topic Settle or PFD? in Rebuilding Your Credit

Settle or PFD?

Anonymous — Thu, 09 May 2013 14:53:24 GMT

I have a $499 reported balance on my CR by CACH LLC and would like to settle it. However, when they sent me the DV (and Financial Recovery Services sent me the dunning), they both showed balances of $780 (I am assuming their overhead and everything else calculated in).

Can I just call them to try and pay the $499 that I actually owed? Should I do it as a PFD or request they marked Paid In Full on my CR. Debt is from 10/2009.

I would like to handle it asap. The reason I am entertaining a call is because I sent them a DV 3 days after receiving the dunning notice and never got a response (that was 5 months ago), so I don't want this dragged out any further.

If I don't have the right approach, please help me out with how to tackle this. It's really important I take care of this soon.

Re: Settle or PFD?

Burned2manybridgesB4 — Thu, 09 May 2013 15:10:24 GMT

Both CA's are showing a balance for the same item?

*edit: it being early midmorning, you'll probably not get a lot of advice until later in the day.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:12:45 GMT

CACH LLC does not carry out direct collection activity. They report and have a third party collect the debt.

Only CACH is reporting since they own the debt. I have also tried to send them a settlement offer in February and they told me it needed to be addressed instead through their third party.

Re: Settle or PFD?

Burned2manybridgesB4 — Thu, 09 May 2013 15:15:52 GMT

I'm guessing you're still within SOL?

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:19:01 GMT

Yes I am in MA so SOL is 6 years. I'm just over the 3 year mark.

Re: Settle or PFD?

Burned2manybridgesB4 — Thu, 09 May 2013 15:19:51 GMT

It's past my bedtime. Others will join in eventually.

5 months no DV reciprocation? Can you prove it was timely? Was DV sent to both parties?

Re: Settle or PFD?

Burned2manybridgesB4 — Thu, 09 May 2013 15:20:42 GMT

bump

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:22:04 GMT

DV was sent to third party collector because they sent me dunning.

However, when I sent CACH (owner of the debt) the PFD, they sent me back a copy of my last statement with BoA before it was charged off and the account info (sharged off balance, new balance, blah blah blah). So technically, I received a response from my PFD as if I sent a DV. However, never receivied it from the third party that sent the dunning.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:27:58 GMT

Neither one of them have to respond to the DV. They just cannot continue collection activity until they do.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:29:50 GMT

I am completely ok with that. I just want to know the quickest way to be able to handle this.

Is it all that bad to call them to offer the actual reported amount on my CR for deletion of PIF rather than what they have sent to me as an 'updated balance' based on their fees and what not?

Or should I really just send them a PFD letter and wait it out?

I would like to handle this in the next 30-45 days.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:33:13 GMT

If you know the debt is yours there is nothing wrong at all with calling them.

Just make sure you can PIF since you are still within your states SOL.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:36:04 GMT

Ok cool.

When you mention PIF, do you mean on the $499 that was actually charged off or the $780 that they have as an Updated Balance? or should I offer the $499 off the bat and see what they say?

Also, do I confirm everything over the phone and then send them a Cashier's Check? Or just have them run a card right there?

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:39:58 GMT

If you offer the $499 and they accept the debt will be considered paid. However it may report as settled for less which isn't good.

How you pay it is up to you. I am leary of CA and wouldn't trust them. There are lots on the forums who have paid over the phone and had no issues.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:41:15 GMT

Maybe what I will do is call them and offer, see if they will mark it as PIF, then send me confirmation of it.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:49:32 GMT

You can use email also.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 15:51:39 GMT

So heres a question.

If I email them an amount less than their balance, will they reply and decline it? or is there a chance they could come back and sue me right off the bat? That is what I am most nervous baout.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 16:02:44 GMT

If you offer any amount less than the full balance while still within SOL there is always that chance, if they decline the offer. If they accept there is nothing to worry about.

That is why you should always be able to PIF while in SOL if they decline.

Re: Settle or PFD?

Anonymous — Thu, 09 May 2013 17:28:39 GMT

Sent! Lets hope for the best.