moonwife

actual success with PTD??

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I have written to the CRAs and disputed all our negative tradelines and I got 6 lines removed, and my husband got 3 removed, yay!

Now, I'm trying to figure out what to do next. Has anyone actually had success with the PTD? If so, are there sample letters to use? Has anyone struggled with this?

From what I understand, if I just pay the debts to the CAs, it still reflects negatively, right?

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By PTD if you mean 'pay to delete' - it is more commonly referred to as a PFD 'pay for delete'.

It can be successful for small accounts- like parking tickets, utilities etc. I don't think you'll find much luck trying to get a PFD from a charged off credit card or from big companies. There are letter templates on this website and plenty of advice.

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Sorry. Yeah, PFD.

I could be searching wrong, but I keep finding lots of threads about the theoriticals, but I'm wondering if anyone on here has actually done it and has practical tips.

Also........so if I have a couple major credit card trade lines which are lots of money, is it better for the overall credit picture to just wait for them to fall of OR pay them and have the "settlement paid" or whatever show up on my CR?

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I had success with a PFD for an overdraft on a checking account. the amount was around $400.00. I got a PFD letter sent to me- sent the money and the next month it was completely off the reports. I also had some unpaid parking tickets that went to collection- I think $50. The collection agency refused to put a PFD in writing but gave me their word. I was skeptical, but paid it off and they also removed it.

As far as your accounts - whether to pay or not- there are several factors to consider:

Is it within your state SOL?

How old is the debt?

Will they PFD?

Are the credit cards reporting from the original creditor? or have they gone to a collection agency?

My general feeling is if they are close to the 7.5 yr reporting period and beyond SOL leave them alone. Sometimes the age of an account- even though it is a bad account is more beneficial than the harm it is doing.

Credit repair is tricky- somethings you think are helping actually may hurt in the short term. Ask questions on this forum- the more specific the better- (DO NOT GIVE OUT ACCOUNT NUMBERS- DO NOT USE THE EXACT NUMBERS ON REPORTS etc.)

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I'd also like to ask..........

I know that around these boards, people have suggested hinting at bankruptcy when negotiating a PFD..........but has anyone just flat out said "Hey, I'm just gonna sit on this until it falls of my report so if you want my money you'd better work with me?".

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BINGO!!!! Now you have the right mindset. Remember you have what they want, your money. You largely hold the cards.

Another angle is a non-discloser clause; I would think that would work better than a PFD. A PFD would most definitely violate CRA/DF contract and I rather suspect is why it is so hard to obtain.

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oooo

can you give me more info on the non-disclosure?

I know a lot of people on this board say to basically play the bankruptcy card, but if the TL is out of SOL, I am trying to figure out why it would be bad to say "hey, I'm not paying unless you delete"

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It is not bad to say that. Depending on your financial situation and account type it can work. It does not always work but if you send a letter stating, "If I send a LUMP SUM check payment of x," and put in a clause stating, "by cashing this check you will release all claims against me arising from this account and will submit notification to the CRAs" they may just cash your check. Then, if it is still on your CR, you have a legal document stating what stipulations surrounded cashing that check.

This usually works best with collection agencies.

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PFD's either work or they don't

Some companies will do a PFD and some will just flat out refuse to do so.

CA's, (slimey bast**ds), when they purchase a debt they pay only pennies on the dollar for it and think you don't know any better and will sucker you into the full amount.

When you draft a PFD think to yourself, how do I know this amount they say I owe is correct? How do I know they didn't trump up the dollar amount with fees and interest? (legally they CANNOT do this but will try).

Send CA's a debt validation letter, we call it a DV, NEVER admit the debt is yours, ask them what this alleged debt is for, if you agree with what they send you then draft your PFD starting at a % of the balance, I start mine off at 60% of the balance I agree with, if they say no counter with a lower %.

Make yourself a cap, if you have a debt for 1200.00 and the most you are willing to pay is 20% of it STOP AT THAT, what did I tell you a JDB or a CA pays for the debt, PENNIES on the dollar, the more you pay them, the more their profit margin is, the more their profit margin the more successful the CA gets, we WANT them to lose money.

Now, If the debt is with the Original Creditor, PFD's like I said will either work or not, some will and some refuse.

For an OC you will want to send a Debt VREIFICATION letter, if you agree with the results I would start with what I call a "I screwed up letter",

Dear so and so, I have made many mistakes in my past and my failure to fullfill my obligation to you as a creditor is one if my biggest, I truely loved being your customer, I always had great customer service, your reps were also so nice and helpful, but I fell on hard times, I lost my job, my kid got really really sick, I got really really sick, my spouse got ill or died, and I have now come to a point and time in my life where I feel I have to right my wrongs and I would like to do that with your company and correct my past mistakes by paying my debt, settling my debt, if I can ask for one favor in return, removing this account from my reports. You get the jist of the I screwed up letter.

Some will have pitty on you and some will say tough crap pay up sucker.

If doesn't matter HOW many people here have had success with PFD's their situations are not like yours.

I will tell you this though, you can forget about Cap One, HSBC, First Premier, Amex, Discover and a few others they WILL NOT do a PFD.

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