US Bank: Goodwill or PFD?

[thesaintly]

A friend of mine has told me that three of his US Bank accounts are collection.

 

There's one account that he owes $3233, one for $2628, one for $1933. I haven't seen his actual credit report yet, but assuming that US Bank still owns the debt, and hasn't been sold to a JDB, has anyone had any luck trying to get US Bank to reduce or eliminate outstanding debts? I'm going to broach the topic to him to see if they will do a goodwill approach or a PFD approach, using a payment plan, as he doesn't have all the money to pay it off right now.

 

Thoughts?

 

Thanks for the help in advance!

[thesaintly]

Friendly bump.

[tweak]

OC charge-offs are very hard to get rid of.

 

I don't have any experience with US Bank.

 

Without the money to PIF, you have much less leverage.

 

And without knowing exactly how it is reported (DoFD, date last updated, etc.), it is very hard to speculate.

 

My guess is the best you can get is a $0 CO (either reported as paid, or settled for less).

[pwd847]

Why doesn't he at least try to get it deleted with a dispute or two first? PFD and GW have low success rate.

 

 

I would try the jack attack or 1-2 punch. I'm not too sure what the difference is as I haven't had much experience doing disputes other than HIPAA, and paying the OC instead of the CA. Have you read the beginner section?

 

https://creditboards.com/forums/index.php?showtopic=296328

 

You can actually combine the jack attack and the 1-2 punch.

The Jack Attack is just a better type of dispute to the CRAs (line by line errors) -- rather than just saying "not mine" (which rarely works).

 

The 1-2 punch process is very similar to this part of WhyChat's medical process:

Send a DV letter to the CA (or JDB) by CM.

Upon delivery, send follow-up disputes to each CRA by CM.

 

You just use different DV and dispute letters for non-medical accounts.

Ahhhh yes. There ya go. Tweak is so good at filling in the gaps!

 

 

Here is a plethera of information on the 1-2 punch.

 

https://creditboards.com/forums/index.php?showtopic=425508&p=4046776

[tweak]

If it is owned by the OC (US Bank), you can't do the 1-2 punch.

Because you can't send a DV letter to an OC.

 

If you want to attack, you have to first dispute with the CRAs.

And then send the OC a 623 letter.

 

Before doing any of that,

you want to determine the SOL for lawsuits.

This is a lot of money, and my guess is US Bank would be likely to sue over it.

If within SOL, do not poke the bear.

[pwd847]

Guaranteed he is in Chex as well. I had a USBank Chex entry. It wasn't even for a negative balance, and they kept verifying it. I had to wait the whole 5 years.

[thesaintly]

Is there any other option for trying to work out a deal with US Bank? He doesn't have the money to pay it off in full, but if he's to be employed, he does have to show some type of payment plan. Any thoughts on trying to approach US Bank for some type of settlement, over time?

[tweak]

What is the Date of First Delinquency (DoFD)?

What state? And SOL for that state?

 

This is about $8000.

 

US Bank will probably agree to take money, including a payment arrangement.

This will not change the credit reporting time.

But (depending on state law), it may extend the SOL for a lawsuit -- if your friend ever defaults again on the new payment arrangement.

 

My guess is the best you'll get is a document of a payment arrangement to show the employer, and eventually either $0 paid CO status (or CO settled for less) on the credit reports -- after the final payment has cleared.