topic Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV) in Rebuilding Your Credit

wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Fri, 12 Mar 2010 04:55:22 GMT

like i'm ready to pay the entire balance and collections costs to holloway credit solutions, lump sum if they will agree to delete, they won't. it's 1800 bucks! i've been leaning and leaning and trying and trying. technically they don't HAVe to delete, but i'm gonna keep on trying and leaning.

now i'm gonna see if LVNV will delete. (this is a different debt)

I really wanna just say look "which ever one of you agrees to a PFD in writing, is the one that will get this ceritfied check"

as of right now the money is in my savings account gaining some interest. i've got a good mind to take it and pay the rest of my car off haha

but i've emailed, written letters, even spoken to a supervisor (holloway). I think i'm going to write the owner of that place now.

Message Edited by utilitybelt on 03-11-2010 01:30 PM

Message Edited by utilitybelt on 03-11-2010 10:55 PM

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Thu, 11 Mar 2010 21:11:06 GMT

ok i'm sending another PFD letter to CEO and president of holloway credit solutions return receipt. LVNV just offered mea settlement of 1/2 the total amount they show owed. I told them to mail it to me, i'm thinking about taking it. I'm up against the clock. These are the last two baddies on my account

I wonder how much it will hurt my score to have that "paid for less then agreed" notation on my report. I've got some more research to do.

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Thu, 11 Mar 2010 23:19:25 GMT

Hi Utilitybelt,

From my experience, if you settle w/o the deletion you may incur a score bump toward the negative. it will only improve your score if it is deleted (as FICO view paid collections and unpaid collections the same). Now on the other hand, if a loan officer is looking at your report, it may be in your favor to see that the debt was paid.

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Thu, 11 Mar 2010 23:26:22 GMT

hello, sugasears220

yep.

pros and cons to everything.... i wonder how many points i'll lose if i accept their offer. i've got some thinking and researching to do tonight. wow i'll never let myself to get into this situation (if i can help it) again. young and stupid the original limit for this card was only 1700 bucks i think. now i'm looking at 3 grand. 1500 to settle it is a plus i guess. trade off is a lower fico score. can't have it all *sigh*

i wish i knew someone that worked there

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Thu, 11 Mar 2010 23:47:03 GMT

not sure how many points you're gambling to loose. i'll leave that answer up to one of the MyFico pros.

but don't beat yourself up over it all, we have all been there. That's why we're here....what a great support system / shoulder to lean on.

best of luck to you.

Message Edited by sugasears220 on 03-11-2010 03:47 PM

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Thu, 11 Mar 2010 23:56:44 GMT

Isn't the damage already done for the most part? If the CA is sitting on your account, and you pay them, I think you'll just suffer a minor/ short-lived ding for the recent activity. Then the time distance of a few months will subside. The difficult part is still having it on your report and in my experience it's used against me.

That is real surprising they would rather offer a settlement (less money) than delete. What if you didn't appear to anxious? Are you out of SOL? If you are, and I were in your place, I'd quit talking to them for a few months. I'd let the CA age a bit, knowing they can't sue, and then out of the blue, when they get desperate, I'd offer PFD again. Instead of sounding desperate I'd give the impression of "take it or leave it, buddy".

Just offering my two cents here. I think that's what they are doing; seeing you interested in something obviously requiring good credit and they would rather take less money then make a good will adjustment for you and delete the CA account for a full amount. They probably think you are trying for a home loan. I'd send them a letter and say, your style of course lol, You're not looking to cash in the tax credit, you were just trying to make everyone happy. Hope something works out for you. Keep us updated!

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Fri, 12 Mar 2010 01:07:24 GMT

I can't understand why your score lowers when you pay off an amount of debt on your credit report... shrug.

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Fri, 12 Mar 2010 02:34:05 GMT

Only when you pay off collection debt. Because collection accounts are weighed negatively as opposed to healthy tradelines. Paying it will lead the CA to update your reports as such and the recent activity weighs in on the account as a whole. FICO doesn't care if it's paid or unpaid. Weighs as a recent collection if there is any activity on it.

Would be nice if one was marked in a more favorable light after paying a collection. Although something happened to lead to a collection, what about all the medical collections, lack of forwarding address, etc. In a perfect world there would be another step before a collection happens; like hospitals that actually talked to you (my experience), friendly phone call reminders, etc. I don't know. Just tired of it all. lol

Message Edited by leah5570 on 03-11-2010 06:34 PM

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Fri, 12 Mar 2010 04:17:44 GMT

just to clarify.

holloway: won't delete at all. i sent a PFD to the president and ceo today. hopefully that'll work.

LVNV: they offered to settle for 2 grand originally. then they got my pfd letter request in the mail. they offered to settle for 1500. i told them to send it to me in writing. so we'll see if i can work some magic with that. i guess it's ok since the debt was 2700 when they got it.

i'd like to have them both deleted, but i really just need one paid/settled and the other under a grand in order to qualify for a mortgage in april...so waiting it out is not an option. i've had another CA delete....these are the last two. i'd imagine that they have a lot of people trying to get in on this tax credit.

maybe after i get the mortgage, i can still work something out and just GW the dickens out of them. main priority is getting the mortgage tho. i'm really trying to act like the ball is in my court, but with every passing day, it's in theirs lol

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Fri, 12 Mar 2010 04:27:36 GMT

oh and the SOL hasn't expired for LVNV,

the holloway is a school bill so it HAS to be paid

thanks for all your input folks. this place has REALLY helped me and so many others

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

JoeBJay20 — Fri, 12 Mar 2010 14:39:11 GMT

@Anonymous wrote:
I can't understand why your score lowers when you pay off an amount of debt on your credit report... shrug.

You have to remember that FICO is designed to predict how likely you are to repay your debts on time. This is why there is no positive effect for paying off collection accounts, the fact that you were late is the issue.

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Fri, 12 Mar 2010 16:59:50 GMT

True, but it would seem like it should be score-neutral at least instead of score-damaging to pay them.

Re: wow holloway REFUSES to PFD for the ENTIRE balance (LVNV)

Anonymous — Fri, 12 Mar 2010 17:12:54 GMT

in this situation, i think the score damage would be the "settled for less than full amount" notation. instead of "paid in full/paid as agreed"