topic Re: 2 CA's DV'd, refusing PFD...now what? in Rebuilding Your Credit

2 CA's DV'd, refusing PFD...now what?

Anonymous — Sun, 14 Dec 2008 15:33:08 GMT

Hi,

I hate to be an attention hound but I'm really working on our credit. I've had two CA's DV but are refusing PFD. One is for an old medical bill from 2004 and the other is for a rental contract that my DH signed for a friend (lesson learned). Both agencies are saying that the best they can do is update the status to "paid" on our reports once we send in payment in full for one and payment for settlement on the rental.

Any ideas?

Thanks!

Re: 2 CA's DV'd, refusing PFD...now what?

Anonymous — Sun, 14 Dec 2008 15:35:46 GMT

For medical, check out the the "medical collections" link in my signature.

For the other, if past SOL, I would continue to PFD until they cave.

Re: 2 CA's DV'd, refusing PFD...now what?

Anonymous — Sun, 14 Dec 2008 15:59:44 GMT

I guess they don't want the money just yet. I would keep sending PFD letters once a month, every time I would lower my offer by 5%.

Re: 2 CA's DV'd, refusing PFD...now what?

Anonymous — Mon, 15 Dec 2008 02:04:33 GMT

Some companied just have a zero tolerance on PFD. They will not so it.

You can either let it ride if it is past SOL (and in doing so deal with the annoying collection calls) or you can pay it and then request it be removed via GW letter. They do not have to do it, but some places are more likley to accept GW on a paid account than a PFD for some reason., In either case, you cannot force them to so it.

Re: 2 CA's DV'd, refusing PFD...now what?

Anonymous — Mon, 15 Dec 2008 03:13:06 GMT

one doesn't need to endure collection calls - it is enough to send a single CMRRR letter to communicate only in writing and calls MUST cease, under penalty of FDCPA and state laws.

there are no collection companies that have zero tolerance of PFD. just tougher nuts to crack. They all cave, sooner or later.

the only factor is debt that has been bought and debt that is assigned.

if debt is assigned, recent debt, the negotiation margins of the CA are slimmer, but still there.

If the debt is bought, any money, 25% and up is as good as gold. no JDB pays more than 20 cents to the dollar for junk debt. Mostly between 8 and 14 cents to the dollar.

never hope for GW with CAs. if they don;t accept PFD, the chance of doing GW are less than 0.

good luck.

Re: 2 CA's DV'd, refusing PFD...now what?

Anonymous — Mon, 15 Dec 2008 13:43:51 GMT

demed wrote:

never hope for GW with CAs. if they don;t accept PFD, the chance of doing GW are less than 0.

I have to disagree here. There are stories on these forums where someone couldn't get a CA to PFD and had to pay for whatever reason(closing on home, work, etc) and then after paid, sent a GW letter and had the CA remove.

Unless an urgent desire to get it removed or paid, I wouldn't pay and then GW when they won't accept a PFD.

But sometimes waiting it out isn't an option and paying then GW'ing is the next best thing.

Re: 2 CA's DV'd, refusing PFD...now what?

Anonymous — Mon, 15 Dec 2008 23:06:10 GMT

Thanks for the advice. We are trying to buy a house. Luckily we bank with the credit union. Just spoke to the load officer and she said we would need to pay the debt 6 months before we qualify. Looks like we're settling with some of these harder nuts to crack. I'll send out good will letters and keep the hope alive!

Re: 2 CA's DV'd, refusing PFD...now what?

IrishPM — Tue, 16 Dec 2008 00:29:53 GMT

My advice is to keep sending them a PFD letter once a month and for your own protection do not speak to them on the phone. I had a similar circumstance with Portfolio Recovery Associates and they refused to budge for about 9 months until one day I checked my mail and there was a letter from them signed by their corporate counsel that all collection activity will cease and they deleted the trade line from all three credit reports.

For about 6 months, I enlisted the help of their local BBB to do some negotiation on my behalf but the point is that I stuck to my original position and did not accept anything less than deletion.

Believe me, if you're willing to pay them they will be willing to delete. It just depends on how long you are willing to wait them out.