I have an Amex in collection and just received a fairly generous settlement offer. Asked the CA how it would be reported and she said as a settled account. I'm tempted to take this offer, but I'm also not sure that settling this account is a good idea. On the other hand, I'm not sure that I can pay the entire balance. Does anyone have any suggestions? Is it better not to settle? I've tried calling AMEX directly but they will not discuss the account with me. Could it be that the CA is just BS'ing and if I pay this amount some other slimeballs will come after me for the remaining balance?
well, you need it in writing! i'm going thru something right now, and i want a settlement letter in my hand before they get any funds. if you can afford to pay the settlement amount, perhaps you could persuade them to list your tl a little more favorably, but get it in writing before paying them. you want either a deletion and a paid in full or something less negative tl and a paid in full.
If anything get it in writing that they will list it as Paid as Agreed or just delete it all together. A paid collection does you or your score NO GOOD. It needs to read paid as agreed or be deleted entirely. and whatever you do GET IT IN WRITING!
When a CA is handling the debt is it possible to talk with anyone at the OC regarding the debt? Should I go through the CA to negotiate how the debt will be reported after settling?
A paid collection does you or your score NO GOOD. 2*It needs to read paid as agreed. ADiliegro ================ 2*A paid collection does you or your score NO GOOD. And neither does this, (paid as agreed.} The END ************************* LB 59
You want either a deletion and a paid in full or something less negative TL and a paid in full. notasaint =============== You want nothing except deletion: There is nothing less negative for A CA . A CA listed is totally negative neg. any way you list it.
I realize that the TL is going to be negative, however it is already negative. What I'm worried about is getting sued for this debt and hosing myself up even worse than now. Am I wrong in approaching settlement as a way to just get this debt off my mind? I'm positive I couldn't get them to delete, but should I push hard for "Paid as Agreed" as opposed to "Settled in Full"? Is a "Settled" notation going to screw me as long as it is on the report, or will it's weight die down in a year or two? I totally understand the argument for not paying a dime, however I don't want to end up in court.
By the way, the OC is the only one reporting this debt - No CA has ever reported it and it has bounced around to a few nasty ones before landing at this one which seems eager to settle the amount. OC is Amex which scares me a bit.
Re: Re: Settlement advice I call bullshi*. If it is paid as agreed, then it will be R1 or I1. Tell me R1 or I1 wont HELP a score and turn it into a positive.
Re: Re: Re: Settlement advice I think the problem is that it is listed as a "collection account." I think the consensus here is that it gives/takes away so many points simply because it is a "collection account" -- regardless if you are on time, paid in full, R1, whatever. peace, delilah
Re: Re: Re: Settlement advice Yes, it does show as a "Collection Account". I suppose I should send a letter to CA offering to accept their offer in exchange for removing all negatives, but from previous experience I doubt they would accept. My plan was to settle and then try disputing with CRA's in 6 mos or so and see if I can get it to fall off via that rout.e.
Re: Re: Re: Settlement advice If it is changed to R1 or I1 and taken out of collection status with Paid as agreed, then it HELPS...if it STAYS in collection status, it helps NOT.
Re: Re: Re: Settlement advice Forgive me, if I'm reading this correctly you guys are talking about apples and oranges. The OC is the only one reporting. You are going to have to get Amex to agree to update to R1, AND get the CA to not ever report the debt, in this instance. The CA (I don't believe) can/will agree to change the way another furnisher is reporting the information.
Re: Re: Re: Settlement advice That is what I've been thinking too, however I called Amex yesterday and the customer service rep basically said they have washed their hands of this account and that I need to deal with the CA. I didn't push the issue very hard though. I could very well be mistaken, but I don't think that Amex could report the account as well as the CA. Wouldn't that be like two negative TL's for one account?
Re: Re: Re: Re: Settlement advice No, both the OC and the CA can report on the same account, sucks huh? But right now Amex is the only one reporting? Like jlynn said - Amex is the only one that can change what Amex is reporting. You won't be able to get the CA to delete whatever information Amex is furnishing. But, since the CA is not yet reporting on this account, I'd try to get them to agree to NEVER report this account as part of the settlement offer you mentioned. It's 1 neg TL right now, but it could be 2 - I'd try to keep that from happening. And maybe once it's paid/settled and a little time goes by you can get Amex to ease up on how they're reporting it? I had Amex reporting as a paid charge off at one time - called them because TU was still showing balance - now it reports as "pays or paid as agreed" on EQ (deleted from TU). Also, I should qualify what I've said by saying that I'm still pretty new here... Good luck!
Re: Re: Re: Re: Settlement advice The CA (I don't believe) can/will agree to change the way another furnisher is reporting the information. jlynn ================== When we (Re CA) make the purchase or servicing transaction, we receive a power of attorney that gives us the inherit rights under the original cardholder agreement. We have the ability to "bind" the original creditor in certain situations. This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. WestCap =========================== Some one was asiking a while back about getting the oc to delete in addition to The CA. Don't know who the poster was or on what thread they posted but here is your answer!! This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. The END ************************* LB 59
Re: Re: Re: Re: Settlement advice You won't be able to get the CA to delete whatever information Amex is furnishing. TeeBee ================Think not Check this out -------------------------- When we (Re CA) make the purchase or servicing transaction, we receive a power of attorney that gives us the inherit rights under the original cardholder agreement. We have the ability to "bind" the original creditor in certain situations. This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. WestCap =========================== Some one was asiking a while back about getting the oc to delete in addition to The CA. Don't know who the poster was or on what thread they posted but here is your answer!! This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. The END ************************* LB 59
Re: Re: Re: Re: Settlement advice I stand corrected! See, this is why I qualify my "ignorant newbie" statements!! =)
We just settled a lawsuit with Amex last week and Amex has been reporting the TL still. I was told by both the attorney for Amex, as well as my attorney who happens to represent Amex on collections, that Amex will not negotiate how the TL reports. In our case I was told that the TL would report the same way timmyq's would report... settled! Timmy, for us, it was to our benefit to get rid of the problem. We'll be applying for a mortgage soon and didn't want the unpaid CO hanging around. Additionally, since we were being sued, and since it was our debt, we were going to end up with a judgement if we didn't come to an agreement. We would have only been able to stall it for so long! You can always try to push for better and fall back on what is offered! Send a letter saying, "we accept the payments, but the TL has to report "paid as agreed." I did this and it didn't work... so I accepted! I'll try to get rid of the TL later... for now, at least it's a monkey off our backs! I'll report back when the settlement hits the TL and let you know if there is a PG score change!
