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Totally bummed - PFD FAIL!


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7 replies to this topic

#1 jaided

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Posted 23 February 2012 - 05:17 PM

So, I've been fighting this one for so long and I don't really have any more time to work on it, nor the energy.

Short synopsis: revolving line of credit for $1200, charge-off since 2010, still within SOL, assigned to a CA (not OWNED by a CA) who is not reporting currently. I've been dealing with the OC exclusively. I've written and disputed and faxed and called and DVd my little butt off. All to no avail. I've escalated this to presidents of the company, been put in touch with regional VPs, etc. etc. I had a phone conversation with some manager/executive-type in the Recovery department today and he basically vetoed every attempt I made at a PFD or change in status or ANYTHING. The only thing he told me was that he would settle my account for 50% and then 1099-C me of course.

As I've said before, I'm hopeful that this will at least get me an increase in util % because (besides two secured cards for $500 that I just opened) this is my only revolving account = 120% utilization rate currently.

So, what do you think? Do I pay in full and get a paid charge-off or do I settle and get a settled notation. I feel like there's going to be no substantial difference here since a horrible TL is a horrible TL, but maybe I'm wrong. I feel like I'm at least a little lucky to get a settlement on this one since, instead of settling, they could have opted to SUE me instead. I guess they realized that it's not worth the attorney fees, etc. and it's easier to just settle.

Please help me with what to do and prevent me from jumping off a tall building please. :(

Edited by jaided, 23 February 2012 - 05:18 PM.




#2 SBA

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Posted 23 February 2012 - 09:02 PM

Not many OC's assign bad debts to CA's but don't sell them. You'd be able to count the OC's who do this on one hand, so why not mention the OC and look for threads and posts which mention that OC and their habits?

Cap One, by chance?

#3 jaided

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Posted 23 February 2012 - 10:19 PM

Not many OC's assign bad debts to CA's but don't sell them. You'd be able to count the OC's who do this on one hand, so why not mention the OC and look for threads and posts which mention that OC and their habits?

Cap One, by chance?


Thanks. The OC is a local/regional bank - BB&T, based out of North Carolina (they bought out First Virginia who I had my original contract with). They may be the exception to the rule. I've searched this bank and there really isn't much on anyone having any experiences with them. I've also posted about this account sooooo many times already and I've received some great advice, but unfortunately nothing has worked with these guys. I don't see that I can take it much further. My goodwill letter went in depth into my sob story and had everyone say "wow, you've really been through it", but still no real empathy to my situation.

I'm thinking two things:

- If I PIF, then MAYBE I'll have a chance at a goodwill letter (not likely based on my current experiences, but worth a shot?).
- If I settle, this will look bad to anyone doing a manual review of our mortgage - i.e., if I get into trouble, I don't pay my full debts.

What do you think?

#4 SBA

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Posted 23 February 2012 - 11:42 PM

You're getting a mortgage? PIF would work then, if your broker uses Rapid Rescore. Are you close enough to the mortgage provider to call and ask if they can provide rapid rescore?

How much is the total owed?

#5 beli

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Posted 24 February 2012 - 07:25 AM

You're getting a mortgage? PIF would work then, if your broker uses Rapid Rescore. Are you close enough to the mortgage provider to call and ask if they can provide rapid rescore?

How much is the total owed?

I agree with Sba on this... I find Oc's rarely delete their tl's depending on who they are. I'd also try and work something out with the OC that if you do PIF that the CA cannot report on your credit report if you do since they are not reporting at this time. Btw, Oc's can't be Dv'd.. unless you mean you dv'd the CA.

#6 Credit Mama

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Posted 24 February 2012 - 08:04 AM

Dont give up!

Thats what they want you to do. Keep at them.

#7 jaided

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Posted 24 February 2012 - 11:26 PM

You're getting a mortgage? PIF would work then, if your broker uses Rapid Rescore. Are you close enough to the mortgage provider to call and ask if they can provide rapid rescore?

How much is the total owed?

I haven't even started shopping for lenders yet because I've been so worried about getting my reports straightened out first. Our scores were so low before starting this process that there was no point. All were high 500's/leery low 600s. Thanks to CB our scores are above minimum FHA requirements and on their way to the 700's. Hubby's EX FAKO is 738 from 595 in about four weeks. Amazing!
The total amount is $1200 so the settlement would save $600. But, it sounds like you're saying PIF instead? I know I should probably just start the mortgage process and find out the official answer on what to do with this before paying, but it sounds lke you're saying PIF would be better than settling? If it helps me, I'll pay the $600. But if it really makes no difference to any potential lender, I'd prefer to save the money of course. It will suck worse personally to see a settled charge off than paid charge off on my CRs but that's just me being mental. :)
I really want to pay this one regardless of anything else cause I know my scores will get a boost from just the util decrease which is currently 120%!!

#8 jaided

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Posted 24 February 2012 - 11:31 PM


You're getting a mortgage? PIF would work then, if your broker uses Rapid Rescore. Are you close enough to the mortgage provider to call and ask if they can provide rapid rescore?

How much is the total owed?

I agree with Sba on this... I find Oc's rarely delete their tl's depending on who they are. I'd also try and work something out with the OC that if you do PIF that the CA cannot report on your credit report if you do since they are not reporting at this time. Btw, Oc's can't be Dv'd.. unless you mean you dv'd the CA.

Thanks for your help! Good idea on the CA thing. Yes, I was referring to when I DVd the CA.
So the PFD was unlikely from the start you're saying? Too bad. But they were truly not budging. :( I think the fight is over, it's just how to pay them at this point...




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