aqtpie269 Posted July 26, 2005 Report Share Posted July 26, 2005 Ok I have a charge oof 5 yrs old neeed to pay to get loan .. I called today the card was only a 200$ limit they said could only go down to charge off amount which is 590.... CR shows us owing $1047. does this seem like a reasonable settlement or should I push for more?? TIA Link to comment Share on other sites More sharing options...
Bjoeboo Posted July 27, 2005 Report Share Posted July 27, 2005 Huh? Wha?If CL was $200.00 Do they seriously think they can get $590.00!?These CAs buy bad paper for about 7 to 11 cents on the dollar depending on how good recent/chances of collection are. That sh** is Wack!!BTW I've heard you can usually settle up for about 60 cents on the dollar. But its only recomended if outstanding debt is keeping you from closing on a house or something (or the CA is sueing you within SOL)otherwise paid chargeoff is just as bad as a unpaid chargeoff on your CR.Did you dispute the debt yet? I'd like to see those add-ons..Is it verified? If so you try pffer PFD yet?Follow the flowchart!http://www.creditinfocenter.com/rebuild/debt_validation_workflow.shtmlThis is how we do it! Link to comment Share on other sites More sharing options...
aqtpie269 Posted July 27, 2005 Author Report Share Posted July 27, 2005 Yes it has been disputed and verified 3 times .. this is through OC it does not show it has been sold this is the amount that they charged off at the charge off date was almost a year after DOLA.. no active collection going on but I need to have it paid in order to use My Va homeloan.. I am just going to keep calling hoping to get lower offer.. Link to comment Share on other sites More sharing options...
Bjoeboo Posted July 28, 2005 Report Share Posted July 28, 2005 OCs are much better to work with than CAs. See if they will agree to a PFD. If they won't change it to "Pays as Agreed" try to talk them into marking it as "Paid" which is neutral on your CR. They may agree since you could argue it really WOULD be paid... (CRAs HATE PFDs they say it violates their agreements with furnisher and they can revoke a furnishers access to CRs if they do too many PFDs so this explains why most OCs & CAs don't want to do PFDs. But if you can get above the typical cubicle monkeys... Try and talk to a VP of something or other. You can be successful. Research the OC. Try and find a website with Executives names listed. CFO or Exec CFO or anything. The call center jockeys & their team leads have no authority... Be NICE to them. OCs are way better than CAs where it may eventually end-up. NEVER tell them you need it fixed to get a house.. Then they know they got you..Ohh yeah one more thing. If you owe for chargeoffs at escrow then the realtor or lender or something can pay it off as part of escrow (you end up paying anyways) but most think this is better as it sometimes takes awhile to show as paid on your CR. Also paying an old chargeoff can tank your score.Read this:http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=31721&highlight= Link to comment Share on other sites More sharing options...
Bjoeboo Posted August 9, 2005 Report Share Posted August 9, 2005 What happened with this?Did you pay yet?What state are you in because in Cali OCs have to comply with FCPDA.If they validated with bureau 3 times did they ever properly answer your DV letters? (If they don't answer DV but they do validate that may be another violation) Do you have copies of CRs before, during, and after disputes?(not just internet printouts) Did OC mark it as in dispute? Did they re-age account? If you have violations a FCPDA lawyer will take case on contingency. You pay nothing unless you win. Then lawyer keeps about a 3rd. (also TL is deleted) Link to comment Share on other sites More sharing options...
Been_Ponzied Posted August 10, 2005 Report Share Posted August 10, 2005 Hi Bjoeboo,Sorry to but in here with your conversation, but I was wondering what does "tank your score" mean? You use some lingo that I don't comprehend.Also, I think you meant, "if they don't answer DV but they do VERIFY, that may be another violation." I'm wanting to sue a CA for just that, but I can't find the violation in the laws. Or is it two different violations? (Not validating, but verifying anyway). Link to comment Share on other sites More sharing options...
blackgossamer Posted August 12, 2005 Report Share Posted August 12, 2005 I had an account with Capital One and before it was charged off I offered my credit limit. Which was also $200.00. It had gotten to $415 because of their charges. I explained this in my letter and I was able to settle it. They, however, would not remove entry on CR and it says Legally Paid in Full for Less Than Full Balance. Link to comment Share on other sites More sharing options...
breathing_easier Posted August 12, 2005 Report Share Posted August 12, 2005 ...but I was wondering what does "tank your score" mean? You use some lingo that I don't comprehend."tank" means "hurt" or "lower" your scores. Also, I think you meant, "if they don't answer DV but they do VERIFY, that may be another violation." I'm wanting to sue a CA for just that, but I can't find the violation in the laws. Or is it two different violations? (Not validating, but verifying anyway).The violation (just one) is under the FCRA. The CA has verified possible inaccurate or erroneous information with the CRA which they haven't been able to validate with you. Link to comment Share on other sites More sharing options...
peabody Posted August 16, 2005 Report Share Posted August 16, 2005 im in about the same boat with capital one. they have verified my account a few times. I had sent out a letter asking for verification of this debt cause i genuinly (ms) dont recollect ever having this card. On my CR they dont report a high credit limit so i have no idea how much the credit line was for. It does say the charge off amt was 998 bucks and that the current balance is $1819. Im was going to wait and see if they send me verification of the debt and if not send them a letter asking them to remove the TL due to continued collection activity without verifying the account. Im not sure how this is going to work since cap one is an OC but im willing to find out. Its also out of SOL of 3 years so I dont think they can sue and win at this juncture. Link to comment Share on other sites More sharing options...
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