hardyboy

should i settle with CA?

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hello yall!

 

long time lurker but ready to start somewhere!

 

so long story short, me and my wife are trying to repair our credit i have 3 account that have been charged off and sold to Portfolio Recovery associates. wre looking to by a house next year around the same time and need to clean up are credit so we have a better chance to be approved.

ive been reading a bit here and there and some say dont settle with any JDB and some said i should. within the three accounts i have with PRA its t around its around 4000$  

 

i guess my question should i settle to get these off my credit report? or should i try and fight? i look forward to any insight and direction you guys might have!

 

bob

 

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Let's put it this way, 95% of the time you try and settle with a JDB or CA you end up getting screwed. It will never go the way you want. What is the SOL for you? How long do you have to go. One or two will tell you to settle, but, as you have already learned jumping around to the different forums, it won't go well. You might be one of the one or two per cent that luck out. But I wouldn't count on it. Keep us posted if you try, would like to know your results in the end. You most likely not get it in writing, but they will have your money and that's what they want.

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im in fl so i believe the SOL is 5 years. we stop paying on our accounts around early to mid 2011. should i wait it out? if i do what should i do after the 5 years? were tired of paying intrest rates on cars and keep getting denied. i understand its my fault but im ready to start fixing what i can.

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im in fl so i believe the SOL is 5 years. we stop paying on our accounts around early to mid 2011. should i wait it out? if i do what should i do after the 5 years? were tired of paying intrest rates on cars and keep getting denied. i understand its my fault but im ready to start fixing what i can.

I firmly believe in paying or settling debts if you really owe the money (or at least some of what they say you owe).

 

The problem is that almost all CAs and JDBs will lie and tell you anything and everything you want to hear until they get your money...dealing with them is sort of like picking up a rattlesnake; even those who handle rattlers all the time will get bit occasionally meaning that you really need to be sure of what you are doing before you start any kind of dialogue with Portfolio.

 

If PR isn't currently bothering you I think I'd be tempted to wait and do nothing; at least in the short term...if you know how much they might ask for to pay the debts then save up enough cash so that if you eventually have to pay them in order to get a mortgage you'll be able to do so.

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@hardyboy

 

Have a discussion with some mortgage companies to see what they require.   If mortgage companies require debts to be paid and to be reflected as "paid" or "settled" on your CR, that's what you'd have to do.

 

It is possible to settle with a CA or JDB if you get the details in writing.  For instance, if $4000.00 debt is to be settled for $1500.00, the details would reflect that upon receipt of $1500.00, the debt is settled.   Neither they or anyone else can demand payment for the remaining $2500.00 because settlement means settlement.   Nothing else is owed.

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You can negotiate with creditors by telling them you aren't admitting that you owe that account or that amount but in exchange for a settlement they need to delete it from your credit report.  Get an agreement in writing and it will work.  I've successfully done that before. 

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You can negotiate with creditors by telling them you aren't admitting that you owe that account or that amount but in exchange for a settlement they need to delete it from your credit report.  Get an agreement in writing and it will work.  I've successfully done that before. 

What you say is true...BUT...it is seldom that simple.

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Why not DV the CA/JDB and if after trying that you are unable to get them off your report, then maybe consider trying to settle following what everyone has said in regards to getting the agreement in writing. 

 

I've successfully removed ALL reporting by CA/JDB with a combination of disputes directly to them & disputes to CRA.

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