Re: For SunKissedBeach or Others w/ Collection Experience

Posted by SunkissedBeach (67.69.201.164) on January 27, 2004 at 08:07:50:

In Reply to: For SunKissedBeach or Others w/ Collection Experience posted by Judgmental on January 27, 2004 at 02:40:28:

I agree at this point with leaving it (unless you won Power Ball and money is no object and feel like throwing it around.)

Just in case you did win the power ball and do wish to proceed, the collection agency might go as low as 20 cents on the dollar. Paying .50 is way to much do not even consider it.
As far as them deleting it for the payment, I highly doubt they will budge on that one. But given the age of the debt and the fact that THEY are reporting it might give you a chance at paid in full. I also think that once you pay them they might take their time in updating your CR and it will end up just falling off the report at the seven year mark anyways.
Get everything in writing first and confirm it on this board as to the proper wording of the letter. When you negociate make sure you let them know that you are aware of its SOL and the fact that it is ready to fall off the report. They will have absolutly no leverage.

Also, you may get stuck with a 1099c and have to declare the forgiven amount as income. That is a big chance you will take. Not everyone gets the 1099c but some do. Some people would say it is a good thing as then you are certain that the debt is not resold to another agency.

As far as disputing sometimes you get lucky and sometimes you do not. I also am very suspicious at how the CRA's "verify" tradelines. I disputed a duplicate account that had the numbers mixed up and each time came back "verified" there are no accounts that begin with 1XXX XXX XXX XXX. I finally gave up and it eventually fell the report.

P.S. :) If you are feeling really generous, you could always throw some of that money around here as a lot of the members here could really use it.

Best of luck.

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