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OC Offered 80% Off- Settlement


The last post in this topic was posted 2533 days ago. 

 

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I have an old CO, PNC Bank who is still showing on my reports from 2009. They never sold the debt and the balance is still showing on my reports. I have never contacted them about this. However, they did charge it off.

 

Today out of the clear blue sky they send me an offer letter on this $5,000 debt to pay $900 and they will mark the account as fully settled and report it that way to the CRA's.

 

I find it interesting that they have charged it off in 2009 and yet they are now asking me to pay in a settlement. I didn't think OC's did that much? How can they charge it off then take a settlement.

 

I guess I will respond with a PFD offer and ask for the account not to be sold, and to be deleted and see what they say. MyFico may not be going up, but apparently my Collection Score is for sure...

 

Any other ideas would be appreciated!

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They'll likely 1099 you for the remainder

Yea, they mentioned that in their letter... The only reason I would consider paying this is because I am in OH and our SOL is 6 years, so this still has a few months to go before it is out and I sure dont' want one of the big JDB's that are sue happy to get ahold of it because it is a 5k debt.

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They'll likely 1099 you for the remainder

Yea, they mentioned that in their letter... The only reason I would consider paying this is because I am in OH and our SOL is 6 years, so this still has a few months to go before it is out and I sure dont' want one of the big JDB's that are sue happy to get ahold of it because it is a 5k debt.

 

Like Indy Pool Player said you will be on the hook for $4,100. Look to see if you qualify to have the remainder of the debt + any other debt waived with the IRS form 982

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Ok thanks I will check into that. It becomes a little difficult for me to decide when I have some extra money, such as this $900 they want, what to do with it and the best use of any money to improve my credit. For instance maybe I should use that same money and get a secured card or maybe pay off a smaller JDB collection? This is where I get a little confused on the BEST use of funds during this rebuilding and repairing process.

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80% could be what you owed before fees and they just want to recoup a portion of it.

The flip side is they can sue and get added interest and you have a judgement on file.

I would see if you pay would they delete

 

 

Sent from my iPhone using Tapatalk

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