NaturalLove

I plan on DV'ing. I feel uneasy about the whole "you have ten 10 to send in payment" deal. Especially since it's dated 2/14/12, but I didn't recieve it until 2/22/12. They may try to come back and say I didn't get the payment in on time and therefore, come after me for the remaining. That would suck! Yes, I know settled looks no better than unpaid. This CA is not reporting on my CRs.

In the past I've requested validation. At the time it was assigned to another CA.

So I received a settlement offer from Capital Management Services, LP on behalf of BofA. It's for 1/4 of the balance. As far as I'm concerned this is a great offer. The letter says upon clearance of sufficient funds, their records will be updated to reflect that the above account has been satisfied. It also mentions that tax implications of debt that's forgiven/cancelled. I'm ready to send a certified check or money order. Is there anything else you think I should do before I send my payment? Thanks!

I called BofA this evening to see if I can resolve charged-off debt. They no longer have the debt. Now it's with a CA called CMS. Earlier this year I think it was with ARS. They said I'd have to work it out with CMS. I've not received any communication from CMS via mail. They're not reporting on my credit reports. What should I do? I really would like to get this debt resolved (i.e. settle). Thanks,

What was the basis of your complaint to the BBB?

Sure don't. I cannot tell from your posts. Has this reported yet? Is this within SOL for your state? If you go back to my initial post in this thread, you'll see that it's not reporting. Yes, it's still within SOL.

Sure don't.

How does this look? Do I need to add, modify, delete anything? Please let me know! Associated Recovery Systems P.O. Box ###### Escondido, CA ##### - ###### Re: Collection Account for Bank of America, N.A. Account #: 123456789 Amount: $$$$$ To Whom It May Concern: I am responding to a letter your company sent me dated July 6, 2011. I am not sure of the account number, as I have never heard from you regarding this account. The account number I have is the one listed on the letter you sent me. In the spirit of compromise, I am willing to pay this account in the amount of $900.00 if you agree to not report this account to any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to keep this item from reporting to my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form. If you agree to the terms and accept this agreement, certified funds for the settlement amount of nine hundred dollars ($900.00) will be sent to Associated Recovery Systems in exchange for not reporting this item to the credit reporting agencies and FULL satisfaction of the debt. Certified funds will be sent immediately once you agree to the terms as outlined in this letter. Associated Recovery Systems will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Associated Recovery Systems will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account. If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Associated Recovery Systems. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of Georgia. Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act. All communication should be limited to writing and please address all correspondence regarding this account to: Natural Love 123 Main Street City, USA 12345

I think you'll want to send a DV letter. I called B of A a couple of weeks ago to check on the status of my account and they told me it was with ARS and transferred me over to them.

Okay, gotcha. I will reword to make sure they don't report. Once we come to an agreement and it's paid, do you think B of A will be willing to either delete or not report it as charge off any longer?

I received a letter from ARS (CA for B of A) and they are offering to settle for a discounted amount. I looked at an old PFD letter I did and started changing amounts and names to fit this situation, but realized that a PFD may not be warranted since they're not showing up on my credit reports yet. Can y'all help me out on what type of letter and verbiage to use in this particular letter?

Anybody?

I did not DV, however, I called B of A last week to get info on the status of my account and it was indeed with ARS for that amount. Okay, I'll start with 20-25%, all they can say is no and make a counteroffer. Thanks!

Congratulations! I love these type of stories. Wishing you the best in your new house!

Hello, I received a letter from ARS (collecting for a $1,900 B of A account). In a nutshell, it reads "call us, make an offer, thanks" So how should I proceed on this? ARS is the same CA that is handling the Cap One account I have and they would not entertain my offer and told me to take it or leave it. I was thinking about starting at 50%, writing a letter (no more phone calls from me) and asking them to report it as PIF. Please let me know your thoughts. BTW, ARS is not on my credit reports. Thanks! NaturalLove