Am I screwed? (another Arrow debacle)

[FICOfit]

Unfortunately I have an account in collections with Arrow (CO First Premier Card DOFD 2004).  It was sold to Arrow in 2007.  Last summer I set up some payments with them ($50/month) for 3 months, then didn't pay anything beyond that.  Knowing then what I know now, I wouldn't have done that since it reset the SOL.

I talked to my Dad and he said that he's settled with CAs over the phone before.  I'm stupid and impatient so I settled over the phone with them (75% of balance) before I found out that you're not supposed to talk to CAs.  Now I'm worried that I have nothing in writing saying the settlement (I received a letter for the same settlement amount in November, but that settlement offer expired on Dec 21st).  I asked her to send me a new settlement letter, but I'm not banking on it.  I set up an electronic withdrawl from my checking account (another no no).  This was all before I found these forums.  Now I'm worried they will do what they have done in the past....either sell the balance to a new CA or keep trying to collect the rest.  Hopefully I receive a settlement letter (should be here this week).

What do you all think?  Am I screwed?

I only have 2 collections on my CRs and one was just GW away.

[Anonymous]

OK you reset SOL....what is your SOL and when was your last payment on this account?

[FICOfit]

SOL is 6 years where I am now and 5 years from where the DOFD occured.

I keep getting this sinking feeling in my stomach.......apparently Arrow is nasty

[Anonymous]

did they witdraw the funds from you account yet? If they didnt...stop payment with the bank asap...then send them a pfd... happydays will help you with letters.

[FICOfit]

The withdrawl is supposed to take place on 2/8/08.  Can I stop and electronic withdrawl from going through?

I heard Arrow is not good about responding to PFDs, that's why I tried to settle with them

[Anonymous]

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argonne wrote:

The withdrawl is supposed to take place on 2/8/08.  Can I stop and electronic withdrawl from going through?

I heard Arrow is not good about responding to PFDs, that's why I tried to settle with them

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You can go to your bank and tell them someone has your checking acc info and you want to cancel that account and open up a new one.  Then you can send them a DV letter and/or a PFD certified mail. Just read up on dv and pfd letters here. This board has a wealth of fantastic info! Now go to your bank first thing in the morning and for heavens sake...DO NOT talk to the ca!!!!!!!!!!!!!!!!!!

[Dawn]

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argonne wrote:

The withdrawl is supposed to take place on 2/8/08.  Can I stop and electronic withdrawl from going through?

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The following is from the Federal Reserve Board site.  Since this is considered a "stop payment" instead of an "unauthorized" transaction, it is possible that a stop payment fee may apply.

http://www.federalreserve.gov/pubs/consumerhdbk/electronic.htm

Q. How do I stop a preauthorized payment?
A. You may stop any preauthorized payment by calling or writing the financial institution, but your order must be received at least three business days before the payment date. Written confirmation of a telephone notice to stop payment may be required. You should also contact the merchant or organization you authorized to debit your account.

[FICOfit]

Well, just put a stop pay on the electronic withdrawl.  This may tick them off, but I really don't care.  I sent a PFD about a week and a half ago, so they can accept that or they're not receiving payment from me.  I am worried, though, that they have my account information and may just try to submit payment again....then that would be an unauthorized withdrawl.  I am thinking it may be a good idea to open a new account and close the current one.  I did have to pay a $30 stop payment fee, but it's well worth it knowing that i now have a better oppurtunity of getting it off my reports!!!

Is there any chance First Premier still owns the account?  I've read on here that First Premier doesn't keep records for very long (DOFD 2004, account opened in 2002).

Message Edited by argonne on 02-01-2008 11:25 AM

[dieselcafe]

I settled a settlement with Arrow last month over the phone also; they agreeed to settle a $747.00 for $527.00 and would allow me to pay them in 2 separate monthly payment.  I told them over the phone that I would not pay them anything until I recieved  a settlement letter. 

I receieved a settlement letter from them a week after that and it stated exactly what the collect agent and I discussed over the phone.  It also came with OC, Orignial amount, settlement amount and number of payment.

[FICOfit]

If I get the letter and they don't accept my PFD, I will send them another PFD with the settlement amount.  The rep for the CA made it out like there would be no settlement unless I set up a payment.  I guess I could have just said "send me the letter then you get your payment....click".  Sometimes I am easily duped.

Actually, right now I'm kind of worried that they may try to resubmit the payment to that account.

Should I close that account and open another?

Message Edited by argonne on 02-01-2008 11:43 AM