Got a letter from Arrow PLEASE HELP!!

[creditgirl]

About a charged off Premier card. I was hoping this could wait until January but it hasn't. So far, the debt is not showing on my cr. Based on what you know or have heard of Arrow, how do you think I should proceed.  I plan to DV them but do you think they are MIGHT accept PIF and agree not to report? I called Premier today but they said they don't have any information on the account other than that it was sold to Arrow (guess what I am about to dispute?).

I am really depressed about this one since I have been making such positive strides with my ficos.  I know some of you may think this is crazy but I am seriously considering putting this debt on another credit card if that means they won't report it. Then I can pay off the credit card when I have more extra cash (after income tax check comes!). I just don't have almost $700 right now to put on this but I don't want to loose all the points I've gained plus some, kwim?

Please let me know what you think I should do. I'd appreciate all the help I could get on this one.

Thanks!

[Anonymous]

Have they sent you the letter - send them a response at the last possible minute -in the interim try to get as much $ together as you can and then once they respond make a PFD offer via overnight if necessary.  I'm trying to get you as close to January as I can with this line of thinking.

They probably paid $0.50. or less on the dollar for the debt - so of they can recoup their money and make a bit they should be happy)  I think they have to tell you what they paid for it, BTW.

[creditgirl]

Thanks!  Should I take this stance even if it is within the SOL?  I don't recall having paid anything to Premier in 2005 but they say I did and I can't prove otherwise so that's what I was thinking.  I am planning on DVing them at the last possible minute (within the 30 days, of course). Hopefully, that will put me closer being that they will have to respond back to me.

The original debt was for $447 but they are saying I owe almost $700 so I REALLY do want to know what the other fees are about.

Thanks!

[Anonymous]

I have found that some CCC are selling to CAs and reporting a payment........the payment is from the CA not you.  Check your CR from TU and EX  for drop date from the OC

have you checked to see if they need a license to collect in your state?

ALSO  check with your state    some have control over what can be added and how much.

Message Edited by HappyDays on 10-19-2007 09:29 PM

Message Edited by HappyDays on 10-20-2007 08:43 AM

[Anonymous]

How would I go about checking this for Hawaii?

[Anonymous]

If they are not reporting yet and you know the debt is valid and within your state's SOL, then the time to strike is now.   If you can afford to pay it off, right now I would.  I think the odds are very very low almost to none that the CA would report  AFTER they have been paid.  

CA report to the CRA's as one of the defenses as to get you to pay.   So If you can afford I would do so,   I would DV if you know the debt is valid and I wouldn't even mention an agreement not to report after you pay in full.   If you DV them and you know the debt is valid,  they will begin reporting.

[Anonymous]

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creditgirl wrote:

Thanks!  Should I take this stance even if it is within the SOL?  I don't recall having paid anything to Premier in 2005 but they say I did and I can't prove otherwise so that's what I was thinking.  I am planning on DVing them at the last possible minute (within the 30 days, of course). Hopefully, that will put me closer being that they will have to respond back to me.

The original debt was for $447 but they are saying I owe almost $700 so I REALLY do want to know what the other fees are about.

Thanks!

---

They got to that amount because of two years worth of interest, over the limit fee's, annual fee's and since the is Premier I'm sure there are montly maintenance fee's etc.   they are one of the worst subprime cards out there.   So two and half years worth of all their interest in fee's.  

This being Premier and all I'm actually surprised it wasn't more

[creditgirl]

I dv'd these guys a while ago (within the 30 days) and got a letter back stating that they would take no further action until they validate. It has been almost 2 months now. I wrote to them and they got back to me with that letter in less than 2 weeks.

I am hoping they will just go away since I don't think they can validate. According to the OC, they don't have any info on the account anymore. I've been watching my cr closely to see though.

Thanks!

[Anonymous]

Hopefully other people can learn from this.   Let's say you get a letter from a collection Agency on an account you know is your's and is valid and you have the money to either pay it off in full or at least have enough to set up an affordable payment plan.   First step is to check your credit reports.  If it's not listed,   and you know this account is valid   DO NOT DV THEM.   This a fast track to having them report it.    Strike while the iron is hot.  In other words  you know the debt is valid,  you have the money to pay it off.   Do so.   The odds of them reporting AFTER  you have paid them off are slim to none. 

Of course if you don't have the money and the longer it goes without any communication the greater the chances they will report and then of course DV them since this does buy you some time.

And of course if the debt isn't yours then of course DV them.

The goal is to keep them off your credit report.

Message Edited by Boswd on 12-11-2007 06:26 AM