Question reg BOA - PIF, PFD or Settle for less than full amount?

[Anonymous]

I just read over the PFD letter on this site. Can I get a PFD when the debt is with the original creditor - BOA in this case, rather than with 3rd party Collections?

They so far they have only been willing to mark PIF if I pay the full $3,600. The original debt was about $1,500 or so + 4 years of interest after they charged the loan off in June of 04. They are willing to accept Settled for Less than the Full Amount for 1k. I have thought about offering them 2k for PIF. I assume that a big company such as this will not offer PFD.

Questions:

1. Should I do the Settled for Less than full amount?
2. Should I see if 2k will get them to accept a PIF?
3. Should I even ask BOA ref PFD?

So far they are refusing to remove the past history saying that is their policy to do so. Is there anything I can do about this?

[Anonymous]

---

cmarko wrote:
I just read over the PFD letter on this site. Can I get a PFD when the debt is with the original creditor - BOA in this case, rather than with 3rd party Collections?

They so far they have only been willing to mark PIF if I pay the full $3,600. The original debt was about $1,500 or so + 4 years of interest after they charged the loan off in June of 04. They are willing to accept Settled for Less than the Full Amount for 1k. I have thought about offering them 2k for PIF. I assume that a big company such as this will not offer PFD.

Questions:

1. Should I do the Settled for Less than full amount?
2. Should I see if 2k will get them to accept a PIF?
3. Should I even ask BOA ref PFD?

So far they are refusing to remove the past history saying that is their policy to do so. Is there anything I can do about this?

---

If the OC owns the account then a CA can not accept a PFD without their ok.

What is your SOL?   what is your DOFD  DOLA?  getting a PFD is easier when past SOL.

As far as scores go......PIF,setteled for less  anything will still stay on you CR for 7-7.5 years and continue to hurt!

Message Edited by HappyDays on 02-28-2008 04:50 PM

[Anonymous]

I am in Wash. State - I am not sure of the SOL for CC debts - how do I find that out?

DOLA was Jan of 2004, then over the next year or two they turned it over to some CA's, which when I received their letter, I wrote a signed Cease & Desist letter, so it ended back with BOA. BOA now have it in their internal recovery department (this is the next department to go to after it leaves their collections department).

DOFD, that was probably back in 1999 or 2000, then again in 2004, I stopped paying and it was charged off in June.

I am now speaking to the Department Head, who is much nicer than the people down the chain.

Does this help clarify?

[Anonymous]

---

cmarko wrote:
I am in Wash. State - I am not sure of the SOL for CC debts - how do I find that out?

DOLA was Jan of 2004, then over the next year or two they turned it over to some CA's, which when I received their letter, I wrote a signed Cease & Desist letter, so it ended back with BOA. BOA now have it in their internal recovery department (this is the next department to go to after it leaves their collections department).

DOFD, that was probably back in 1999 or 2000, then again in 2004, I stopped paying and it was charged off in June.

I am now speaking to the Department Head, who is much nicer than the people down the chain.

Does this help clarify?

---

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

3 years for CC   6 for promissary ( auto  mortgage etc)   You are past SOL     DOFD  will be before CO date!

IF BOA owns the account you can send them a PFD letter.......I wouldn't bother trying to talk to them and IF it is accepted it MUST be in writting and wording matters. Use the address for them on your CR.

Message Edited by HappyDays on 02-28-2008 05:46 PM

[Anonymous]

BTW, thank you for your feedback on this. This is awesome!

Now two questions:

1. SOL - does the SOL begin from the last activity on the account or is it from the last Cease & Desist letter which I had signed & sent them.

2. If I am going to do a PFD, what amount should I send them (total now owing is $3,600)? You said the wording is very important. How do I get the right wording? I read the PFD letter on this site, however it only applies to a CA.

3. What happens if they turn down the PFD? Am I in worse condition?

4. They said that they are going to be closing their internal recovery dept down and outsourcing to CA, etc. Should I risk taking longer and having this turned over to a CA? I understand that a CA can still sue, even if is after the SOL. Is this true?

[Anonymous]

IMO  a C&D should only be sent........not on CR....receiving calls or letters and you are positive that the debt is past CRTP & SOL.

If you send a C&D letter and you are within SOL....good chance that the next letter is to appear in court!

When an account is closed....CO.....nothing changes the DOFD

States go by DOFD or DOLA.....usually DOLA......a payment of any amount may restart SOL.

1 state that I know of (could be Ga but not sure)  A payment made after SOL will reset SOL only IF a message is included with payment. Im not sure of the wording BUT comes down to you admit to the debt.....IF no message at all....just a payment  does not restart SOL!!

Most states will restart SOL if any payment is made not or no note.

DOFD  DOLA is NOT restarted by a letter or a phone call. BUT yes it might be by a letter or a taped phone call IF you state that the debt is yours!  That would have to be checked with the state.

If you send a PFD (copied from this site) will NOT effect SOL or CRTP (if account is closed or CO)

   It is always better to PFD the OC. IF the OC accepts it.

The best wording is basic...offer to pay $XXX.00 and the OC will stop all collections and reporting to any and all CRAs and the account is concidered PIF! (settled for less is only ok IF they stop reporting)

    The amount is up to you!!!  I would start with the amount owed when CO'd. They might send a letter with counter amount........In that case make sure that the letter states that they will stop reporting.

If past SOl they can NOT sue but they can keep reporting up till original DOFD only.

If a CA is assigned the account they have to get OK from OC to accept!!!  IF they accept they will delete ONLY their reporting and OC will continue to report! Then you have no way to get OC to delete (if there was a chance in the first place)

NO  a CA can NOT sue after SOL!!!!! They must,by law, go by the same DOFD & DOLA set by the OC!!!   This is why keeping all CR forever is so importent!!

Message Edited by HappyDays on 02-29-2008 11:51 AM