Should I Bother with a PFD?
Date: Thu, 05/22/2008 - 12:49
Verizon originally had it. Then sold it to collection agency. Then Verizon got it back (so I began paying on it), then sold it to another collection agency. I in turn began paying them, and have an overall balance of $400 left on it. I just got a letter from this third agency to pay it in full.
Would it be wise to even off a PFD? I've obviously already acknowledged the debt was legit - I paid off $800 of it. Just wonderinf if I should just pat it as is or bother with a PFD.
Oh and to re-iterate, I got the balance down to $400 with the 2n
Oh and to re-iterate, I got the balance down to $400 with the 2nd collection agency. They now sold it to this 3rd one. I hadn't payed them in a few months.
You should DV them just so you know where you stand. It is perf
You should DV them just so you know where you stand. It is perfectly reasonable to see a full accounting of this account so you can make sure they are crediting the payments properly, especially if the account keeps changing hands. Once you have that you could offer a pay for delete, otherwise the account will remain on your credit for 7 years (since with every payment you bring it back to date).
debt
Can you ( realistically?) send a PFD letter, if you can only make monthly payments on the valid account? Wouldn't thar be the same as saying, 'if I pay this off in a certain amount of time, the CA could 'delete' the debt off of my CR?
My opinion is that the PFD only works if you are paying the bala
My opinion is that the PFD only works if you are paying the balance in one final payment. I don't think it works with making monthly payments because the collection agency wouldn't agree to delete it ahead of time...does this make sense? In other words, I think you should request a payment history for all of the payments you have made thus far. You should also know that each time you stop paying for a few months or whatever, they can re-age your account and it starts all over again, which is not good. I say bite the bullet and see if you can pay the $400 at one time, then offer a PDF and see what they say. Making those monthly payments is costing you more money, especially if they are charging you interest, and they are probably re-aging your account.
It's only $400, so I plan on paying it off in one shot. I was pa
It's only $400, so I plan on paying it off in one shot. I was paying in installments before with the Verizon and the one CA because it was $1200 and and I couldn't afford all that.
I'd be willing to pay the remaining balance of $400 either way just to be done with it. It would just suck to have this on my report if it doesn't have to.
They haven't been re-aging my account and there hasn't been any interest added on. I've been keeping tally since it switched hands. I Just want this resolved, but I realize this is going to look bad on my reports for 7 more years since its a bad account.
Guest, Do as Goldenblast said DV them get the payment hist
Guest,
Do as Goldenblast said DV them get the payment history so you know how much they claim you owe (you don't want to pay the $400 and have them come back and say the balance was $1,200) and then make them the offer for PFD.
If they accept have them send you a legiblely signed letter stating upon receipt of funds they will remove the listing from you file within 30 days.
Don't take their word that they will send you the letter after the payment, they won't.
Also talk to your bank about using some sort of bank check that you can get proof that the check was cashed and attach that to the letter.