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Providian "sold" C/O


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I have a SOLD charge off that is showing on my reports the CA is not reporting it. I have validated them and they have not responded and took all refrences off. However the OC is reporting and some how the OC has it reporting that its still owed to the CA.

I have to settle this, I already have a delete from the CA, the OC wont budge, but thats not my concern.

I want to offer the CA 20% of this 4yr old debt (2 months shy). I will settle at 30%, so that I wont be issued a 1099. for a 4yr old debt is this reasonable to expect them to agree and what clauses should I include.

no reage?

no resell?

no 1099?

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The OC cannot report the TL as you describe. If they sold the debt, they must report the TL with a Zero balance, and the comment "sold or transferred to another lender", or other wording that states the same. They can report the highest amount, date opened, etc., and all lates. Anything relating to a CA is not legal unless assigned, where they would report "sent to collections", or words to that effect.

As to Providian responding, forget it. Even though they got spanked recently for their actions, they still hold they do nothing wrong. About the only chance you have of getting them deleted is to wait for CHOD and send a dispute to the CRA's to see what happens.

Regarding your offer of settlement, your main goal is to assure the account is:

1. Noted on their own letterhead the account is paid in full.

2. No negative information is reported to any CRA.

3. Demand no 1099 as you will tell them you are aware they paid

pennies on the Dollar, therefore, the amount of the debt they would

note on the 1099 is not correct.

4. Wait until the SOL has passed before sending the offer. This way, you

can inlcude that you are aware the debt is timebarred and they have

no legal recourse to the debt. This is just added weight to cause them

to repsond to your demands set in the offer. Once they realize you

are aware, they will be more apt as they realize they carry no weight

with any counters, even though they will try. This even includes if

they try and scare you into believing they are now the OC.

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I had some experience with providian lately. They had sold my debt to portfolio recovery a while back. I found this site a few months back and started working my but off. I sent a dv letter to portfolio and they sent a letter back within 2 weeks stating that my account was closed in there office and all tradelines would be deleted. At the same time I disputed the tradeline with providian as not mine. They all came back as verified. Now for the twist, it is now deleted off my equifax report, but still reporting on experian and transunion. I am not sure what happened but I would like to see the tradline deleted off the other two now.

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