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PFD OC's that are Major Banks?


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Hello everybody,

First time poster, long time lurker here. I've been following the board for more than six months, and I'm finally in a position to start fighting back and digging myself out of my holes. Here is my situation: I've recently satisfied a judgment filed by Amex, and the certificate should be on its way shortly. I still have about $20k in credit card debt that I'm looking to pay off. My top priority is cleaning up my credit report. I'm hoping the Certificate of Satisfaction of Judgment from the court will pull that public record off of my CR's. My next goal is to get the $20k which is spread around three different cards off as well. The debts and the DOFD are both ~18 months old for two (both Chase) and six months for the third (Juniper/Barclays). As of this month, all have been charged off by the respective banks. My question at this point is whether a PFD letter would be potentially beneficial or futile. As I said, my intent is to repay the debt, I just want to get something out of it, so to speak. So, could someone tell me if what I'm trying to do is practical? I've read the primers, and quite honestly I'm lost in acronym soup. If I'm on the right track, could anyone speak to the willingness of the aforementioned creditors (Chase and Juniper/Barclays) to make PFD deals? Thank you all for your advice on this matter and all the advice I've read here in the past few months. It's kept me going more than you can know!

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"...I'm hoping the Certificate of Satisfaction of Judgment...will pull that public record off of CR's..."

Always best to go to the source for questions like this: From the FCRA 1681c, Subsection 605 "Information excluded from consumer reports...civil judgments...that from date of entry, antedate the report by more than seven years...". There is a sticky at the top of the page. Within that time period, your judgment may show, even though it's satisfied. *sounds oddly sexual, A Saaatisfied Judgment*

As far as PFD...there's a wealth of comments on this site. You can search relevant terms to read the viewpoints and experiences of other posters here. I'll leave it there.

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  • 3 weeks later...

Just a bump to keep this message current, but I do have a few more questions. First off, the Satisfaction of Judgment arrived from the County Court. I plan on mailing it to the CRA's Monday morning with a letter requesting it be removed from my CR. Although I realize I'm working at a longshot here, I'm wondering if anyone has personal experience or can relate a success story about such a situation. As far as the other questions go:

1) I PFD'd a major bank and the time limit is about to expire. I'm considering sending them another letter via overnignt, certified mail (CMRRR) reiterating my offer for payment in full in exchange for full deletion. Do you think this is a wise move?

2) PFD letters are drafted to my other major OC to get them off my report as well. Can anyone here comment about their successes or failures negotiating with major banks when working for full deletion? In this particular situation, I'm working with a company who might "chase" after their money. I could pay in full there as well (which would put me in a big pinch, but at least when I get out of that I'd have a clean slate), but I really want my mistakes off the record. Am I barking up an empty tree here or should I keep after it?

Also, any other advice or questions relevant to the situations I've outlined above would be greatly appreciated. I'm learning, most from my mistakes, but also from here, but I'd love to be a better student of credit repair.

Thank all of you for your help already and in advance for whatever you may be able to provide!

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I always hate coming in behind Ahntara (also oddly sexual, sorry A), as she is always right on the mark.

My take, for what's it's worth....

Oh, and you'll need this cause I speak alien also.......


You will soon, too.

Your accounts seem very recent if I read correctly. 6-18 months beyond DOFD date. Both are in collections it seems and whether you can deal with the OC in a PIF arrangement is determined by if they still own the debt or have sold it downstream. If sold, you should see a 0 balance on a CO, I believe from any OC entry.

A full PIF (redundant I know) is a strong weapon as they want to get paid and you want it off your report. Bigger problem is if these are so new you are still likely in SOL, and you may be inviting them to sue??

Keep in mind that a PIF with an OC, can cause several things to happen. May bring account to current and may report another 7- 7-1/2 years in some derogatory manner. You may get them to change the listing to something not so derog. This all assumes they can get back the account or still own it.

CA's are a very big and very different animal. They will typically tell you whatever they think you want to hear, but at the end of the day you may end up with nothing more than a paid collection and that, for the records impacts scores exactly the same way unpaid do. They may or may not be able to agree to a PFD. This can also have pitfalls in some states, such as re-setting SOL since some states go by DOLA rather than DOFD.

Know all your states laws and generally you are in a much better position to negotiate a PIF PFD after SOL has run, than within.

As for a judgement, you can try getting it vacated down the road through the courts. Carefully read everything you can find before you do anything, as these baords are loaded with people that did it the other way around to include me many years ago.

Keep everything you do in writing and if within SOL you may be better off laying low...

Just my $0.02

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I'd be careful.

If you offer a PFD, you're pretty much telling them that you have the money and can afford to pay off the debt.

The balances are high enough that it's worth them to sue you, if you won't voluntarily pay.

I think you're setting yourself up for something bad.

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Agree VeVe.

If OP intent is to PIF for sake of PIF that's fine, as it's early in his game. That said, you will likely have these on the CR's for some time. Considering amounts though I think it likely they will sue no matter what these days, and a paid collection is better than a judgement.

OP, try to settle with OC if at all possible with or without a delete. You can always try to knock it off later with a PIF letter you should require they give you before paying.

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