nyquil556

Probably not going to happen. Most banks that do business auto loans still require a PG or they require a significant amount of documented revenue. Good luck.

My experience is that debt buyers do NOT have the appropriate documentation to prove the debt belongs to you from a legal perspective. This is a moot point because the debt is beyond the SOL. However, it still MAY relevant as it relates to removing these items from your reports. This issue really is not about "does the debt belong to you" at this point. You have said the debt is yours and that is what it is. However, when it comes to situations like these, my advice to to send a reasonable debt verification and validation letter to PRA. I would dispute the debt with each bureau and state that you have asked for verification/validation and not yet received a response and ask them to politely remove the collections from your reports. I would dispute at least twice. Also, make sure you have an accurate date of first delinquency. From my experience, if PRA doesn't have the correct documentation (and they probably don't for a 5 year old debt, they are much better about docs in the last few years), they will be more likely to remove it from your reports. Also, I wouldn't pay anymore than 20% to a debt buyer where the debt is passed the SOL. My advice is based on the concept that "we are where we are". If you owed me money I would want you to pay me the money that you owed me. However, the original creditors have already written off these debts years ago and the debt buyer probably paid less than 10% for the debt. Consequently, my advice in circumstances like this is to dispute and challenge paperwork a few times and then settle if you want if off of your reports. Good luck.

🤣 LOL

Your experience is great to hear. Now that I'm hearing about your successes, I will ask more than once. Perhaps its because I work for a law firm that they don't seem to want to put the PFD in writing. I only count a promise from a collection agency when I see it in writing. However, usually when a CA says verbally they will delete, the account is usually removed after I dispute the account.

You bring up an interesting point and I'm happy to know that you have had good "pay for delete" experiences. It's my experience that CA's will say they will "pay for delete" but they won't put it in writing. I have found that putting it in writing poses potential legal issues for the CA's.

It sounds like you were approved for a "CARES Act" forbearance. If it was a "CARES Act" forbearance, I would write a letter to them stating that you were approved for this type of forbearance and that "lates" are NOT supposed to be reported to your credit. I have had several servicers screw this up. The "CARES Act" was and is a very different animal for the servicers. I've personally never seen anything like it and I'm the "fix it" guy for a law firm (I help turnaround companies). Good luck.

I'm with Centex and Hedge. I see this all of the time. The underwriter should be fine with a receipt. Don't dispute with the bureaus yet until you resolve the issue with the underwriter because active disputes cause other underwriting problems. In the future never pay a collection agency expecting the collection to be removed unless you have it in writing. Most CA's won't "pay for delete" BTW. Good luck and please keep us posted.

This truly the beginning of the end. When the Fed rolls out their central bank digital currency that will be the "nail in the coffin" that finalizes the destruction of a free society.

I wonder if debts can be settled for less than full more effectively with these private contractors? Any thoughts?

Just move on and research a few good credit unions that have high limit cards. I'm done with most of the big banks anyway. Good luck!

Just challenge the balances online with each bureau. They should update within a week. Make sure you are only challenging the balances. Good luck!

May I ask which CU gives you "no-fee advances to your checking account"? Thanks

It's all about tracking and control.

She should try to get an SBA EIDL loan. They want a minimum FICO of 580. Good luck!