topic Re: Personal Loan from Upgrade INC charged ofd in Rebuilding Your Credit

Personal Loan from Upgrade INC charged ofd

NeedHelpNips — Mon, 04 Dec 2023 19:07:35 GMT

I've been struggling after getting laid off 8 months ago but managed to land two new jobs. During that time my upgrade personal loan of $7000 got charged off and a company called "American Recovery Services Inc" has been in charge of the loan.

They're offering me 3 options:

1. $3500 paid over 6 months

2. $4200 over 12 months

3. $7000 over 24 months

I am now making $150k a year working two jobs (Up from about 54k before). I am trying to reduce all my debt to $0 while trying to salvage my score. Ideally I would just go with the first option but I've heard of pay-for-delete and I'd rather pay the whole $7k if this gets removed from my credit report.

I called American Recovery Services to discuss options but they said they cannot offer pay for delete as they do not own the debt. Is this true? Then how are they able to offer the discounts? They stated Upgrade still owns the debt (this account has been charged off and my upgrade account was closed.). Is the agent I'm speaking to lying or is this possible and what's my best path for getting pay for delete?

thanks everyone.

Re: Personal Loan from Upgrade INC charged ofd

pizzadude — Tue, 05 Dec 2023 00:08:29 GMT

@NeedHelpNips wrote:
I've been struggling after getting laid off 8 months ago but managed to land two new jobs. During that time my upgrade personal loan of $7000 got charged off and a company called "American Recovery Services Inc" has been in charge of the loan.

They're offering me 3 options:

1. $3500 paid over 6 months
2. $4200 over 12 months
3. $7000 over 24 months

I am now making $150k a year working two jobs (Up from about 54k before). I am trying to reduce all my debt to $0 while trying to salvage my score. Ideally I would just go with the first option but I've heard of pay-for-delete and I'd rather pay the whole $7k if this gets removed from my credit report.

I called American Recovery Services to discuss options but they said they cannot offer pay for delete as they do not own the debt. Is this true? Then how are they able to offer the discounts? They stated Upgrade still owns the debt (this account has been charged off and my upgrade account was closed.). Is the agent I'm speaking to lying or is this possible and what's my best path for getting pay for delete?

thanks everyone.

It's certainly possible they're telling you the truth, they may only be collecting on behalf of the OC. In this case they're not the entity responsible for reporting of the charged off account on your credit reports.

Have they posted a separate collection account on your CRs ? Or is only the original account showing ?

Re: Personal Loan from Upgrade INC charged ofd

NeedHelpNips — Tue, 05 Dec 2023 18:56:53 GMT

It doesn't show in collection, but under my credit report is just states the account is closed that I can see.

Re: Personal Loan from Upgrade INC charged ofd

pizzadude — Tue, 05 Dec 2023 19:28:49 GMT

@NeedHelpNips wrote:
It doesn't show in collection, but under my credit report is just states the account is closed that I can see.

That would mean that you'd have to work with the OC ( Upgrade ) to negotiate a PFD. It's possible they'll just redirect you back to the CA though, given that they've charged it off and sent to collections. Another possibility is that you could attempt GW with the OC after paying it off.

Re: Personal Loan from Upgrade INC charged ofd

NeedHelpNips — Tue, 05 Dec 2023 20:30:10 GMT

Okay, I've already tried contacting them and they said they cannot due pay for delete unless the whole debt is paid within 30 days of being charged off.

I will reach out again and see if they can offer this.

if they can't is the best thing to take the 3500 deal the collections company is offering?

Re: Personal Loan from Upgrade INC charged ofd

NeedHelpNips — Fri, 08 Dec 2023 17:56:57 GMT

Bump

Re: Personal Loan from Upgrade INC charged ofd

mcclj74 — Fri, 21 Jun 2024 13:44:18 GMT

Did you get this settled with the debt collector? If so, how did it work out?