orig cred: delete negs / full pay?

A) First of all, I don't have any experience with this, but I thought I'd share my ideas on the matter. Call the department that has the account. Ask if there is anything they can do to help you out. (Are you intending to pay in 1 lump sum?) If you are, tell them that you want all late notations removed and a status change in exchange for the lump sum payment. If that doesn't work, they say they don't do that, write a letter via PFB and see what else they will offer. The worst they can say is no. The best is YES. Doesn't hurt to ask, huh?

BUT as you said, don't do anything until you have the agreement (should there be one) in writing. An e-mail response from PFB letter should do.

Good Luck!

 

I'm lost. Can you explain a.) more? Is it open? Are you still using the card but just missed a couple of payments in the past? b.) disputes with paid/closed accounts are easier because the orginal creditor is happy.... often they don't bother to respond (waste of their time) and thus you get the correction in 30 days automatically. The older the account, the better. Recent/Current accounts can be difficult to have anything changed. Paid/Closed accounts from 6 months+ are easier.

Just my thoughts.........

 

If it was closed by the credit grantor because of lots of late pays and you still owe them money, then you are likely going to have tough sledding getting them to go along with much of anything.

Whatever you do, don't pay unless you get what you want in writing in exchange for the payoff.
If you can't get it on your terms and you pay it off, you then lose any chances you might have had because you lose any protections under FDCPA.

Even then, you have a fairly tough row to how because original creditors are protected from FDCPA so you are going to have to either get what you want or refuse to pay so they send the debt to a 3rd party collector and thereby lose their protection from FDCPA.

Their loss, your gain.

No contract, no payoff

 

Is everyone assuming that a collection is better than the late pays. If you refuse to pay anything, and the account goes to collection, then you have one more negative on your account. I'm not sure what I'd do, but It sure wouldn't be a refusal to pay, and then have the account turned over to a collection agency.

 

Sounds like it alredy is... be it in-house collections or placed with an outside company.

 

What creditor are we talking about here? If we knew, we might be in a better position to help. Maybe a board member here will have experience with that company.

If it's Providian you're talking about, I'd bet my last dollar that they won't budge!

Whatever you decide, good luck. Personally, I wouldn't risk getting a chargeoff on my credit reports, especially since it's avoidable.

Donna

 

Thanks for the info.

I do have a Chase card but I don't have any experience getting them to delete late pays. Maybe someone else here can jump in.

Sending a letter via Planet Feedback was a good idea. I hope you get a favorable response and can work something out.

Donna

 

How can they do that when you have offered to pay?
You offered to pay-They refused -Case Closed!

 

Marvin:
We may be getting a bit far afield here, but let me comment on your comment (without saying that you are either right or wrong)

Under some conditions, yes, I tend to think that a collection is better than a bunch of late pays. But that's not what's really at stake here, so it's not just a simple question of late pays, but rather a question of a dead card, late pays on credit bureau files and an account that already is or is likely to go into a collections status anyway.

So you are assuming an oranges(highly acidic) position is being advocated as a cure for an Apples situation. Not so.

Marvin, let's just change that a bit so it more accurately reflects the correct viewpoint.{ If the account goes to collection, then you have one more negative on your account and that's when you should refuse to pay anything more) .

Well, Marvin, let me respectfully point out something for your consideration. After the account has gone to a collections department of a large corporation such as a bank, the war is on, so to speak. You already have black marks aplenty, they have already done a major hatchet job on your credit and you are in deep trouble because they can do just about anything they want to do to you and you have little or no recourse, little or no defense because they are protected from FDCPA and you have little or no defense under FDCPA.

So by refusing to pay them anything, you almost force them to turn the matter over to a 3rd party collector of some sort and then your protections under FDCPA kick in and you can then proceed to work with the situation in whatever manner you deem fit, be that bow down and pay up in fear or stand up and fight them down to a nubbin. That's up to the individual. But when they demand the full amount due plus outrageous interest added in on top, you can't fight and win anything. You can't even pay up and hope to ever get it paid because they keep on adding interest on top of interest on top of penalty.

You have to do something, so you might as well fight as die.

That's just my opinion, and everybody has one. I'm not putting you down or decrying your position or wanting to offend you or even say I think you are wrong.. I'm just stating my thinking, for whatever it's worth.