Husker Posted March 12, 2005 Author Report Share Posted March 12, 2005 Before I became more knowledgeable through Kristy's book, website and forum this is an arrangement I worked out with TBI in regards to my Chase Visa. After learning alot from here, I would obviously do things differently, but I have decided to finish out the agreement.The Bureaus letterConfirming our recent conversation, our client has agreed to settle the above-captioed account with a balance of $9031.97.Your payment of $500 will be due in this office on or before 10/30/2004.#of payments Payment Amount Starting on 7 $500 11/30/2004Total Settlement: $4000Tis payment will be accepted as full satisfaction of your debt on this account. In return, we agree to provide you with a release and satisfaction showing this matter as concluded. In addition, our client will update your credit reports accordingly.If I can be of further assistance, please do not hesitate to call.This is a signed agreement with one of their managers. I will have this paid off in a couple of weeks. They are currently not reporting on any of my 3 CR. (hey, I am not complaining lol) Could they at some point? Also, since my Visa was a charge off they bought, can that really be updated as their letter states? After I get moved, I am planning on disputing Visa seperately through the CRAs. I had the card since 84 and was in good standing till 3 1/2 yrs ago. So, I am hoping it isnt too hard to dispute with what I have learned.Husker Link to comment Share on other sites More sharing options...
Husker Posted March 12, 2005 Report Share Posted March 12, 2005 Before I became more knowledgeable through Kristy's book, website and forum this is an arrangement I worked out with TBI in regards to my Chase Visa. After learning alot from here, I would obviously do things differently, but I have decided to finish out the agreement.The Bureaus letterConfirming our recent conversation, our client has agreed to settle the above-captioed account with a balance of $9031.97.Your payment of $500 will be due in this office on or before 10/30/2004.#of payments Payment Amount Starting on 7 $500 11/30/2004Total Settlement: $4000Tis payment will be accepted as full satisfaction of your debt on this account. In return, we agree to provide you with a release and satisfaction showing this matter as concluded. In addition, our client will update your credit reports accordingly.If I can be of further assistance, please do not hesitate to call.This is a signed agreement with one of their managers. I will have this paid off in a couple of weeks. They are currently not reporting on any of my 3 CR. (hey, I am not complaining lol) Could they at some point? Also, since my Visa was a charge off they bought, can that really be updated as their letter states? After I get moved, I am planning on disputing Visa seperately through the CRAs. I had the card since 84 and was in good standing till 3 1/2 yrs ago. So, I am hoping it isnt too hard to dispute with what I have learned.Husker Link to comment Share on other sites More sharing options...
divemedic Posted March 12, 2005 Report Share Posted March 12, 2005 They are a JDB. They probably paid about 1% for your account. That means they paid about $90 to get your account. That is a profit of $3900.What do you get out of this? According to the industry, you get to do the right thing and you get the peace of mind of knowing you paid your debt. What you really get is a notation on your credit file that reads as a "Paid Charge Off" or "Settled for Less than Full Balance", which does little for your credit. The JDB has no authority to even change the TL of the OC, they can ask, but the OC is under no obligation to change the TL.Did you really pay your debt, as the JDB's claim? No. As far as the original creditor is concerned, they got the original $90 the JDB paid and that is it. The JDB gets the $3900. The only people who benefit here are the JDB's. Link to comment Share on other sites More sharing options...
divemedic Posted March 12, 2005 Report Share Posted March 12, 2005 They are a JDB. They probably paid about 1% for your account. That means they paid about $90 to get your account. That is a profit of $3900.What do you get out of this? According to the industry, you get to do the right thing and you get the peace of mind of knowing you paid your debt. What you really get is a notation on your credit file that reads as a "Paid Charge Off" or "Settled for Less than Full Balance", which does little for your credit. The JDB has no authority to even change the TL of the OC, they can ask, but the OC is under no obligation to change the TL.Did you really pay your debt, as the JDB's claim? No. As far as the original creditor is concerned, they got the original $90 the JDB paid and that is it. The JDB gets the $3900. The only people who benefit here are the JDB's. Link to comment Share on other sites More sharing options...
Recommended Posts