adtripho

If I can pay all what should I demand?

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I have about 75k in cc debt, and through some fortunate circumstances, I believe I can pay it all off, each, in lump sum.

First this debt is with C, JPM, BOA, CAP, etc., all the big ones.

All of these accounts are reflected as charged off. I am still getting notices from the cc companies to pay this debt, and even some settlement offers of 40-45%, and also notices from CAs. However, since I am able to pay it all off I think a phone call to the OCs advising them of the situation may persuade them to work with me.

What should I demand from these cretins, for giving them everything they want?

Charge off changed to "Paid in Full"

Complete deletion of any and all CA entries regarding these accounts?

TIA.

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If you don't get the charge off changed to "paid in full" and the CA entries deleted; there would be no valid reason to pay these accounts in full. If you pay them in full, the accounts will still read as derogatory accounts unless you get the credit reporting changes as discussed above. You are the one with all the cards now. Make sure you get whatever promises are made to you by the OC's and CA's in writing so you can enforce it. Don't send any payments until you have it in writing.

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The debt has been charged off from an accounting standpoint. At this point, paying them anything more than a settlement amount of 30% or less is merely a bribe to lie to the credit agencies.

All of the lates and transfer to collection agencies will still be on your report. These lates have a much more significant impact on your score than merely having them marked as "paid in full" rather than "settled" or "paid for less than the amount owed"

Save your money and use it to offset the marginally higher interest you will have on mortgages and car loans in the future.

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The debt has been charged off from an accounting standpoint. At this point, paying them anything more than a settlement amount of 30% or less is merely a bribe to lie to the credit agencies.

Bribe? If they agree in writing to accept his offer and he pays them in full and they change the account from C/O to report P.I.F., the law clearly states that whatever they report it must be accurate. So, if it's P.I.F. and they report it that way, where does the lie part come in?

All of the lates and transfer to collection agencies will still be on your report. These lates have a much more significant impact on your score than merely having them marked as "paid in full" rather than "settled" or "paid for less than the amount owed" ??????????

Save your money and use it to offset the marginally higher interest you will have on mortgages and car loans in the future.

Not good advice, it's evident that he is in a position to repair and clean up some things to help drastically increase his score that will in turn help him get lower interest rates on future car loans and mortgages.

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Your credit is screwed with the charge offs … offer 30 cents on the dollar and no 1099 for the unpaid portion of the debt! Tell them you will make three payments at 30 cents on the dollar starting immediately upon a signed agreement. Get everything in writing and save the rest of your money for a rainy day so you will never have to rely on credit again … point is to get away from credit! In two to three years with all the bad debt in this country you can get them off your credit report with a few disputes or the help of an attorney.

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First thank you for the additional replies. It looks like I'm going to need some more help, even with this seemingly 'simple' matter.

So I get back from xmas and ready to settle this and let's go for the big fish first, Chase. I have four accounts with them (although two were actually wamu accts and im not thrilled about paying in full what I know chase probably paid .30/dollar but i want these folks out of my life forever!!!).

I'm told three accts are with CAs and they cant do anything and I have to call them. The fourth account I'm told is "back with them" and so I speak with someone and asked for the following agreement in writing:

1) This will represent a full and final payment and extinguish any and all debt between myself and chase

2) Chase will update my credit report to "paid in full" status.

3) Any and all collection agency tradelines reported to any and all credit reporting bureaus regarding this account will be deleted in their entirety.

The guy I spoke with says he cannot do that. He says I will get the letter AFTER I pay them, and only a 'form' letter that cannot be altered. He read the letter to me and it sounds like a 'settlement' letter, rather than for paying in full. I told him that does me no good and no way I'm sending any money without having an agreement in my hand first. I'm offering to pay every single penny in interest and fees and whatever, and he cant send me a letter agreeing to these three simple things???

Do these jerks really want to be paid off, or just keep racking up fees and interest?

I have toyed with idea of settling, but that leaves me vulnerable going forward should they want to pursue the difference.

From everything I have read, settling with a CA just leaves me vulnerable to having some other CA come later on to collect the difference, so what is the point in that? How can I make an agreement with CA that Chase will abide by? If a CA says they can enter into agreement on behalf of Chase, why should I believe them, given that Chase itself cannot or will not send me a simple letter with that other account which I'm offering to pay in full!!???

P.S. Does anyone have a 'higher' up contact name/number at Chase (and any of the others I mentioned). This guy I was eventually transferred to just didn't seem to get it. He acted like typing an agreement on a computer was some huge deal that just couldn't be done because "corporate" had not approved it. And of course he reminded me that I had not paid them anything in 306 days five frickin times, but wont help me help them resolve this. It was really kinda bizarre and just not what I expected. I'm really taken aback at this point. TIA to all.

Edited by adtripho
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How about this alternative strategy. Have the following as part of agreement:

1) CA certifies that is has either a) purchased this debt from original creditor or B) has had the debt assigned to them by OC, as allowed by contract between myself and OC.

2) CA further certifies and represents that it is legally entitled to collect on this debt, and to enter into this agreement, and all its terms, on behalf of itself, and the original creditor.

3) CA agrees to completely delete any and all references to this account made by CA with any and all credit reporting agencies.

4) OC agrees to update, within thirty days of receipt of payment by CA, the tradeline of this account with any and all credit reporting agencies it has reported to as "Paid in Full." OC further agrees not to contest any disputes made regarding any late payments. (this is probably stretching it....there was a post with some very vague "not do something" language that would have prevented them from even responding to a dispute--lates in my case, ...if anyone recalls that it would be most helpful)

OR

4b) OC agrees to completely delete any and all references to this account made by OC with any and all credit reporting agencies it has reported to.

5) Of course, full and final payment and any and all debt between myself and OC and CA is extinguished.

(This last one is if I try to settle for less than 100% which if I have to deal with CAs seems better way to go although I'm still worried about this being a problem later and so...)

6) OC and CA further stipulate that this is agreement represents full and final payment of any monies allegedly due, and OC and CA will never sell any portion of this alleged debt to another CA or any other business, individual, or entity, nor cause or cause to be undertaken any further collection activities on this alleged deb by any other business, individual, or entity, nor assist in any further collection activities on this alleged debt by any other business, individual, or entity, in any form, whatsoever.

I know I can ask anything, but has anyone had any success with any special items like this?

Edited by adtripho
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Get everything in writing and save the rest of your money for a rainy day so you will never have to rely on credit again … point is to get away from credit! In two to three years with all the bad debt in this country you can get them off your credit report with a few disputes or the help of an attorney.

MG05 I am seriously considering this route and absolutely agree I am never going to "use" credit again in my life. Of course, I think there are some forces out there determined to make that impossible, but that's a whole other discussion.

Can you elaborate on your last sentence? How can an attorney help, or is it just paying a 'professional' to grease the wheels of the greed that passes for commerce in our country? On what basis would I dispute late reports, etc?

I had some success 5 years ago having collection accounts deleted when, after 3 certified return receipt dvs were ignored by CA, the credit reporting agencies deleted them after I sent in copies of all that to them, three times as well. I think I had one other thing, that really surprised me, but for the most part that was all I could do. IIRC, I was never able to get an OC to change anything that had previously been reported.

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