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Wamu Overdraft in collections


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3 replies to this topic

#1 NavyDad01

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Posted 13 January 2012 - 11:37 PM

I have a collections account on my Credit report for Washington Mutual for a overdraft of $600.00 that happened in early 2007 . Its with a collections agency and was wondering what is the best for of action ? I dont mind paying in full should I just send the Collection agency a PTD letter and hope for the best? can I ask for PTD over the phone and ask that they mail me a letter showing said request? I appreciate the help



#2 prindia

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Posted 15 January 2012 - 12:56 PM

I have a collections account on my Credit report for Washington Mutual for a overdraft of $600.00 that happened in early 2007 . Its with a collections agency and was wondering what is the best for of action ? I dont mind paying in full should I just send the Collection agency a PTD letter and hope for the best? can I ask for PTD over the phone and ask that they mail me a letter showing said request? I appreciate the help


Ummm this is a tricky one... Paying for it won't remove you on Chex Systems or EWS. I know for a fact that Wamu Reports to Chex and EWS. Chex will remove you at in five years and EWS in seven years. Have you tried to DV the Collection Agency?

#3 michelle624

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Posted 18 January 2012 - 11:41 AM

Wow! I have something in chex as well. So even if I pay it off, which I was planning to do asap, its still going to linger around?


I have a collections account on my Credit report for Washington Mutual for a overdraft of $600.00 that happened in early 2007 . Its with a collections agency and was wondering what is the best for of action ? I dont mind paying in full should I just send the Collection agency a PTD letter and hope for the best? can I ask for PTD over the phone and ask that they mail me a letter showing said request? I appreciate the help


Ummm this is a tricky one... Paying for it won't remove you on Chex Systems or EWS. I know for a fact that Wamu Reports to Chex and EWS. Chex will remove you at in five years and EWS in seven years. Have you tried to DV the Collection Agency?



#4 mca

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Posted 18 January 2012 - 03:16 PM

I have a collections account on my Credit report for Washington Mutual for a overdraft of $600.00 that happened in early 2007 . Its with a collections agency and was wondering what is the best for of action ? I dont mind paying in full should I just send the Collection agency a PTD letter and hope for the best? can I ask for PTD over the phone and ask that they mail me a letter showing said request? I appreciate the help



Many people reported to chexsystems leave the reporting bank(s) still owing a debt. I have been asked many times if there is any way that they can just ask the bank for a PFD (Pay For Deletion). Of course you can ask for a PFD but that doesn't mean that it will work. Here are some tips you should remember when considering a PFD.

1. Once the account has went to collections, it is very unlikely that the bank will be able to help you with a PFD. You can ask the collection agency for one but you MUST have something in writing from the bank itself that indicates that they will remove you, not from the CA(collection agency). The reporting bank is the only one that can authorize a removal from chexsystems unless the CA is reporting it.

2. Banks and collection agencies lie and tell consumers that they will be removed from chexsystems once the debt is paid. Some banks and credit unions are unaware of the way chexsystems works. Many believe that you are removed as soon as the debt is paid not realizing that they MUST request this removal themselves.

3. Many bank and credit unions will state that they will remove you but later the decision is made by the loss prevention dept. or the security dept. of the bank to keep you reported to chexsystems and to ONLY update the report to being 100% accurate.

4. Many times paying off the reporting bank can cause you to be reported for a longer period of time than you would have been if you had not paid the debt owed. For example: a report that is from 2006 will be removed in 2011. If it is paid the bank can choose to report it 5 years from the date last paid. So for example a debt on a report from 2006 is paid in 2010, the report would not be removed until 2015. This is why I sometimes suggest NOT to pay the debt owed to the reporting bank(s) especially on accounts that are older ones.

Certain actions can restart the debt statute of limitations on a dormant account. This includes:

acknowledging that you owe the debt

making a payment

entering a payment plan

making an agreement to pay

making a charge on the account

If the clock on the statute of limitations restarts, it starts back at zero. This gives the creditor or collector more time to use the court to force you to paythe debt.




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