What to do when PFD fails?

[andknapp]

Ok, I have about 12 negatives still on my reports to get rid of. I have sent PFD's out to five with three coming back basically laughing at me in their letters. They aren't due to fall off until 2010-2011, so having them on my report that long is definately not an option. What's the next step for me, do I pay them and then dispute them later and pray that they fall off or what?

[Methuss]

Once they have your money you can forget about any leverage you could exert over them. They cannot force you to pay anything unless they win a court judgment.

As for reporting to the bureaus, they probably responded with some bull-crap saying they were legally required to report. Firstly, thats false. The FCRA only puts limits on what a furnisher can report and for how long; it does not mandate any requirement that they must report.

I have a little untested theory that CAs that say they are required to report may be violating the FDCPA by using a deceptive means to collect...but I've not yet run into a CA stupid enough to let me try it out in court.

[elyse449]

Ok, I have about 12 negatives still on my reports to get rid of. I have sent PFD's out to five with three coming back basically laughing at me in their letters. They aren't due to fall off until 2010-2011, so having them on my report that long is definately not an option. What's the next step for me, do I pay them and then dispute them later and pray that they fall off or what?

Sometimes it depends on who you contact w/in the organization, to. Have you tried contacting higher up people within these companies?

Whatever you do, don't pay it. Paying it will ruin your credit score that much longer. It's a sad reality, but one I've seen played out time and again. The ONLY time I ever recommend to people to pay their collections is right after it's gone to collections (you can contact the OC usually and attempt to have them pull it back in exchange for payment) or preferably, just before. Once it goes to collections, your credit is already trashed...but if you pay it a couple 3-4 years down the road and restart things to make it APPEAR as though it's a newer collection, your credit suffers. JMO.

If it were me, I'd wait a bit--than try to find the big cheeses w/ in the companies and start strumming away on their heart strings...ONE of them is bound to have 'em.

Elyse

[divemedic]

If you PFD too early, you put yourself in a poor negotiating position- now they know you have money and you are willing to part with it. You have just made your job much harder.

[momof5]

I had a PFD request fail. The debt was SOL so I have no intention of paying. Once it is older than 24 mo, it's affect on your score in minimal. I make a new PFD offer each year and they always decline. I laugh at them because they won't do it and they won't get the money either.

Strange thing though....it disappeared from my EQ 2 days ago. Hoping that it disappears off the other 2 as well. Only time will tell. This is my last CA on EX!

[jkbowen1021]

On another post somewhere, someone mentioned Bub Hibbs. I STRONGLY suggest your go to his website and download is free book. It is the greatest thing I have read since finding this website. It explains how to handle that situation. His website is www.budhibbs.com.

[someonesomewhere]

I get blamed for a lotta stuff around here.

[someonesomewhere]

I have about 12 negatives still on my reports to get rid of.

Are these lates, CO, COLL, or something else?

What's the next step for me, do I pay them and then dispute them later and pray that they fall off or what?

Do NOT pay and pray. You'll change religions and curse the Gods. I did that, and I'll be cursing it for another 10 months till it drops off.

If they are with CAs, then DV 'em and dispute with the CRAs. Worth a shot. Even if it's beyond 30 days. Might luck out.

[Big Time]

For future reference, it's best to dispute with the CRA's first, and if the bad guys verify, find something, anything they have reported incorrectly as a cause of action and send off your ITS with a copy of the pleading papers.

With JDB's, they usually add interest and/or fees that they are not entitled to, or can't prove that they are entitled to.

It is also a HUGE amount of leverage if you wait until you can pay close to the principle amount that was charged off, and offer to pay that amount to settle on your terms. (without admitting the debt is valid or any wrongdoing on your part)

It will make you feel like dirt to have to basically stoop to the CA's level, but you have to have that leverage to get a fair credit score.

You may resent the paultry amount the JDB actually paid for your debt, but you'll find that being able to legitimately pay off your old debt is very healthy.