topic Re: ANOTHER ONE WAKES UP! in Rebuilding Your Credit

ANOTHER ONE WAKES UP!

Anonymous — Wed, 22 Oct 2008 23:04:34 GMT

DH has received a letter from FMS (a receivables management company, according to their website). They want to collect on behalf of Asset Acceptance for a WAMU providian account.They are offering a settlement for 50% of the amount they claim he owes. Their total amount is, of course, double what the charge off was for.

As of last week's EQ report, Asset Acceptance is NOT listed as a CA in DH's report. Wamu/Providian is reporting as a $0 charge off that has been sold/transferred. SOL has not been met yet..

They are all waking up at the same time! They are offering three monthly payments, but of course that is no good I would assume.

What do I do? DV? We don't have the money to PIF. Can we take the settlement and still get a PFD? Should we even try that?

Re: ANOTHER ONE WAKES UP!

Anonymous — Thu, 23 Oct 2008 01:09:23 GMT

@Anonymous wrote:
DH has received a letter from FMS (a receivables management company, according to their website). They want to collect on behalf of Asset Acceptance for a WAMU providian account.They are offering a settlement for 50% of the amount they claim he owes. Their total amount is, of course, double what the charge off was for.

As of last week's EQ report, Asset Acceptance is NOT listed as a CA in DH's report. Wamu/Providian is reporting as a $0 charge off that has been sold/transferred. SOL has not been met yet..

They are all waking up at the same time! They are offering three monthly payments, but of course that is no good I would assume.

What do I do? DV? We don't have the money to PIF. Can we take the settlement and still get a PFD? Should we even try that?

Okay, wait just a tick ... WHEN is the date of final delinquency on this debt?? Is it out of SoL?

My thinking is this: If the debt's out of SoL, you'll have a better chance of leveraging them into agreeing to a PFD with a settlement figure (and not have to PIF). After all, 50% of $XXX is more than 100% of nada, you know?

Have you done a search on how receptive FMS is to PFDs?

And FTR, PFD means "Pay-for-delete" not "Pay-in-FULL-for-delete"

-- so I'd assume it CAN be done!!!!

As long as you're out of SoL, I'd give'em poke. DV first, though (again, IF out of SoL) ... you want to know what cards they hold, right?!

Keep us posted!!!!!

Re: ANOTHER ONE WAKES UP!

Anonymous — Thu, 23 Oct 2008 01:48:00 GMT

Wonderin has my full support on this.

I got 1 PFD agreement ever, but it was for 25% of the CO amount. CO date was 10/2004.

Re: ANOTHER ONE WAKES UP!

Anonymous — Thu, 23 Oct 2008 02:16:29 GMT

AtmyOffice wrote:
DH has received a letter from FMS (a receivables management company, according to their website). They want to collect on behalf of Asset Acceptance for a WAMU providian account.They are offering a settlement for 50% of the amount they claim he owes. Their total amount is, of course, double what the charge off was for.

As of last week's EQ report, Asset Acceptance is NOT listed as a CA in DH's report. Wamu/Providian is reporting as a $0 charge off that has been sold/transferred. SOL has not been met yet..

They are all waking up at the same time! They are offering three monthly payments, but of course that is no good I would assume.

No good for who? Can you pay the settlement amount in 3 monthly payments?

What do I do? DV? We don't have the money to PIF. Can we take the settlement and still get a PFD? Should we even try that?

If the CA is not reporting, what do you mean by PFD? You might work out a settlement agreement where you pay in 3 months and they agree NOT to report and agree that with that settlement amount the account is considered paid in full, no balance owed and no balance will be sold/transferred/assigned to any other CA.

Re: ANOTHER ONE WAKES UP!

Anonymous — Thu, 23 Oct 2008 14:01:35 GMT

The CA is NOT reporting right now.

The debt is within SOL - DOFD is 11/2005 (In colorado SOL is 6 years)

We can pay the settlement in 3 monthly payments, but I'm afraid to make contact since it's still within SOL.

How should I respond to them? My guess would be in writing, and let them know we are okay with the settlement as long as FMS and Asset Acceptance agree to not report this and to not sell the remaining 50% of the debt to any other CA?

Should I ask them for a letter stating this in writing in their letterhead and then make payments with Money Orders? I don't want them having access to my accounts by any means.

Message Edited by AtmyOffice on 10-23-2008 07:01 AM

Re: ANOTHER ONE WAKES UP!

Anonymous — Thu, 23 Oct 2008 20:00:00 GMT

Bump?

Re: ANOTHER ONE WAKES UP!

Anonymous — Thu, 23 Oct 2008 20:29:03 GMT

I would respond with my own PFNR (Pay For Not Reporting) letter - basically an edited PFD similar to this (but feel free to write your own):

Re: Collection Account Yadayada 1234567890

To Whom It May Concern:

This letter is to inform you that the validity of this debt is disputed. I am not sure of the account number, as I have never heard from you regarding this collection.

However, in the spirit of compromise, I am willing to pay 50% of this alleged debt, or $xxx.xx [insert the amount here], if you agree to never report this alleged account to any credit reporting agencies (including, but not limited to, Equifax, Experian and TransUnion).

The purpose of this settlement is merely to avoid this item from ever appearing on my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

If you agree to the terms and accept this agreement, certified funds for the settlement amount of x Hundred xxx-xx Dollars and xxx-xxx cents will be sent to Collector Agency in exchange for full deletion of ALL references regarding this account from yours and your client's credit files, the account never to be reported to any credit reporting agency and full satisfaction of the alleged debt.

As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from your files.

Collector Agency agrees to delete ALL information regarding this account from its own and its client's files WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone. If contacted by any third party, including credit-reporting agencies, Collector Agency and its client will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collector Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

Your response must be postmarked no later than 10 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

Please address all correspondence regarding this account to:

Re: ANOTHER ONE WAKES UP!

Anonymous — Fri, 24 Oct 2008 14:52:24 GMT

This one's good! I like.

I think I want to use it, but it's going to be a matter to have the settlement amount ready to go when I send the first letter.

Re: ANOTHER ONE WAKES UP!

Anonymous — Fri, 24 Oct 2008 14:57:00 GMT

And sorry to revive the subject, again...but I have another question.

The original charge off amount was for $1800. Asset Acceptance is claiming the amount due is $2309.68. Are they tagging additional fees or interest on to this? Remember they are still not reporting.

Re: ANOTHER ONE WAKES UP!

Anonymous — Fri, 24 Oct 2008 15:23:28 GMT

@Anonymous wrote:
And sorry to revive the subject, again...but I have another question.
The original charge off amount was for $1800. Asset Acceptance is claiming the amount due is $2309.68. Are they tagging additional fees or interest on to this? Remember they are still not reporting.

Unfortunately, there's no way to know unless you DV them.

Most states allow a certain amount of interest (to be added on by the OC, not the CA).
But unless you have a line-by-line accounting in front of you, I don't think there's any way to figure it out, really. Though to be honest, if the original account is a charged-off CC, it's very, very likely that the extra amount is accrued interest over the years.

Re: ANOTHER ONE WAKES UP!

Anonymous — Fri, 24 Oct 2008 23:16:23 GMT

I don't want to DV. We're probably going to take the settlement offer as soon as we can gather some money.