PFD Cooperation

[Anonymous]

Have you ever heard of a company agreeing to a PFD and then not following thru after payment? 

[Anonymous]

Yeah I had capital management try and do that but I had all of our conversations on tape. I sent a letter stating that if it's not removed from ALL of my reports by a certain date that I'll file charges and I'll let a judge listen to the tapes. It was gone 2 days later.

[Anonymous]

Sometimes they tell u it will be removed in 60 to 90 days. How long has it been since u paid?

[grneyes]

Ok, I am going to jump in here and hijack this thread... lol.

I just got a PFD reply.... but I am not sure how to take this. The response is:

Dear xxx:

This letter is to verify that we, Great Lakes Asset Management, Inc. as agent for Allgate Financial have been authorized to accept a one time settlement offer of $458.32 on the above noted account.

The settlement offer is contingent upon your payment being received, in full, on or before March 30, 2008.

Upon clearance of funds, the account will be considered paid. At the time of final payment, we will send a paid letter that you can forward to the credit bureaus so they will be updated accordingly. Great Lakes Asset Management, Inc. will show no negative reporting on credit bureaus.

Sincerely,

XXXXXX

CLient Manager (signed name)

Um... is a CA negative??? LOL... anyway... it doesn't state they will delete it... but I can't resist the settlement offer... what cha'all think?

[grneyes]

And, their response was FAST!!!! I sent the PFD on 3/6/08, their response is dated 3/10/08... and I rec'd it today in the mail. They must not have much business... lol.

[Anonymous]

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grneyes wrote:

Ok, I am going to jump in here and hijack this thread... lol.

I just got a PFD reply.... but I am not sure how to take this. The response is:

Dear xxx:

This letter is to verify that we, Great Lakes Asset Management, Inc. as agent for Allgate Financial have been authorized to accept a one time settlement offer of $458.32 on the above noted account.

The settlement offer is contingent upon your payment being received, in full, on or before March 30, 2008.

Upon clearance of funds, the account will be considered paid. At the time of final payment, we will send a paid letter that you can forward to the credit bureaus so they will be updated accordingly. Great Lakes Asset Management, Inc. will show no negative reporting on credit bureaus.

Sincerely,

XXXXXX

CLient Manager (signed name)

Um... is a CA negative??? LOL... anyway... it doesn't state they will delete it... but I can't resist the settlement offer... what cha'all think?

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They are the ones who need to contact the CRAs and as far as scoring goes...paid vs unpaid collection is the same.

[Anonymous]

This isn't a Paid Full Delete letter, is a Settlement Letter. If I were you I would send them a letter stating you would glad accept their offer of $458.32 if they remove their the account from your Credit Report.

PS - Settlements like this are always on the table. But typically at this time of the year they run them more often. Because they think and know most people will use their tax returns to pay off their debit.

I use to work at a collection agency, on Cap One, Target, Fignerhut (lol), Verizon, Repo Auto Loans and a few others. We would offer settlements on all of our accounts this time of year but we would try to keep the SIF Letters around 60% of the balance owed, we might go down to 50% if the person set up a check over the phone (for an additional fee).

If you want to Settle the account for less than you owe (and I'm not saying it will look good or bad on your credit report) I would wait until the Thanksgiving season and then call them and offer them 40% of the balance ca's might have the authority from the original creditor to take whatever they can get.....why because around the Holidays companies tend to make less money.

One last bit of advise....we typically only ever kept accounts in our office for 18 months. Then we either sold them off or sent them back to the credit originator.

[Myhearts]

Hello all,

Hearts here.  Can you send them a copy of the PFD letter that is on this forum and ask them to sign it?  I would feel safer for you that they are actually going to delete and that you would have something in writing that is more specific for what you need as opposed to this letter that they sent you.

Since you are willing to pay they would more than likely be willing to do that for you.

Always cover yourself with CA's because they are sneaky and underhanded and just when you think that you have found the one CA who is going to act right, they screw you over.

Hearts

[dragnldy]

Whatever you do, keep copies of everything you might send back to them.  After I had paid NCO the settlement they requested, they were still calling 6 mos later trying to collect.  The only reason they finally closed the account (they said it wasn't listed anywhere as a settlement or showed any offers from them for settlement) was because I had the copy that I could fax to them.

[future]

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grneyes wrote:

Ok, I am going to jump in here and hijack this thread... lol.

I just got a PFD reply.... but I am not sure how to take this. The response is:

Dear xxx:

This letter is to verify that we, Great Lakes Asset Management, Inc. as agent for Allgate Financial have been authorized to accept a one time settlement offer of $458.32 on the above noted account.

The settlement offer is contingent upon your payment being received, in full, on or before March 30, 2008.

Upon clearance of funds, the account will be considered paid. At the time of final payment, we will send a paid letter that you can forward to the credit bureaus so they will be updated accordingly. Great Lakes Asset Management, Inc. will show no negative reporting on credit bureaus.

Sincerely,

XXXXXX

CLient Manager (signed name)

Um... is a CA negative??? LOL... anyway... it doesn't state they will delete it... but I can't resist the settlement offer... what cha'all think?

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you never want to settle a acc with the ca.try sending them a pfd letter. have a pd collection is basically the same as haven a unpaid colllection. if they remove the acc, you will see a increase in your credit score, not to mention a cleaner credit report.  now if you have a paid collection on your report- you will have a neg mark, may not help your score out, may cause you to be declined for a cc  qualify for a higher interest on a mortage,car loan or personal loan..... hope this helps