This forum has helped me a lot with the DV process. Here's my current situation with two negative accounts that I am trying to resolve. 1. This cc account(limit - 1800) went negative 3 years ago. CA sent me some docs as part of the DV process. I sent out a PFD to the CA and CA replied back with an offer which was more than the original credit limit. I sent out another PFD offering 40% but haven't heard anything so far. Just wondering what could be a good next step -- calling the CA and talking to somebody for a settlement OR sending out another PFD? 2. This cc account (limit - 700) went negative 2 years ago and it's still with the bank (OC). I called the bank and the rep offered me a settlement which was more than the original credit limit. I offered 50% but rep told me that's the best they could do to mark it as paid in full. I am planning to call the bank again, hoping to talk to another rep for a better settlement. Is there anything else I could do in this situation? I am in no hurry but just wanted to resolve them to avoid any future hassle. Thanks
Was trying to reply from my cell phone, writing a long answer on cell phone, even with a qwerty keyboard is not fun... Anyway... 1) You say that the CA provided validation, did the amount of the documentation equal what they are trying to collect? The key to remember is that it doesn't go by the amount of the credit limit, but the amount of the debt, allegedly, now. Secondly, there is nothing that says that they have to agree to a PFD at any price. They'll argue tooth and nail that PFD is actually illegal, because it is not reporting "100% complete, accurate, and verifiable information", the caveat in the disagreement is one thing, the law doesn't require that they report any SPECIFIC account, it just says that if they CHOOSE to report an account, that they must report "100% complete, accurate, and verifiable information". 2) Trying other reps, and also trying to leap frog up to their supervisors, and their supervisor's supervisors, may help. If all else fails, and you are told that you're as high as you can go, try attacking from the top down. Call in to their corporate office phone number, and ask to speak with their president's office, and see if they may be able to get you to someone higher. No guarantees that it'll work though, they have all the cards if you are the one who is clamoring for resolution. Another thing to keep in mind that if your state tolls by simply acknowledging the debt, you need to be extremely careful when trying to do any settlement, because if you restart the SOL you now give them an infinite time (or at least it'll seem infinite to you) to sue on the account.
It's not illegal. The law doesn't say that anyone has to report anything to the CRAs. It only says that what you report to a CRA must be 100% complete, accurate, and verifiable. However most CAs intentionally misinterpret that to claim, we can't do a PFD.
Would calling a CA help if the CA is not replying to the PFD? Or, shall I just wait for them to send any new letter?
The phone is not recommended, unless you are well prepared. Written documentation is our weapon, the phone is theirs.
