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About to settle with Providian, Please stop me if Im making


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Hey guys,

I have an acct with Providian. They say I owe 1964. Its charged off, and has been since 1/2001.

They wont talk to me, make me go through collector.

I offer collect 40%. They tell me they arent authorized to go any lower that 50%, by Providians rules. Also say they are not authorized to change status on report, except to Paid for Amount Less than.

They say this is all they are authorized to do. Im trying to buy a house and have been #@$%$# around with this for months. I am ready to just pay it, and take that status, because my mortgage broker requires it being paid......

I am still going to have them sign the debt settlement letter. Except I will have to remove the part about account status.

Trust me, I know it sucks to pay this money and get nothing out of it. But, I have DISPUTED it like 4 times. It aint coming off. And I cant wait 5 years to buy a house.

I dont know what else to do. At least 50% is decent....

Also, he said that he didnt know if Providian would send me a 1099 or not, because he didnt know what was actual charges and what was interest.

So, if anyone knows of any big mistake in this, (Other than it just STINKS to not be able to negotiate a change in my credit report), let me know!!!

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It is extremely difficult to get an OC to change the status with something other than settled notated. The CA has no control and no power as to how the OC reports it. They can bring your wishes to the OC, but most likely won't and if they could it probably wouldn't do any good anyway.

What you can have them do is delete the CA tradeline; that is something they can do and would not have to go through the OC to do it. They want their cut of the settlement so it may work. Deal with trying to repair the OC tradeline after settling if it is not possible beforehand. 50% is pretty good.

And you are very close to possibly getting a 1099. If they accepted 40% your chances of receiving one would increase since more would be forgiven.

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