@Anonymous wrote:I just offered $500 for a $1200 debt. It took them 3 weeks but recieved a letter that they accepted the offer and after payment it will be removed. I concur that they are pretty consistent with thier PFD policy.
I wish more CAs would adopt thier policy. They would have much better success collecting money that way!
It's actually frowned upon by most lenders as it creates a false history for the person requesting credit.
@Brian_Earl_Spilner wrote:
@Anonymous wrote:I just offered $500 for a $1200 debt. It took them 3 weeks but recieved a letter that they accepted the offer and after payment it will be removed. I concur that they are pretty consistent with thier PFD policy.
I wish more CAs would adopt thier policy. They would have much better success collecting money that way!
It's actually frowned upon by most lenders as it creates a false history for the person requesting credit.
@Brian_Earl_Spilner Huh? On the flip side. More people will have the incentive that they can pay their debts if not the full amount that arent passed on to us as the consumer. Works both ways. Could be one of my patients that got a severe illness or injury and me knowing they will be in ICU for a while. Once recovered they will probably be behind on their bills and something may lead to a collection. Nothing false about it. They deserve a chance to clear their name. It was no fault of theirs and doesnt reflect what they had before life threw hard balls at them.
@FireMedic1 wrote:
@Brian_Earl_Spilner wrote:
@Anonymous wrote:I just offered $500 for a $1200 debt. It took them 3 weeks but recieved a letter that they accepted the offer and after payment it will be removed. I concur that they are pretty consistent with thier PFD policy.
I wish more CAs would adopt thier policy. They would have much better success collecting money that way!
It's actually frowned upon by most lenders as it creates a false history for the person requesting credit.
@Brian_Earl_Spilner Huh? On the flip side. More people will have the incentive that they can pay their debts if not the full amount that arent passed on to us as the consumer. Works both ways. Could be one of my patients that got a severe illness or injury and me knowing they will be in ICU for a while. Once recovered they will probably be behind on their bills and something may lead to a collection. Nothing false about it. They deserve a chance to clear their name. It was no fault of theirs and doesnt reflect what they had before life threw hard balls at them.
I actually agree with you, but while it may not be indicative of the type of person they are, it's a history. Lenders don't care about the reason. They just want to know when someone defaults on $10k of debt. I'm stuck with collections that won't PFD after almost dying in the hospital. On a recon, they want to know what happened, but they don't care that I spent 10s of thousands in cash to keep my bills up to date for 4 months while in the hospital. They didn't care that I paid off my hospital bills with my life savings instead of filing BK. All they cared about is me defaulting by $6 on my Kay's card. All they saw was I prioritized more important things over my credit cards and it could happen to them.
Is it fair? Nope. But really, when you look at credit, the system isn't fair. Lenders don't like to loan money to people unless they don't really need to borrow it. 15 years of perfect credit ruined by one $6 late payment for the next 7 years. Should someone be able to remove something like that because of the circumstances? Yes, but lenders want to see an accurate history because they look at the numbers and statistics, not the person. If they truly were sympathetic, we wouldn't have to fight for goodwill deletions and PFD. An accurate history shows it happened once, which means it can happen again. I know if I end up in the hospital again, there's no way I could repeat what I did the first time. I would most certainly have to file BK. Without my accurate history, lenders would never know it happened before and put themselves at financial risk. And that's why it's frowned upon. It has nothing to do with fairness or morality, just $$$.
That being said, I'm not gonna let the man hold me down for something out of my control. ✊ Viva la PFD