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Settlement offers


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Hey guys!

It's me again. So, my next question is: What is an acceptable offer to JDB's for settlements at/after SOL? How cheap can I go? Can I offer to pay 20% or less of original collection balance? I know I can call and ask, but I was hoping for feedback from anyone that has had success in settling with extremely low offers. Isn't there a benefit because it's past the SOL? There is PRA, Midland, and Cavalry CA's reporting. If I could settle on all of these, they will PFD. Any feedback with people's experiences with this would be so greatly appreciated!

Also, what would be a good settlement % for Cavalry since I threatened them with arb and they dismissed suit? They are at SOL in 1/22. Original collection amount is $5,097.42. I was hoping to come in at ~10%/$500. Has anyone had success on super low balling a CA after threatening arb? Anyone have success stories (or any stories)?

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It is doubtful that any one of them will accept a low ball offer in return for deleting. Most JDBs do not like to do a PFD to begin with and with the trade line being their only leverage, they are not going to give that up easily. In fact, I would bet that most would rather go the 7 years and get nothing rather than remove the trade line for a low ball offer.

If you do send settlement letters, make sure to include the statement that you are not admitting that you owe the debt. If they can prove that you admitted to that, in many case, that can restart the SOL clock and you don't want that.

You can do a low ball offer however as a settled debt on you CR looks better than an outstanding debt. Just don't think that they will accept a PFD. Also, verify that the agreement is for full settlement of the debt. I am betting that most will say no however.

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