Advice for Exeter, NCB Management or Genesis?

[vertekal]

I'm trying to clean up my credit so I can (hopefully) get a mortgage next summer. I have items that I have to take care of. If you've worked with these companies before or have any tips, please let me know!

Exeter - $4100 balance that was charged off. Reporting every month. 

NCB Management - $3000 balance in collections. Reporting every month.

Genesis - $2600 balance in collections. Reporting every month. 

I called Exeter to see if they would settle. I owe $4100 on car that was charged off last year. The original loan was for about $20k, and I payed about 30K on it over 65 months. The best the guy on the phone could do is $3480. Just to see if he'd counter, I offered $250 with the story of how they've already made a ton of money off of me, and I just want to close the account out. He wouldn't budge and sounded like he was doing me a favor by waiving a bit of interest and fees. 

I found out NCB Management has on online portal that has settlement offers. I can pay $1480 to settle my $3000 balance, or they have various weekly, biweekly or monthly options available. For example $271 a month for 6 months. Still a lot of money, but not horrible and at least I have options.

Genesis has sent me 2 emails in the last few months, offering a 20% discount, which would be about $2100 to settle my $2600 balance. 

NCB is probably the first one I will try to tackle, since it's the cheapest. I'll call and see if they'll PFD instead of just setting up a payment plan online. 

[Anonymous]

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@vertekal wrote:

I'm trying to clean up my credit so I can (hopefully) get a mortgage next summer. I have items that I have to take care of. If you've worked with these companies before or have any tips, please let me know!

Exeter - $4100 balance that was charged off. Reporting every month. 

NCB Management - $3000 balance in collections. Reporting every month.

Genesis - $2600 balance in collections. Reporting every month. 

I called Exeter to see if they would settle. I owe $4100 on car that was charged off last year. The original loan was for about $20k, and I payed about 30K on it over 65 months. The best the guy on the phone could do is $3480. Just to see if he'd counter, I offered $250 with the story of how they've already made a ton of money off of me, and I just want to close the account out. He wouldn't budge and sounded like he was doing me a favor by waiving a bit of interest and fees. 

I found out NCB Management has on online portal that has settlement offers. I can pay $1480 to settle my $3000 balance, or they have various weekly, biweekly or monthly options available. For example $271 a month for 6 months. Still a lot of money, but not horrible and at least I have options.

Genesis has sent me 2 emails in the last few months, offering a 20% discount, which would be about $2100 to settle my $2600 balance. 

NCB is probably the first one I will try to tackle, since it's the cheapest. I'll call and see if they'll PFD instead of just setting up a payment plan online. 

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I have dealt with NCB Management, personally.

They way they work is the frontline CSR will iffer you a settlement. They cannot offer PFD, so I asked for a manager. I had heard others had success with PFD.

So I spoke to the manager and you had to pick between settlement amount or PIF for PFD. I had to pay in 1 payment.

My amount was very small, like $337, so not a big deal. Perhaps since your balance is larger maybe they could still offer settlement for PFD or PIF for PFD. The best deal will be when you can call in and pay in 1 lump sum.

My suggestion is to not call until you can pay on the spot either in full or a settlement amount you have in mind and discuss PFD with a manager.

Good luck!

[vertekal]

NCB Management called me today. I requested PFD right off the bat and was transferred to a supervisor. The super advised that they no longer do PFD, even if PIF. My options were either PIF and it will reflect that on my CR, or pay the settlement amount and the CR will say 'paid in full for less' or something along those lines, with a $0 balance. 

[OmarGB9]

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@vertekal wrote:

NCB Management called me today. I requested PFD right off the bat and was transferred to a supervisor. The super advised that they no longer do PFD, even if PIF. My options were either PIF and it will reflect that on my CR, or pay the settlement amount and the CR will say 'paid in full for less' or something along those lines, with a $0 balance. 

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I'd try calling again and speaking to another supervisor.

[Anonymous]

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@vertekal wrote:

NCB Management called me today. I requested PFD right off the bat and was transferred to a supervisor. The super advised that they no longer do PFD, even if PIF. My options were either PIF and it will reflect that on my CR, or pay the settlement amount and the CR will say 'paid in full for less' or something along those lines, with a $0 balance. 

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I would definitely HUCA and speak to someone else.

I told the manager it is a win-win. I pay the debt and they get their money and I get this mark off my credit reports.

I was nice and chatted with the supervisor some to loosen him up a bit.

[newmomnewme]

I settled with NCB in 2018 and they removed it within 30 days. I don't know if they're changed their process, but the rep was really friendly and it was the easiest removal I've experienced. 

NCA is a different story! 

You got this!!! Be sure to post when they remove it. 

[vertekal]

Well, I settled and paid all 3. 

Genesis - owed $2600, settled for $2200 and they offered to PFD. I couldn't get them to go any lower. 

NCB Management - owed $3000, settled for $1480.

Exeter - owed $4144, settled for $3000. 

[newmomnewme]

@vertekal You are killing it!! Congrats for moving so quickly on the settlements. Great work. 

Are these your only collections? If so, I am hoping that you will be able to get them ALL removed. I don't see NCB being a problem at all..actually if it isn't gone within 30 days, I'd give them a friendly reminder call. 

I was just checking rates yesterday and hope that they stay so low through our timeline. I am looking to purchase no later than September 2021. 

[vertekal]

@newmomnewme I have one left for Caine & Weiner for $211. It's my oldest one (from 2015) and I'm hoping they settle for a very low amount. I'm going to call them soon to see what they say. 

I also hope that rates stay low over the next 12 months or so. I'm just wondering what home prices will look like next year .. it's possible they may drop significantly once the extended unemployment benefits and mortgage forbearance agreements expire. 

[seanf12]

Did they first update your CR with the remaining balanceduw (after paying the settlement amount) and then update it with $0 at the next CR update?