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since
04-03-2008
02-13-2016
Ned505
Contributor
85
Posts
2
Kudos
02-09-2009
03:28 PM
In 2008 I completed settlement with an OC on two separate accounts. I received the 1099-C for each, but one of them has a SSN that is off by one digit. The other is correct. But there is someone out there who has that SSN, I will bet. And I feel compelled to let the OC know. Will this buy me some time with the IRS? Any thoughts?
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02-09-2009
03:18 PM
If one is able to get a baddie deleted (through a PFD) will that result in a 1099-C if a less than full balance is accepted.
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02-09-2009
02:41 PM
First. I got a scoretracker text just the other day indicating a +55 bump. I was elated. At first. Here is the situation. The account is an unsecured LOC with my bank. It is mine. I cannot PIF. It is within SOL. The reason for the positive bump is that on 2/1 they reported a Charge-off (- 23) And then they reported a $0 balance. (+55) As it is a relatively large amout. With the charge-off they (the OC) can now settle with me for less than the full amount. And in a time frame that I can work with. I spoke to the OC today, and I asked that they not report anything new (that is just leave it alone) until I can get the settlement fund and get it behind me. The OC was "not sure" about this and stated that the balance should be showing what is owed. I would really like to keep that +55 bump. Second. About two weeks before today (2/ 9) I sent a PFD letter (I got the letter here) and requested that the TL be deleted. The OC told me that they could not modify or delete the information. Which is typical. I would like to know if I should just keep PFD' ing until I get somewhere. Any advice is appreciated. Message Edited by Ned505 on 02-09-2009 04:45 PM Message Edited by Ned505 on 02-09-2009 05:12 PM
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02-09-2009
02:28 PM
Thank you. Do you have any idea as to why the OC is not actively pinging me for payment?
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02-09-2009
12:18 PM
He (the CA) has a quota to make. A goal of X dollars per day, etc. So they will press you to "act now". IMO, tell him the cashier's check will be there by March 1st and keep all your records.
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02-09-2009
12:02 PM
bump, I forgot to mention that I would like to apply for a mortgage in 2009. If possible.
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02-09-2009
12:00 PM
Never give a CA the authority to dip directly into your account. And I would not give a CA a check from my personal account. Send them a Cashier's check. It is free with most checking accounts.
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02-09-2009
11:41 AM
I have a CO with an OC. It is mine. I cannot PIF. It is within the SOL. DOLA was 12/07. It has been with a CA or two in the past, but the OC is the only one reporting. No one is calling me about it. No dunning letters. But every month they report a balance increase. I don't intend to swat a sleeping bear, but the ding is woth ten points every month with EQ. My question is: Can they CO and continue to assess interest? Message Edited by Ned505 on 02-09-2009 01:42 PM Message Edited by Ned505 on 02-09-2009 01:43 PM
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01-26-2009
03:01 PM
I recommend that you not pay a settlement firm to do this for you. Let me repeat, please do not pay a third party service. Most OC's will not accept a settlement until a balance goes unpaid for more that 90 days. Settlements will negatively impact your score for more than 12 months. If you need to maintain or raise your score to achieve some goal in the near future, then you need to continue to pay on time. Read and study the threads on this site before you make any decisions about settlements. Good Luck. You need to read and understand the
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12-29-2008
03:57 PM
I echo what deemed stated, a lien is a claim on property. A house, a car, priceless art purchased by a defunct hedge fund. A lien can not exist without a judgement against you. GL>
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12-29-2008
03:47 PM
1 Kudo
Have you considered asking the CC company for a balance increase? Even an additional $100 would help. And try to keep the balance at or below 9%.
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12-29-2008
02:16 PM
Congratulations! Would you mind sharing some of your PFD sucess for the good of the order? Ned.
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12-29-2008
01:52 PM
Can anyone relay any experience with AMEX on settlements, or how there CA's work. Thank you!
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12-29-2008
09:26 AM
OK, Thanks. The account is over 7.5 years old. I will work on a re-age.
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12-29-2008
08:56 AM
SW, The 12/08 TU report states that the account "closed by consumer". I did close it. But also, during the summer I had accepted a re-hab and had negotiated a mutual re-age with the OC. I had made up the ground before another set-back. I have had constant oral communication with the OC all along. I am fairly certain that they would allow me to start paying an re-age again. What I hear you saying is that the old TL is more valuable. And if the CO occurs it will deal a blow to my scores. If the lates are removed and the account continues, will that also be an additional positive? Thanks!
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12-29-2008
08:40 AM
SW, Correct. It just shows lates. one 30-day (12/07) and ten 60-day. That is from my 12/08 TU report. Can you elaborate on why rehab, would be better than if the account was deleted? Thanks.
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12-29-2008
08:19 AM
HI, I am preparing a PFD for an OC that will CO the LOC in February 09. My question is can an OC accept PFD. Or must it CO first, and then I go deal with the third party?
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12-29-2008
07:59 AM
The CA is not reporting. The OC is reporting. This is not the first CA. It has gone from OC, to the first CA (NCO) and now it is with a local CA. I will sit tight. Thank You.
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12-28-2008
01:39 PM
Bump, On about Oct. 20th 2008 I got a dunning letter and a call from a CA. It is a law firm and they are local. Their web site indicates they are in the business of collections. I sent a DV (got the letter here), it was sent CMRRR and I have the green card with delivery date of Nov. 4th. They have not responded as of Friday December 5th. Should I send the Second DV? It is now December 28th and I have heard nothing from them, written or oral. It is within SOL. I can not PIF, but I would offer a settlement if summoned or if they validate. The acct. is mine and like many it is time in need. Time to "save-&-pay" as I can.
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12-28-2008
12:31 PM
Mommy_L, What is your fico score now? And where do you want to be? In my opinion a big change by 3/09 is not very likely. I am at 571 up from 522 since starting repair mission in November of 2007. I would suggest spending a good week reading on this forum and especially the moderator's threads at the top of the forum. GL! It grows like a forrest and comes down like an avalanche!
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12-23-2008
12:11 PM
Merry Christmas!!! Good for you!
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12-18-2008
01:38 PM
I will report back here as to the outcome with Kohl's. I am betting that it will take more than one letter. btw. On the merry journey from a 740 to a 523 EQ score, I called Kohl's and asked for them to remove the one lone little baddie with them. This must be a tip or cue, as they pulled my report and made my limit $100. It was $800. It was early in my credit rebuilding career. I had a very low balance relative to the CL. It was good to know I had some available balance if I needed socks, undies, or other essentials when all was crashing down. I will shop there and I plan to send my receipts to them as demonstration of my Good Will. Good Luck
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12-18-2008
01:12 PM
December 11, 2008 Kohls P.O. Box 3138 Milwaukee, WI. 53201 RE: Account xxx-xxx-xxxx Me My Address Dear Kohls, This letter is in regard to the closing of my account with your store. I did request that the account be re-opened. And apparently due to my credit situation, you were unable to extend me even the limited amount of $100. The reason for my recent request was to keep the trade line open and help improve my credit score, going forward. A loss of income in 2007 has been quite stressful and did impact my payment history, but not with Kohls. My largest balance with you was approximately $300. Only once (reported November 2004) was my payment 30-days late. My account is paid in full. I was disappointed with your decision, but I understand. As a gesture of good will, I request that you delete that small blemish from my payment history with your store, with the three major bureaus. I do intend to continue shopping at the new Kohls which is now open near my home. Please feel free to contact me at xxx-xxx-xxxx, if you would like further information. Sincerely, Me
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12-18-2008
01:04 PM
Amymarie, Are you behind on the car? Are you upside down on the loan? You need to pay that first each month along with rent. Make sure you can get financed on a more economical car before you unload the "lexus" It's time to hunker-down. But you can do it. My income dropped to $36,000 in calendar year 2007. It had been $80,000 for the preceeding seven fat years. And I could not cover the minimum monthlys. Keep checking in here.....hope to hear from you soon. Ned
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12-18-2008
10:19 AM
Call them and explain the mishap. But it may take more than one phone call and if you have no other bad history with them, and they would want to keep your business. Be persistent. I have sent a Good Will letter to them asking them to remove a 30 day late from 2004. I will find the address and post it for you. Good luck.
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12-18-2008
10:12 AM
1 Kudo
Amy, I was there. It can get better, but there will be some "pain". This is the place to learn and understand how rebuilding credit works. You said "card loan" did you mean car loan. Before I could start fixing things I had to come to grips with the severe reduction in my income. You must first get a solid grip on your spending. How far behind are you, in general?
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12-18-2008
08:26 AM
The moderator "sidewinder" has a thread at the top of this forum, "...do I PIF? PFD, etc. It is very helpful. I would ask for a PFD letter in writing, and then send them a cashiers check from your bank. Do not EVER give a CA your acct. number or authorize them to dip into your account.
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12-17-2008
03:32 PM
Can you tell us more about the account? Is it yours? and if so how old and its status on your reports. What does your loan officer say about it? I would not want to pick a fight if I did not have to. Ned.
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