WCAdjATL Posted July 5, 2007 Report Share Posted July 5, 2007 I'm really just getting started on all this...I have some collection/charge off accts with piddly little balances that I'd like to just PFD...is there a percentage of the balance due I should offer?Accts are as follows:Cavalry Portfolio(SprintPCS): $445CBSA(local comm college: $191Palisades(ATT): $187FMS(OK Nat Gas): $285GEMB(JCPenney): $383WFNNB(VictoriasSecret): $254I'm actually a little embarassed at how little some of these are...but when I lost my job five years ago EVERYTHING went to hell...Thanks for any assistance... Link to comment Share on other sites More sharing options...
rebsgrl Posted July 5, 2007 Report Share Posted July 5, 2007 Don't feel bad. I have one collection for $17 and another one for $29. It can happen to anyone. Link to comment Share on other sites More sharing options...
hiblues Posted July 5, 2007 Report Share Posted July 5, 2007 You said it yourself... they are tiny.....and Since they are so small, why not offer a PIF for a PFD?along with a sappy sap sap GW letter.offering a percentage of the debt on such a small debt may get you rejected just for that reason. Link to comment Share on other sites More sharing options...
rebsgrl Posted July 5, 2007 Report Share Posted July 5, 2007 Most of the info I've come across says to start at 30% and work your way up but I'd be willing to bet they wouldn't take less than 50%.Don't forget to make an offer in writing and not over the phone. You might want to dispute them first. You might be surprised what you can get deleted with one simple letter. Link to comment Share on other sites More sharing options...
isislc Posted July 5, 2007 Report Share Posted July 5, 2007 One more thing to remember, any amount you are forgiven when you settle for a percentage is counted as added income for the IRS for the next filing year. Ex. You owe $2000 on an account and you settle for $700. That excess $1300 is now considered income that needs to be added on to your taxes at filing time. If I were you, I would do what Hiblues suggested. Send them letters requesting a PFD for a PIF. If you don't have much money right now, then do them one at a time with the smallest ones first. This way, you can get them cleaned up and not let them sit. You'll have some kind of progress. If they say no on the PFD, screw em, let em sit and work on the next account. Link to comment Share on other sites More sharing options...
hiblues Posted July 5, 2007 Report Share Posted July 5, 2007 The only thing that you should be carefulof is not to alienate the CA.Disputing the debt with the CRA, and then offering30% of the total ( if it doesn't fall off) may piss the CA off and make themless agreeable to any of your PFD efforts later. In other words,they black list you.Better to try to do a PFD for PIF, ESPECIALLY since they areso small amounts.If they are stubborn to your PIF 4 PFD efforts, than try the disputesand offering less.Also, check out the Primer link in my siggy.... Link to comment Share on other sites More sharing options...
direred Posted July 5, 2007 Report Share Posted July 5, 2007 I figure if they're going to delete, full price is what I'd pay. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted July 5, 2007 Report Share Posted July 5, 2007 I figure if they're going to delete, full price is what I'd pay.Me too. I haven't successfully negotiated a PFD yet for PIF on out of SOL accounts.. Link to comment Share on other sites More sharing options...
WCAdjATL Posted July 5, 2007 Author Report Share Posted July 5, 2007 That seems odd to me...if it was past the point where they could legally collect on it, you'd think they'd be happy for anything the debtor offered to pay.Me too. I haven't successfully negotiated a PFD yet for PIF on out of SOL accounts.. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted July 5, 2007 Report Share Posted July 5, 2007 That seems odd to me...if it was past the point where they could legally collect on it, you'd think they'd be happy for anything the debtor offered to pay.Not only that, it was due to drop off CR within 6 months. Very uncool. I know I created the debt, but was willing to make amends for something I did wrong nearly 7 years ago. Well, they can FOAD if they aren't willing to delete. This was with a CA that held 3 accounts, medical co-pays of $15, $18 and $45. and another cable company that I owed $500 (claimed i didnt' return the digital box). Link to comment Share on other sites More sharing options...
willingtocope Posted July 5, 2007 Report Share Posted July 5, 2007 That seems odd to me...if it was past the point where they could legally collect on it, you'd think they'd be happy for anything the debtor offered to pay.There is NO point past which they can no longer legally collect (except in WI). They can collect forever...they just can't report it after 7-1/2 years. Not the same thing. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted July 5, 2007 Report Share Posted July 5, 2007 There is NO point past which they can no longer legally collect (except in WI). They can collect forever...they just can't report it after 7-1/2 years. Not the same thing.I think AK is the other state they can't collect after the SOL is up. Link to comment Share on other sites More sharing options...
hiblues Posted July 5, 2007 Report Share Posted July 5, 2007 It's sooooo F#*n bogus that those $18 collections even stay on a CR.Anything less than $500 is a disagreement and should be deleted immediately when paid...and it can be if you... and yes I mean you ( the person reading this mesasage) , e-mail your congress members...it will only happen if the public gives enough static about it.As a boss, you have to tell your employees what you want them to do,soCLICK HERE TO CONTACT CONGRESSand tell them what to do. Link to comment Share on other sites More sharing options...
elyse449 Posted July 5, 2007 Report Share Posted July 5, 2007 It's sooooo F#*n bogus that those $18 collections even stay on a CR.Anything less than $500 is a disagreement and should be deleted immediately when paid...and it can be if you... and yes I mean you ( the person reading this mesasage) , e-mail your congress members...it will only happen if the public gives enough static about it.As a boss, you have to tell your employees what you want them to do,soCLICK HERE TO CONTACT CONGRESSand tell them what to do.Suggestions on topics to cover?? I'm drafting my letters and that's it. There's a few things I'd like to say...example; there are plenty of punishments for consumers/debtors, where are the rewards? Why is it that even when we TRY to do the RIGHT thing and pay our bills that our credit STILL get's dinged when a creditor refuses to remove the PAID item at ANY point, other than that stupid 7.5 yr mark!!!Elyse Link to comment Share on other sites More sharing options...
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