US Bank Chargeoff sent to Weltman

[Anonymous]

We are trying to improve our credit to purchase a home. My husband had a auto loan with US Bank that was charged-off. The account is being listed on his credit report with us bank as the account holder. When we called to attempt to pay the balance off, we were informed that us bank no longer had the debt and that we’d have to contact Weltman. Weltman has had the account, but is not report on his credit report. I’ve tried googling the company, but am unsure of how to approach the situation since it is not reporting. We don’t want to contact them and provide information and then it end up on our credit report as a valid debt. We don’t mind paying it off, but would prefer for it to be removed from the report if possible.

[RobertEG]

The normal procedure for that scenario is to call the new owner and make them a pay for not reporting offer.

If they accept, you pay them, and you have a contractural agreement that they will not report their collection to any CRA.

[Anonymous]

Weltman Weinberg Reis is a famous junk debt buyer who is well known for suing and collecting judgments.  They're a tough one to negotiate with, and if this debt is still within SOL, you may be poking the beast by trying to negotiate a PFD.  It never hurts to try, but be prepared to pay in full if it's a huge debt because WWR does sue unlike most JDBs.

You have to use extreme caution in negotiating with them.  Do not admit to anything.  Personally I would wait until they sent me a letter and then respond in writing saying that you don't admit to the debt but would be welcome to paying for it in exchange for not having it reported, assigned or sold, etc, etc.

[Anonymous]

Thanks for your response. This is what I was afraid of. So far we haven’t received and sort it of communication from them. I’m not sure how long they’ve even had the account. I would love to have this account resolved within the next few months if possible, but I also don’t want to awaken a beast.

[Anonymous]

Thank you for your response. In your opinion, would a telephone call be more efficient or would a letter be best for paper trail purposes?

[Anonymous]

I would never make a phone call, ever, unless you have superior negotiating skills and don't screw up and admit to the debt while they're recording the phone call.

I have a history of suing collection agencies or negotiating for them to pay me fines because I am excellent on the phone and record it all.  I prefer to get them to lie by USPS mail, though.  There's nothing better in life than collecting from vulture JDBs to me, but if you're not confident on the phone, don't risk it.