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birchwood99

PFD or let sleeping giants lie?

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Hey there.. I am looking to cleanup my credit. Most of my debt is two years old and there is four years left on the SOL for my state. I am wondering if I should try and settle with a PFD or let dormant accounts be until I am closer to SOL being up and address whoever tries to collect then? I do no have the full 100% to settle all the accounts but could do say 20% assuming they accept that. Granted it could be money out the window if they never try and collect, but that means I am another four years out before I can rally start repairing as these accounts report CO monthly. Thanks!

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Hmm... if it were me, I wouldn't attempt PDF unless I had all the money up front.

 

And PDF should be your very last option. In all the negatives I've disputed over the years (and yes, I had quite a few and helped others with theirs), I think only once I paid something because none of the other methods worked.

 

I've also disputed before the SOL was up. To me, it was worth it to try instead of waiting. And it always worked in my favor.

 

YYMV :grin:

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Yes, PFD is not the silver bullet of credit repair. Right now, they do not have any reason to make a deal with you, since you are within the SOL. PFD works when the debt is old, past the SOL, and usually has changed hands numerous times.

 

Lots of people dispute within the SOL. I don't think I would, because of the risk of being sued (poking the hornet's nest). Before you decide to take action, lay out the basics of the debts. creditor (abbreviate or change the name around), amount, date of first delinquency, anything else being reported.

 

Oh that reminds me, one of the basics, get your real paper reports before you start, if you haven't already.

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I would not do PFD ever.

 

If it is relatively new, then they won't negotiate.

If it is old, it doesn't matter. It is not really hurting your credit file.

 

You start working on them. Dispute with the credit bureaus. If that doesn't work, dispute again. Keep sending letters, try the "jack attack" (search on CB).

 

There are all sorts of strategies to get negatives removed from your credit files.

You just have to get organized and do it.

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Hey there.. I am looking to cleanup my credit. Most of my debt is two years old and there is four years left on the SOL for my state. I am wondering if I should try and settle with a PFD or let dormant accounts be until I am closer to SOL being up and address whoever tries to collect then? I do no have the full 100% to settle all the accounts but could do say 20% assuming they accept that. Granted it could be money out the window if they never try and collect, but that means I am another four years out before I can rally start repairing as these accounts report CO monthly. Thanks!

 

check to see if your state has a borrowing statute that applies , SOL may be shorter

 

in the state law forum

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Thanks all. I am in Minnesota.

 

I think I will just let things be for now and again address any further collection efforts later, if any. My strategy with PFD was to get things removed and be on my path to rebuilding quicker.. but it may just be too soon and I can see how they have no real motivation to accept a PFD within the SOL. But if they had not planned on pursuing anyway, why would they not take something in return for deleting? Seems like I am gambling either way.

 

With all that said, how long should I wait before attempting any kind of dispute? Because again, I hate to poke a stick at them and risk legal action but I also hate to just sit and not make any real progress on rebuilding over the next four years. :/ .

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PFD is the next to last thing to try, followed only by GW letters.

 

In most cases, people ruin their credit over a long period of time. In most cases, you also have to spend some time working to clean it up. There is no magic form letter to fix it.

 

Since you have the money to pay if you get sued, you can be agressive. If they take you to court, just settle before your court date.

Edited by mendelssohn

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Didn't see anyone ask for, nor you offer, the specifics of your debt: amount, dofd, creditor... all of which affect the advice. (e.g. low amount = less likely they'll sue; some creditors have never been known to sue, etc.)

 

As indicated pfd are rare and pfnlttd (pay for negiated less than total) initiated by debtor are unicorns.

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This would be about a dozen creditors with various balances between $1000 and $15,000. All unsecured\revolving. So I am clear, the clock starts at the DOFD (which would be two years ago now) correct? My worry is that since some of these creditors report a CO each month that the clock restarts every month. Sounds like that is not the case which is good news.

 

So yes, technically I have the money to settle some, but again, unless it is for a PFD then there is really no reason aside from potentially getting my credit rebuilt that much sooner. But does that justify the out of pocket cost. I have no need to make any large purchases over the next 3-4 years, so I guess there really is no real motivation for me not to wait it out and see what happens later with any potential legal action. I am just impatient and I hate the feeling of not knowing what could happen between now and then. :)

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This would be about a dozen creditors with various balances between $1000 and $15,000. All unsecured\revolving. So I am clear, the clock starts at the DOFD (which would be two years ago now) correct? My worry is that since some of these creditors report a CO each month that the clock restarts every month. Sounds like that is not the case which is good news.

 

So yes, technically I have the money to settle some, but again, unless it is for a PFD then there is really no reason aside from potentially getting my credit rebuilt that much sooner. But does that justify the out of pocket cost. I have no need to make any large purchases over the next 3-4 years, so I guess there really is no real motivation for me not to wait it out and see what happens later with any potential legal action. I am just impatient and I hate the feeling of not knowing what could happen between now and then. :)

 

Only you can decide if it is worth it.

 

With recent, inside SOL accounts, you are less likely to get a PFD and you have far less negotiating power.

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Thanks all. Sounds like my best option is just to wait out the SOL and deal with any potential suits at that time. I just hate being stuck not being able to make any real traction on repair until then since several report as a CO monthly. 16x16_smiley-sad.gif

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