If CAs aren't wanting to PFD?

[lukez]

If a CA declines on a PFD offer what is the next step? I have been reading paying a CA in full doesn't help you out and can be just as bad as having it not paid on your CR? This is something I do not understand as I thought your overall debt is a factor in your score?

This is what really frustrates me is because I have been saving money so I can pay some CAs in full by offering a PFD, but if they decline what is the point? You would think CAs want their money and if deleting their reporting helps then do it.

[Trish]

How have you tried arranging a PFD? over the phone? in writing?
Are you in a state that allows restrictive endorsements? How old are these accts (out of SOL?) and are they a high amount (high enough to be sued over)?

A portion of your score is calculated by outstanding balances on installment accts and loans........but when it comes down to collection accts, it's the ACCOUNT that is hurting your score, not the balance.
The ONLY time it benefits you to have a collection acct paid is when lenders are manually reviewing your CRs and want to make sure your debts are paid/current. It will not improve your score to have them paid.

[jessicarabbit206]

Hi There,

I have had a lot of success with PFDs. I've done it all over the phone, you just have to be careful that you don't give CAs too much information (no employer, PO Box if possible, no bank accts, basically nothing but name and mailing address).

If you haven't already tried this, it might help. Call the original creditor. The CA might not go for PFD... unless the OC instructs them to do so. I got 2 PFDs that way. Just be persistent! The OC and the CA want their money... just because the CA said no doesn't mean the OC won't bite.

Good luck!

[chane]

Originally Posted by jessicarabbit206

Hi There,

I have had a lot of success with PFDs. I've done it all over the phone, you just have to be careful that you don't give CAs too much information (no employer, PO Box if possible, no bank accts, basically nothing but name and mailing address).

So, you haven't had any problems with the CAs lying to you? Like saying they will remove something then taking your payment and not removing it?

Generally it seems like it would be best to get it in writing, but if you're not having any problems with it, perhaps it's worth a shot.

[jessicarabbit206]

I would definitely try to get it in writing! The CA can also send a copy of the deletion request form.

My point is merely that if you hit up the original creditor, you have made contact with someone who is much less likely to lie cheat and steal in order to get your money. I'm certainly not saying that you should trust anything a CA tells you... my boyfriend is a collector so I know how these guys work.

If the original creditor says "delete it," then maybe their client (the CA) is more likely to actually do it? There is an element of professional accountability since they have that type of relationship.

When I called the OC, I would talk to anyone and everyone who seemed concerned. When I was negotiating with the OC, I formed an agreement with a specific account manager/other contact who I could call in case anything went wrong with the CA. I found that it was much easier to work with the OC since they tend to be more professional and trustworthy.

I'm not saying that I guarantee this approach will work for everybody, but it has definitely worked for me.

It was the last resort. I got everything else removed by 1. disputes and 2. CAs who were willing to to PFDs. All else fails, try the OC!

[chane]

That makes sense and is good advice. Thanks Jessica!

[heather_dawn]

That is very good advice! Thank-you so much for sharing.....

Blessings, Heather