PFD or Just pay...

[simplysilky]

I have several collections on my report and was thinking about paying them next week, all at once. Would it be better to PFD or just send in a money order to the CA/OC's and keep on report? If I did PFD, I know to get it in writing but, will it be better to get it deleted? These collections are recent (2006-ish).

[bigjohnstud4200]

Paid in full is just as bad as not paid. If they are with CAs I wouldn't pay a thing unless you can get PFD, which might be hard to do.

[stancil1]

Simplysilky, before you even start talking with anyone about paying anything, you need to assess your situation. You are saying that the collections are resent, do you know their respective DOFD ? Are they still with the OC or have they gone to a CA ? If they're with CAs, how many different CAs have they gone through? Is there any chance that the SOL is close to expiring?

The reason I ask these questions is because PFD should be the very last option you consider.

D

[simplysilky]

Simplysilky, before you even start talking with anyone about paying anything, you need to assess your situation. You are saying that the collections are resent, do you know their respective DOFD ? Are they still with the OC or have they gone to a CA ? If they're with CAs, how many different CAs have they gone through? Is there any chance that the SOL is close to expiring?

The reason I ask these questions is because PFD should be the very last option you consider.

D

They are all with CA's now, a few have gone thru several CA's and they are no way near SOL.... The DOFD's are only 1-3 years old.

[stancil1]

Start with the oldest ones first and request a simple DV with C&D, you'll want to do this as many times as neccessary, every 45 days or until they respond. If you don't DV, you can't know for sure that you're even paying the right person. They must properly answer your DV. Just be aware that if they do send proper verification, you'll need to cross that bridge at that time as these TLs have not past SOL.

You'll probably find that by this point, a few more will drop by the wayside.

Hope this helps

D

[bigjohnstud4200]

Start with the oldest ones first and request a simple DV with C&D, you'll want to do this as many times as neccessary, every 45 days or until they respond. If you don't DV, you can't know for sure that you're even paying the right person. They must properly answer your DV. Just be aware that if they do send proper verification, you'll need to cross that bridge at that time as these TLs have not past SOL.

You'll probably find that by this point, a few more will drop by the wayside.

Hope this helps

D

And if they don't respond with proper DV they probably don't have the required paperwork making your case against them stronger.

[simplysilky]

Start with the oldest ones first and request a simple DV with C&D, you'll want to do this as many times as neccessary, every 45 days or until they respond. If you don't DV, you can't know for sure that you're even paying the right person. They must properly answer your DV. Just be aware that if they do send proper verification, you'll need to cross that bridge at that time as these TLs have not past SOL.

You'll probably find that by this point, a few more will drop by the wayside.

Hope this helps

D

I disputed these accounts thru the online dispute --I'm still waiting for responses. So, if they verify, then DV the CA?

[stancil1]

No, do it now via CMRRR. Maybe you can catch them.

[elyse449]

Hi Simplysilky,

Are these debts you acquired? Did you receive goods for the money that they say you owe?

I may not be popular for saying this, but oh well--paying your bills is the best thing you can do. Unless this was a situation where the debt was old or otherwise out of SOL for your state...this truly is your best bet IMHO. It's ok to validate them and what not and make sure everything is on the up and up (especially the amounts) but you don't want to tick them off because that could make negotiating settlement later a true challenge.

Given the fact that these are recent debts-it would be in your best interest to pay them. What I discovered (for myself anyway) is that when I pay a recent debt, it doesn't report much more negatively than the new negative TL. The TL is negative regardless unless you can negotiate their reporting of it. It will age and the FICO will rise provided you are also building GOOD credit along with your repair efforts. Believe me, the fact that you pay them WILL give you better practice at what it truly means to be a responsible consumer.

If it were me, I'd contact the most recent creditor--I would apologize for my indebtedness and lateness. I would explain that I went through a hardship during that time, but now I have the funds to settle out this account and what can we do to achieve that to the mutual satisfaction of BOTH parties. Perhaps they'd be willing to simply mark it "paid" versus paid charge off. Who knows..but negotiate with them and be open to compromise. In fact, I'd try to find the higher ups within the company and send them an e-mail if you can locate one for them.

The one thing to remember is--you're doing the right things NOW. In the future, keep track of all payments and debts. Learn your rights and how to handle a debt that IS questionable. In fact, it's ok to question your debts and such...but if they're valid, they're valid. The name of the game isn't "how can I get out of paying this..." it's, "How can I become a responsible consumer and not get it up the back side in the process."

Definitely contact the original creditors to see if they may be willing to strike a deal. If they only "assigned" the debt, they do retain ownership of it and rights to do with it what they please, so if you contact a higher up with your story-they may be willing to hear you out, pull it back from collections and go from there. That would eliminate the CA in the process.

Good luck. Sorry for those who will disagree.

Elyse

[simplysilky]

Hi Simplysilky,

Are these debts you acquired? Did you receive goods for the money that they say you owe?

I may not be popular for saying this, but oh well--paying your bills is the best thing you can do. Unless this was a situation where the debt was old or otherwise out of SOL for your state...this truly is your best bet IMHO. It's ok to validate them and what not and make sure everything is on the up and up (especially the amounts) but you don't want to tick them off because that could make negotiating settlement later a true challenge.

Given the fact that these are recent debts-it would be in your best interest to pay them. What I discovered (for myself anyway) is that when I pay a recent debt, it doesn't report much more negatively than the new negative TL. The TL is negative regardless unless you can negotiate their reporting of it. It will age and the FICO will rise provided you are also building GOOD credit along with your repair efforts. Believe me, the fact that you pay them WILL give you better practice at what it truly means to be a responsible consumer.

If it were me, I'd contact the most recent creditor--I would apologize for my indebtedness and lateness. I would explain that I went through a hardship during that time, but now I have the funds to settle out this account and what can we do to achieve that to the mutual satisfaction of BOTH parties. Perhaps they'd be willing to simply mark it "paid" versus paid charge off. Who knows..but negotiate with them and be open to compromise. In fact, I'd try to find the higher ups within the company and send them an e-mail if you can locate one for them.

The one thing to remember is--you're doing the right things NOW. In the future, keep track of all payments and debts. Learn your rights and how to handle a debt that IS questionable. In fact, it's ok to question your debts and such...but if they're valid, they're valid. The name of the game isn't "how can I get out of paying this..." it's, "How can I become a responsible consumer and not get it up the back side in the process."

Definitely contact the original creditors to see if they may be willing to strike a deal. If they only "assigned" the debt, they do retain ownership of it and rights to do with it what they please, so if you contact a higher up with your story-they may be willing to hear you out, pull it back from collections and go from there. That would eliminate the CA in the process.

Good luck. Sorry for those who will disagree.

Elyse

Hello and thanks for your input. Your reasoning is the "reason" why I want o go ahead and pay the bills--they are mine. Since I am a veteran of the US Army, I want to purchase a home thru VA, but they don't want to see ANY collections or charge offs on the credit report, so that's why I'm taking care of it right now.

I will be contacting the OC's.

Thanks again