Offer from Conn's

[out4good3]

After a few months of threatening to sue, I finally get a white letter from Conn's offering to take 33% of my balance in exchange for a report on my account as "paid in full". But, I think I can make a better deal since the SOL has passed on the account since the beginning of the year.

I'm skeptical of their "paid in full" also, since, they conveniently fail to meintion changing the "charge off" notation in any way. What good is a "paid in full" charge-off notation to me especially if the DOLA is possibly re-aged and I'm sacked with it on my report for another 7 years.

This is a very old debt that I tried to pay off. I actually bough the merchandise in 96, tried diligently to pay it off off and on finally giving up trying in 1999. Wife lost her job and I just ran out of money.

What I'm thinking of doing is writing a letter back offering 33% of the total as payment in full in exchange for deletion of the entire tradeline from all the credit Bureaus.

What do you guys think?

[E Montgomery]

If the SOL is passed and it is a very old debt, i.e., about to fall off your report anyway, I would NOT pay it simply because making payment is going to revive the SOL.

[Ravenous Wolf]

That is a tough one.

I think E Montgomery makes a good point in which the SOL has passed and that you don't have much time left.

Although an unpaid charge off still bites even when it is old.

The real boils down to what is 33 percent of what???

Is that like 100 clams or five thousand clams?

That number does make a big difference.

If you do go for the settlement, the only way to make it worth it (since you don't have much time left before it falls off) is to go for complete deletion or to have the account unrated.

You probably have to get on the horn and find the right person of the right department to talk about this. And tell them that you have money in your hand, that the SOL has passed therefore they can never sue you and in like 24 months, this is ancient history because this is going to off your credit report. But you are ready to go down to the bank and get a cashiers check.

And then make your pitch. Like 20 or 25 percent and either full deletion or have the account unrated. And you have to have it in writing.

This time, harass them a bit. Put the pressure on them. Be the one to give them little time to decide.

However, what is the orginal amount that you are settling from. That really does make all the difference in the world.