Applied Bank Help!

[cybarra2003]

Ok so here is the short version...I'm trying to get a house and i needed to clear one collection. This was for Applied bank in the amount of 1173 and settled for 532.64. I received my letter stating they were taking my payment as Settlement In Full on the account but two weeks later Applied hits my account again now with a different balance (641) which is the difference between my original balance and what I "Settled" for. Is there anything I can do about this? Any numbers I can call? I've already disputed with the CRA's but if Applied is still showing a balance, is it even going to do any good??? Please help!

Also just wanted to add that what is escaping me is that the account is still showing a charged off status. Even if the company were to report a balance it should also change status from charge off to ATLEAST settled correct? Maybe i'm just being impatient but i'd still like to know what my next step should be.

[llecs]

I'd call them up and kindly remind them of your agreement with them. If they don't believe you then offer them the letter they gave you. Sometimes they forget and it takes a gentle nudging to get the TL updated to $0.

It'll either report as a paid CO or a settled account, none of which you'd want reporting. Per FICO, there's no score difference between the two. Ideally, you wouldn't want any comments showing, and no lates.

[cybarra2003]

The account was with Capital Management Services since it was charged off. I called them this morning and the lady said that the account was settled but it wasn't paid all off so it shows a different balance. If that were the case then why does it say settled in full for the letter they sent me. My LO told me that the account just has to show a 0 balance and my score would improve 50 points as it is the last negative on my report and is the difference between a 620 and 670. I'm pulling my hair out because i was thinking i was good seeing as how i was told its settled in full and to see it show now a different amount is disheartening. i'm set to close on the 29th of june so i have a little wiggle room to jump down their throats but wanted to know the best way to approach. Should i now contact Applied directly? Or do i still have to deal with the CA? Thanks for the reply!

[llecs]

OP, for clarity, who is reporting the balance? Applied?

Who did you settle with? The CA?

[cybarra2003]

Settled with CA. Applied is the one reporting. I originally called Applied but was actually transferred from applied to Capital Managment. On my letter from cap man it states they are acting on behalf of Applied bank.

[llecs]

And do you have any documentation from the CA saying that Applied agreed to a settlement in exchange for $x?

Sounds like the CA took the money and didn't notify the OC -or- the CA never was authorized to accept a settlement on behalf of the OC.

Keep calling and writing the OC (Applied) and show them the agreement with a copy of the payment. Maybe they'll honor it. If ever faced with a situation where the OC is passing the buck to the CA, but the OC continues to report it, then ignore the CA entirely.

[cybarra2003]

The letter states "This letter serves as confirmation that as duly authorized representatives of Applied Bank, Capital Managment Services LP has accepted this payment as Settlement in Full on the above mentioned account"

I will be calling Applied again tomorrow and also will be faxing this doc to experian as i have an open investigation on this account so hopefully this helps. Thanks again for the replys and for sort of calming my nerves. Getting a house is stressful enough but to know that the last lap in a long race is through sand, its killer.

[Anonymous]

They got you too!

I am in the same boat, only difference is I received my PFD letter from Appliend Bank!

They agreed to a PFD for $500 on a balance of $1208 however credit report shows a balance is $708 which is just the difference ??

And is still a charge off on my report.

What can we do about this? I have 2 letters from Applied last month saying it would be deleted.

[cybarra2003]

Update...After waiting the "required" 30 days i called and they stated it can take 60 days...WTH! Sooooo I went the BBB route. Submitted my complaint on Friday, with supporting docs, received a call from Applied on Tuesday about it. Got another call on wednesday that they verified it has been paid and by Friday...voila! Updated to zero balance dropping my util from 50% to 30% providing a 20+ FICO boost. IT CAN BE DONE!