for money: 3 years, (N.J.S.A.12A: 3-118(g)).

Sale of goods under the UCC: 4-years, (N.J.S.A. 12A; 2-725).

Real or personal property damage, recovery and contracts not under seal: 6 years (N.J.S.A. 2A: 14-1).

Demand Notes when no demand is made: 10 years. If demand made: 6 years from date of demand, (12A: 3-118(b)).

Obligations under seal for the payment of money only, except bank, merchant, finance company or other financial institution: 16 years, (N.J.S.A. 2A: 14-4) actions for unpaid rent if lease agreement is under seal, (N.J.S.A. 2A: 14-4).

Real estate: 20 years, (N.J.S.A. 2A: 14-7); Judgments: 20 years, renewable, (2A: 14-5); Foreign judgments: 20 years (unless period in originating jurisdiction is less), (2A: 14- 5).

Unaccepted drafts: 3 years from date of dishonor or 10 years from date of draft, whichever expires first, (12A: 3- 118(c)).

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 20:35:57 GMT

still confused , where do my situation fall............ sorry for the nagging but you are so helpful

thanks

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 20:54:27 GMT

if they don't show it as paid then do thissse my post under this topic)

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=57409

Re: PLEASE HELP...............................

Anonymous — Tue, 27 Nov 2007 21:55:41 GMT

Probably (note the probably) this one:

Real or personal property damage, recovery and contracts not under seal: 6 years (N.J.S.A. 2A: 14-1).

If a NJ Resident with experience can chime in they may be more useful