Jump to content

Should I do a PFD with Cavalry?


lossuzy
 Share

Recommended Posts

Cavalry Portfolio services sent me a letter today wanting to settle a debt for 70% off. The TL is set to fall off my credit report in March 09. I thought about doing a pay for deletion, however is it really going to bring my credit score up significantly? I only have a little over a year to go.

  • Like 1
Link to comment
Share on other sites

How much would you have to pay?

It's out of SOL, yes? If it's not a huge $ amount, it may be worth it just so you know you're done with it, but only if you get a PFD and a guarantee they won't resell the balance.

Wow, thanks. I had no idea that they could resell the balance. I think I'm just going to leave it and let it fall off next year.

Link to comment
Share on other sites

i would leave it, because they may update it with ya lol. screw cavarly. i hate em

Can they update it for any other reason? I just looked on my ex report and it says that it's going to be removed in 2013!! Last time I checked which was last year, my credit report said that it was coming off in 2009.

What happened????

Link to comment
Share on other sites

Wow, thanks. I had no idea that they could resell the balance. I think I'm just going to leave it and let it fall off next year.
Just because is falls off doesn't mean it's gone from your life forever. That's why I was wondering how much you would need to pay. 70% off may be worth paying just so you can't have it haunt you anymore.
Link to comment
Share on other sites

Just because is falls off doesn't mean it's gone from your life forever. That's why I was wondering how much you would need to pay. 70% off may be worth paying just so you can't have it haunt you anymore.

What do you mean it's not gone from my life forever? The SOL has run out and they can only report it for 7 years right?

Link to comment
Share on other sites

What do you mean it's not gone from my life forever? The SOL has run out and they can only report it for 7 years right?

They can sell it to another company, who can sell it to another company, who can sell it to another company....

That's why if it's a small enough amount, you could get them to agree, in writing, to PFD (so it's gone now) and agree not to sell the remaining balance (so you never think about it again).

Link to comment
Share on other sites

They can sell it to another company, who can sell it to another company, who can sell it to another company....

That's why if it's a small enough amount, you could get them to agree, in writing, to PFD (so it's gone now) and agree not to sell the remaining balance (so you never think about it again).

So if they sell it to another company and another company etc., does that mean they can extend how long they keep in on my credit report for? I thought it was 7 years and that's it. There hasn't been any activity on the account since it went delinquent.

Link to comment
Share on other sites

So if they sell it to another company and another company etc., does that mean they can extend how long they keep in on my credit report for? I thought it was 7 years and that's it. There hasn't been any activity on the account since it went delinquent.

The debt doesn't just "go away" because the 7 year reporting period has expired. It may be too old to report and out of SOL for suit (affirmative defense) but you may be dealing with this 20 years from now.

Link to comment
Share on other sites

So if they sell it to another company and another company etc., does that mean they can extend how long they keep in on my credit report for? I thought it was 7 years and that's it. There hasn't been any activity on the account since it went delinquent.
Yes, it's 7 years from the DOFD. I mean if all you're worried about is your credit score, then let it fall off.

You can still be sued though (but have the SOL defense), and you'll have to respond and show up to court. You can still have CA's calling you, sending you letters, and reporting to the CRAs, which would require you to dispute, etc.

Is it really that high an amount that you won't consider addressing it? Offer them 10 or 20% of the balance, or something, and see if you can get them to agree to a deletion and not to sell it. It could save you a lot of work, as well as a potential trip to the courthouse.

Link to comment
Share on other sites

Yes, it's 7 years from the DOFD. I mean if all you're worried about is your credit score, then let it fall off.

You can still be sued though (but have the SOL defense), and you'll have to respond and show up to court. You can still have CA's calling you, sending you letters, and reporting to the CRAs, which would require you to dispute, etc.

Is it really that high an amount that you won't consider addressing it? Offer them 10 or 20% of the balance, or something, and see if you can get them to agree to a deletion and not to sell it. It could save you a lot of work, as well as a potential trip to the courthouse.

It's for a few hundred $$. I see you point about a PFD, however I just did that with the cable company and now I'm having problems with them because they reverified with EX and are still reporting the debt. Either way I look at it, I see problems. My main concern is it falling off my credit report.

Thank you for your advice.

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.