1st Premier Settle Amount

[Anonymous]

NO...I am not saying just pay...I said to look and see if others have had success...whcih you said they have...so do what they did...if they got them to accept a PFD letter...follow their process...if they paid...then sent  a GW letter for removal...follow their process...I personally have not had any dealings with them...but like I said before....a collection is a collection...is a collection...it will look better when it's gone...manually it might look better as being paid...but

AS FAR AS SCORES.....THERE IS NO DIFFERENCE...PAID OR UNPAID...IT STILL HURTS...AND DOESN'T MATTER ONE BIT....

Yes...both can report...the OC...and 1 CA....

Message Edited by slyhouse08 on 07-18-2008 03:27 PM

[Anonymous]

great....thanks for the feedback....i just wanted to make sure i was taking the right steps!

thanks again!

[Anonymous]

Just in case you're still considering using a "restrictive endorsement" (essentially writing a contract -- so to speak -- on the back of the check), I'd not do that.

Restrictive endorsements are invalid in most states and unenforceable. And if you put one on the back of a check, not only do you run the risk of the CA sending it back out of sheer spite and filing a lawsuit against you to get the $$, if it DOES hold, it could be construed against you in a court of law later on down the line.

Chances are, though, that the CA would just cash it, knowing that it's unenforceable. Just really, truly, DON'T rely on it binding them to an agreement (agreements, including restrictive endorsements, are only valid if both sides agree to the contract in writing and it does NOT supercede standing agreements).

But really, most courts take a VERY dim view of restrictive endorsements. And if you ever have to go to court on this matter, you run the risk of prejudice on the judge's behalf.

[Anonymous]

thanks too for the feedback......i will just send a PFD letter....since I am in TX & out of SOL...if that does not work.....i will pay the settlement and do a GW.

at least i have in writing that they will consider it settled in full if i pay....i hope they will accept the PFD....they are offering 15% of the total....it also says that they maybe willing to accept less than the settlement amount.

so since both first premier & arrow are reporting this account..once it's paid...i guess both of them will have to report settled?

i was just thinking....i know it's not that much.....but if DOLA was 2003....& if they do not accept a PFD.....am I just better off not paying & waiting for it to drop since it's not going to help my credit at all?

this is really confusing....cause if i pay the settlement....it really will not improve my credit will it?

again sorry if i ask the same questions.....this credit thing is tricky & i really appreciate all the help you guys offer!

[Anonymous]

First of all, if the account was actually SOLD to Arrow, the original account/First Premier should show as a zero balance and as a charge-off. If it doesn't, then you need to dispute it!

Second of all, personally, since it should fall off your reports by '09-'10, I think I'd just leave it alone -- unless you NEED it to be gone via PFD. You could always take the $$ you'd use to pay the thing off and get a secured card with it, which would help you rebuild your credit!

Third, chances are, that CA account isn't hurting your score as much as you think (at least, I don't THINK it would be). COs and CAs are supposed to hurt less and less as time goes by. So even if you do get it removed, I don't think you'll see an astronomical point rise -- at least, IMO, you won't get the same "points bang for your buck" that you would if you just plunked that cash onto a secured card.

Fourth, if you do settle with Arrow and they DO delete, the original CO and the accompanying lates will still remain on your CRs. Arrow can only delete their TL with the CRAs ... they have NO power over the OC.

And fifth ... good luck!! I'm crossing my fingers for you!!

[Anonymous]

Wonderin -

perfect!

that is what i needed to hear! thank you so much!!

[Anonymous]

De nada!

If you have any other questions, don't hesitate to holler!! We're all in the same boat, repair and rebuild wise (heck, who isn't worried about credit nowadays?!) so we gotta help each other!!

[Anonymous]

thanks again!!!

all except for EQ show that the balance is $0...EQ reported it as a CO (with a balance) in May 08...so how should i take that....cause the other 2 are showing $0 balance for First Premier

Message Edited by molly73 on 07-18-2008 09:11 PM