Lately I’ve been getting calls and letters from Portfolio Recovery stating that I owe a debt of $346.59. Admittedly I did have some credit problems in the past but I have no idea what this is for. Thing is, I’ve checked my credit report and this is not on there at all so it makes me wonder if they just bought an old debt and are now trying to collect even though it’s past the SOL. They have offered to settle for 50% or let me make payments but I haven’t responded to any of those. So since this isn’t showing up, should I just ignore them? If I send a DV letter will that open myself up for more problems?
I have about 6 collection accounts that all state this on my CR. All of them are unpaid which I haven’t heard anything from the CA or OR for years now. I am curious is it best to leave these unpaid and wait for them to drop of my CR, call them up and see if they will settle for a lower amount, or PFD? It sounds like from reading these forums if I make payments of any kind they will stay on my CR even longer…
Jan 222011
So recently, I managed to pay off both of my CO credit cards, Cap1 and HSBC and I’ve brought my installment loan current + plus paid a month in advance. I still have Verizon Wireless left to pay, but now….”Drum roll”…I have to take care of Strayer University for outstanding tuition.
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Here’s my question(s), I recently set up a payment plan WITH Strayer that should have been for exactly 12 months and the account would be resolved. They have not reported any past due balances on my credit report, but could they?
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Also, after I set the payment plan up with Strayer, I got a letter in the mail from Access Receivables Management for the exact same dollar amount telling me that I could set up a payment plan with them.
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Which one trumps the other? Payment plan with Strayer, or collections through ARM? I suppose I’m not understanding why Strayer would still refer me to collections if they’ve set up an agreement for payment with me directly. I should have asked this about a week ago, because now that I’ve seen the letter from the CA, I did not pay on the payment plan with Strayer. In an earlier letter from Strayer, they said once my account had been sent to collections, I could not make payments through them and all payment arrangements would need to go through the CA. What should I do?
Jan 132011
I don’t think I have ever seen this topic before, so I thought I would ask everyone’s opinions.
My wife and I have combined CC debt of approximately $6k total. I have recently gone back to school for a masters degree – this semester, I was offered $8,500 in subsidized federal loans when my tuition bill was only $3k. Would you accept the full amount to payoff revolving debt to move it to subsidized student loans?
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My logic:
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1. Student loans are installment debt, and as such it would help my fico score to transfer the debt.
2. The interest rate on a federal student loan is capped at 6.8% (CC debt is at 10.24), and as long as I am in school I do not have to make payments and pay no interest.
3. We are not at any risk to run up further CC debt. We currently have over $50,000 in available CC credit, but have not and will not use it. The current balances were a result of our wedding and the birth of our first child.
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Nov 222010
Hey all, I need some advice regarding my BOA derog. Here is the background story:
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I had some fraudulent charges made on my BOA CC in May 2007. My account was frozen because of these charges. I called and explained that the charges were not mine and the charges were promptly removed from my credit card. A few months later, they reappeared. I called again and was told that I needed to sign an affidavit and was told not to make payments on them. I signed the affidavit and mailed it in and thought everything was all set. Well, because of non-payment, a 30 day late penalty was reported to CRA’s. In 2008, I disputed with Equifax and it was removed from my CR. In the beginning of this month (11/2010), I had disputed this with TU and EX because I was not aware back then that I was supposed to dispute it will all 3 CRA’s. The results came in for Experian and it updated the derog date by a month later. I called BOA and was told that their computers only have information from the last two years and everything else is on microfilm. I’m not sure what my next steps are.
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Got a score alert this morning stating my score decreased. Saw my student loan changed from loan to deferred status. :smileysad: Anyone knows why this might happen? if I make payments on them, can that have a positive effect on my score?
I have an account with HFC I owe $6,000.00. It is my account and I do owe the money. I got behind on my payments. I contacted HFC in March to work out some kind of payment arrangements and explained to them I was having problems. I was asked to send over copies of my pay stub and bills which I did. After about 2 weeks I called HFC to check the status of the request and they denied letting me  set up alternative payments. I did make payments but the payments were not the payments HFC wanted.
I joined a DMP in May and started making payments to the DMP in June. HFC was sent $100.00 in June and $100 again at the end of July. The DMP program sent a proposal to HFC. HFC never replied to the proposal request. HFC has since sent my account to a law firm. I recieved a letter Aug. 5th. I have not replied in writing back to the law firm. The law firm did tell my DMP program to send over a proposal and they did and again the proposal was denied. They want me to pick one of three options. 1. pay in full. 2. put down half and make payments of $150. 3. Deposit $300 and make payments of $275.00. I do not have the money to pay in full and I do not have the money to put a deposit down. The only thing I can afford to pay is $100 a month. I have gotten a roommate and I use her rent money to pay the DMP program. I am trying to make a good faith effort to pay the account.
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Do you have any ideas of what I can do to have HFC work with me?
 If this goes to court will I have a better chance of being able to make $100 a month payments?
My DMP program told me sometimes the creditor tries to get as much as possible but if I make payments sometimes they will accept the payments and not take the case to court.
The law office told me they can only offer those three options they are bound by HFC’s rules.
Thanks for your help
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Jun 242010
Hello, I am new to this forum option and was curious if anyone could help me.
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I was curious what I should do about a dept i have in collections and Im not sure how to go about making my score better. I have been told different things from different people and now im confused.
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I have a debt of 3000+ on a credit card from back in 99. It has gone to collections and says date of last activity Sep. 2005. I talked to my bank and they told me I should have someone look into writting a letter to see if it can be released or something or to just wait it out to be droped. They told me the reason was that if I were to make payments on it or pay it off in full that it would bring my score down a bunch and wouldnt really be worth it. I was told by others that I should try to pay it off because it is a good institute and that it helps with longevity in my credit. These people told me that in the long run it would be far better to go ahead and try to pay it because longevity ways a good amount on a credit score.
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Anyhow… I am really confused and was wondering if anyone had any advise as to what would be better.
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Thanks in advance!
Jun 012010
I have a number of student loans out, and Im wondering if it would look better credit wise if I make payments each month ( pay a little more than required) or work like a maniac to pay it all off within a year? Everything seems to be awful except my length of credit history.
May 102010
I just recently make payments to all my credit cards. I have a 700.00 card that had 682 on it and I paid it down to 122 and change. I have a 500.00 card with 464 on it and I paid it down to 121 and change. I have a 250.00 card and paid it down to 86 and change. Lastly, I have a 3200.00 card with 3117 on it and paid it down to 2882 and change. My scores before the payments were 592, 610, and 588. With the recent payments, would that have brought my middle score up to a 620?