topic Re: Accept a settlement offer ? in Rebuilding Your Credit

Accept a settlement offer ?

Anonymous — Wed, 20 Mar 2019 19:22:31 GMT

I have a Credit One Credit card charged off that Alltran Financial is collecting on. It is on my credit report as a charge off with LVNV Funding as the owner. The balance is $2580.00 and Alltean just offered me a $1012.00 settlement. I asked about pay for delete and he advised Alltran will communicate the debt was settled for less and thats how Resurgent (lets throw another name in there) and will not delete. When I hesitated he told me not to be afraid to counter. So...suggestions on what to offer and will it be impossible to get this removed ? Thank you.

Re: Accept a settlement offer ?

Anonymous — Wed, 20 Mar 2019 20:51:11 GMT

@Anonymous wrote:
I have a Credit One Credit card charged off that Alltran Financial is collecting on. It is on my credit report as a charge off with LVNV Funding as the owner. The balance is $2580.00 and Alltean just offered me a $1012.00 settlement. I asked about pay for delete and he advised Alltran will communicate the debt was settled for less and thats how Resurgent (lets throw another name in there) and will not delete. When I hesitated he told me not to be afraid to counter. So...suggestions on what to offer and will it be impossible to get this removed ? Thank you.

What is the DoFD, when will it age off of your credit report?

Re: Accept a settlement offer ?

simplegirl — Wed, 20 Mar 2019 20:03:23 GMT

Are you still within the statue of limitations for your state?

Re: Accept a settlement offer ?

Anonymous — Wed, 20 Mar 2019 20:17:50 GMT

Yes.. 6 years here. Was charged off in January 2018.

Re: Accept a settlement offer ?

Anonymous — Wed, 20 Mar 2019 20:18:37 GMT

Just went to a charge off in January 2018. 6 years here for me.

Re: Accept a settlement offer ?

FireMedic1 — Wed, 20 Mar 2019 20:51:30 GMT

Anything that says "paid" and whatever it says after that is better than owed. Then the clock starts to fall off. Then they'll leave you alone. Then try for GW letters for deletion. Even though they said no for now.

Re: Accept a settlement offer ?

FireMedic1 — Wed, 20 Mar 2019 20:50:20 GMT

@Anonymous wrote:
@Anonymous wrote:
I have a Credit One Credit card charged off that Alltran Financial is collecting on. It is on my credit report as a charge off with LVNV Funding as the owner. The balance is $2580.00 and Alltean just offered me a $1012.00 settlement. I asked about pay for delete and he advised Alltran will communicate the debt was settled for less and thats how Resurgent (lets throw another name in there) and will not delete. When I hesitated he told me not to be afraid to counter. So...suggestions on what to offer and will it be impossible to get this removed ? Thank you.
What is the SaFD, when will it age off of your credit report?

What does SaFD mean?

Re: Accept a settlement offer ?

Anonymous — Wed, 20 Mar 2019 20:54:20 GMT

@FireMedic1 wrote:
@Anonymous wrote:
@Anonymous wrote:
I have a Credit One Credit card charged off that Alltran Financial is collecting on. It is on my credit report as a charge off with LVNV Funding as the owner. The balance is $2580.00 and Alltean just offered me a $1012.00 settlement. I asked about pay for delete and he advised Alltran will communicate the debt was settled for less and thats how Resurgent (lets throw another name in there) and will not delete. When I hesitated he told me not to be afraid to counter. So...suggestions on what to offer and will it be impossible to get this removed ? Thank you.
What is the SaFD, when will it age off of your credit report?
What does SaFD mean?

Sorry, fat fingers typing to fast on a tiny keypad on a phone are not a good combo, I meant Date of First Delinquency

Re: Accept a settlement offer ?

RobertEG — Wed, 20 Mar 2019 21:30:49 GMT

Are you SURE that the original credit no longer owns the debt?

Is the OC reporting, and if so, do they still report a balance?

Debt collectors can report a collection if they have collection authority, either due to assignment of authority from the current owner, or by purchase of the debt.

If the OC still owns the debt, you might have the option of contacting them and offering to pay them on condition that they first terminate their assignment of collection authority. That would, per CRA reporting policy, require the debt collector to delete their reported collection.

Re: Accept a settlement offer ?

Anonymous — Wed, 20 Mar 2019 22:08:46 GMT

I believe it is sold. The OC is reporting a zero balance and it says sold to LVNV

Re: Accept a settlement offer ?

gdale6 — Thu, 21 Mar 2019 14:36:34 GMT

@Anonymous wrote:
I believe it is sold. The OC is reporting a zero balance and it says sold to LVNV

You could then make the offer to recall the collector in exchange for settlement with LVNV as they are the current owners this would take care of the CA TL

Re: Accept a settlement offer ?

Anonymous — Thu, 21 Mar 2019 21:00:52 GMT

So I would contact LVNV directly and try to negotiate ?

Re: Accept a settlement offer ?

Anonymous — Sat, 06 Jul 2019 13:03:14 GMT

I just wanted to post an update. I held out another month and called Alltran on 4/30 and told them I literally had $771.12 (a randon number I made up ) to give them. They took it as a settlement. I then sent a goodwill letter to Credit One the original creditor (thanks to these forum members for a contact) and poured my heart out to them. To my shock Credit One responded they would delete the entire tradeline ! Poof - its gone. Since I was on a roll I tried the same with LVNV - and got no response. I know the bleeding will stop as it begins to age since LVNV is no longer reporting it as a charge off every month, but I will still want it gone. Guess I just wanted to say thank you to the members here for their knowledge and support. I have such a long way to go but due to some recent life changes I shortly will have an opportunity to pay off all my debt and start to rebuild.