Jump to content

PFD questions


pinkeysas
 Share

Recommended Posts

1.)When you send out a PFD letter to a CA it should be sent Cert mail correct?

2.)When they reply to your letter to the CA's typically send it back Cert. Mail as well?

3.)If I send out a PFD letter and they sign the agreement and send it back to me do I still need to put a restrictive endorsment statement on the back of the money order?

Link to comment
Share on other sites

1.)When you send out a PFD letter to a CA it should be sent Cert mail correct?

Always.

2.)When they reply to your letter to the CA's typically send it back Cert. Mail as well?

No.

3.)If I send out a PFD letter and they sign the agreement and send it back to me do I still need to put a restrictive endorsment statement on the back of the money order?

Is a RE allowed in your state? If not, it won't hold up under scrutiny, but if you want to put something like "by cashing this you agree to the account being paid in full and will not be sold to another CA for collection on remaining balance", or something to that effect. They may not be up on the laws for RE and if you have their signature on the agreement it shouldn't be a necessity anyway. Just so it makes you feel good.

Are you using the PFD letter from this site?

Link to comment
Share on other sites

Thanks Madin. I am using a letter that you posted for me on another question I had. I was thinking that if I got them to sign that then I wouldn't need to write anything funky on the money order that I send to them. I just wanted to make sure that their signature on the letter was enough to cover my @ss!?!?!?!?!?

Here is the letter I am sending them:

Dear Sir or Madam,

I would like to take care of my debt with your company honorably and request you consider an agreement to settle with the promise to delete all negative information reported to the 3 major credit bureaus. Please consider my settlement offer and correspond with your response as soon as possible.

AGREEMENT TO SETTLE DEBT

CA's NAME, referred to as CREDITOR and YOU, referred to for the purposes of this transaction as DEBTOR, agree to settle the alleged debt which the CREDITOR says is owed. DEBTOR is not admitting that the debt is hers, but agrees to pay the amount in order to resolve the situation. CREDITOR, hereby agrees to compromise the alleged debt under the following terms and conditions:

The CREDITOR states that the alleged debt due is $40.00 (forty and 00/100 dollars). The parties agree that the CREDITOR shall accept the sum of $40.00 (forty and 00/100 dollars) as full payment on the alleged debt. The acceptance of the payment will serve as a complete discharge of all monies due. The payment shall be made by bank money order payable to AR RESOURCES.

In addition, upon accepting of the $40.00, the CREDITOR agrees to remove the information about the debt from the DEBTOR's credit reports (all 3 major credit bureaus, Equifax, Experian, and TransUnion).

This compromise is expressly conditioned upon the payment being received by April 30, 2007. If the DEBTOR fails to pay the compromised amount by April 30, 2007, this agreement shall be null and void.

This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.

Dated: March 28, 2007

Debtor Signature:

CREDITOR: CA's NAME

Authorized Agent Name:

Authorized Agent Signature:

Please have the person authorized to accept this settlement print his/her name under Authorized Agent Name, sign the document and return to me at the address listed here: YOUR ADDRESS. Thank you for your consideration in advance and I look forward to coming to an agreement with your company and settling this debt.

Best Regards,

YOUR NAME

Link to comment
Share on other sites

when you do a PFD letter do you have to pay the full amount owed or can you make a settlement offer and ask that they accept that as full payment and delete?

Do you think they'd be more likely to accept the PFD agreement if I offered the full amount though???

Link to comment
Share on other sites

If you are making a PFD offer to a CA be aware that the OC's TL will remain unaltered.

"...would like to take care of my debt..."

You may want to reconsider this sentence.

"...remove the information...from...credit reports..."

This may actually violate their contract with the CRA's. Compliance may not be possible. As an alternative, you could request that they fail to update any further requests for verification that come from the CRA's. It is NOT illegal for a DF to remove info from your CR. Is does violate their legal agreement with the CRA's.

Link to comment
Share on other sites

If you are making a PFD offer to a CA be aware that the OC's TL will remain unaltered.

The OC's for these accounts are NOT reporting on my CR's.

This may actually violate their contract with the CRA's. Compliance may not be possible. As an alternative, you could request that they fail to update any further requests for verification that come from the CRA's. It is NOT illegal for a DF to remove info from your CR. Is does violate their legal agreement with the CRA's.

Thats a good point, that fact did come to mind, So that might be a good way to get around that. But that is not guaranteeing me that they will delete it. Its hoping that they will not verify with the CRA's when i dispute again and if they still verify then what??????

Do you have an opinion on these questions?:

when you do a PFD letter do you have to pay the full amount owed or can you make a settlement offer and ask that they accept that as full payment and delete?

Do you think they'd be more likely to accept the PFD agreement if I offered the full amount though???

Link to comment
Share on other sites

Quote:

This may actually violate their contract with the CRA's. Compliance may not be possible. As an alternative, you could request that they fail to update any further requests for verification that come from the CRA's. It is NOT illegal for a DF to remove info from your CR. Is does violate their legal agreement with the CRA's.

Thats a good point, that fact did come to mind, So that might be a good way to get around that. But that is not guaranteeing me that they will delete it. Its hoping that they will not verify with the CRA's when i dispute again and if they still verify then what??????

It's not guaranteeing that they will delete, but IF they sign, you just have to do a DwCRA (Dispute with the CRA) and if they do as promised, and not report, than you have it deleted.

The difficulty is getting them to sign.

Have you tried the Primer (sting tactic)? I call it a Sting because it tries to get them to break the law, just like a Police Sting. :lol:

That may be the way to go first?

Link to comment
Share on other sites

What if i add this to my PFD letter. Is this too confusing??? Please feel free to adjust or comment ..........

In addition, upon accepting of the $240.00, the CREDITOR agrees to remove the information about the debt from the DEBTOR's credit reports (all 3 major credit bureaus, Equifax, Experian, and TransUnion). If CREDITORS Trade Line remains on the DEBTOR’s Credit Reports after payment has been made, DEBTOR will then dispute the Trade Line with any and all Creditr Reporting Agencies that are deemed neccessary, and expect that the CREDITOR will NOT update the Trade Line and rather instruct the Credit Reporting Agency to DELETE the Trade Line.
Link to comment
Share on other sites

I have had two successful PFD's. I sent the ca's a letter stating what I wanted then backed it up by an agreement. You shouldn't have a problem with them sighning it, all they want is their money. This is the letter and agreement I used.

March 12, 2007

Dear xxx,

Re: Account Number_2020360002548645

I really appreciate the fact that your company is willing to work with me on this

matter; I want to make an honest attempt to settle this debt. My credit rating is the most important item in this settlement agreement to me as I am striving to regain a perfect credit rating as reported to the credit bureaus.

This letter is to make an offer to settle the debt between myself

and your company.

The amount I would like to propose as the payment in full for this debt is

$75.00. In addition, this settlement would require the complete removal of this account from my credit file.

If these terms are acceptable to your company, please sign the attached letter of

agreement and return a copy to me. Upon receipt of this signed acknowledged

agreement, I will express you a money order in the amount stated above.

Yours truly,

x

AGREEMENT TO COMPROMISE DEBT

Equidata, referred to as CREDITOR and x, referred to as DEBTOR, agree to compromise the indebtedness as between them.

CREDITOR, hereby agrees to compromise the indebtedness due the CREDITOR on the following terms and conditions:

The CREDITOR and the DEBTOR agree that the present debt due on account # ##### is $75.00. (Seventy five dollars and 0). The parties agree that the CREDITOR shall accept the sum of $75.00 as full payment on the debt. The

acceptance of the payment will serve as a complete discharge of all monies due. The payment shall be made in the form of a money order.

In addition, upon accepting of the $75.00, the CREDITOR will notify all Credit Reporting Agencies that account is PAID AS AGREED, and DELET any entries.

This compromise is expressly conditioned upon the payment being received

This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.

This is an attempt to clear a debt.

Dated: _______________

Signature: ____________

Equidata

CREDITOR

Signature: ____________

x

Debtor

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.