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Thread: settling a debt

  1. #1
    Ruptster is offline Junior Member
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    settling a debt

    What is the name of your state? california

    Not sure if this is the right forum, but one of my credit cards, or the debt owning collection agency, I owe, on has contacted me via their legal department and bascially offered a .25 cent on the dollar settlement, being 10K+ down to about $2500.

    I can get this together and get at least one part of my past behind me.

    They are located in New York

    Question. What other information or 'benefits' should I ask for? How does this go on my credit report? How can I best control that, or them for that matter if I ask the right question or requirements?

    Thanks in advance

    Actually, an internet search of their phone number reveals they are:

    National Action Financial Services, Inc.
    165 Lawrence Bell Drive Ste. 100
    Williamsville NY 14221
    (800) 982-0484

    Not that it really matter I guess, just information to pass along.
    Last edited by Ruptster; 10-31-2005 at 07:44 AM. Reason: Typos. I hate typos!
  2. #2
    Some Random Guy is offline Senior Member
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    Well, one must wonder why you were offered such as sweet deal.

    How much debt do you really owe to all of your creditors? How old is this debt (it could be past the statute of limitations)? Did they just call up and offer that or were there some negotiations?

    Ideally, you would get an agreement from them that they would remove the negative info from your credit report by indicating that the debt was paid (pay for delete), however it is doubtfull you could get that for only 25 cents on the dollar.

    How does this go on my creidt report?
    Have you gotten your free credit report ([url]www.annualcreditreport.com[/url]) and seen how your debts are listed currently?
  3. #3
    Ruptster is offline Junior Member
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    Hi:

    My guess is my total debt is somewhere around $35,000.

    How old? Not sure, but at least 4 years I think.

    They said it was this or they were filing a civil suit. They were polite enough, just stating where they were at. I didn't ask or honestly even think about the SOL issue, and not sure what they would say if I did.

    They reached my Mom, as I am in the bush in the middle of nowhere overseas and will be for most of what remains of my professional life, but I don't want this hanging out there if there is a way to eliminate it.

    I called them and there first offer was .50 cents on the dollar and Is aid evenif I got cash together, it would be less, then they said .30 cents and I came back with .20, so they went to .25 on the spot. That was about it.

    Is there any way to find out if debts have entered the SOL phase and such as that?

    Thanks
  4. #4
    Some Random Guy is offline Senior Member
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    [url]http://www.cardreport.com/laws/statute-of-limitations.html[/url]
    This says california has a SOL of 4 years, but you should research this yourself before relying on that. This SOL does not stop them from pursing the debt, or even suing you. It just means that you can use the SOL as a defense during the lawsuit.

    Are you sure it is over 4 years since you last made any payment of any kind on the debt?
  5. #5
    Ruptster is offline Junior Member
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    Ah, good question. I think I paid off my computer loan to Apple about three years ago, somewhere in that timeline anyway. Also, no, I was just guessing on last payment. Probably more like 3 1/2 years or so if I was to put a search on it and could get the information.

    Also, my residuals earning from SAG have probably made, even though pitifully small, payments on loans since then as well.

    Guess I will see if I can get the 'pay for delete' as well and go from there.

    Thanks
  6. #6
    Ruptster is offline Junior Member
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    SomeRandomGuy, or anyone else for all that matters, I tried the [url]www.annualcreditreport.com[/url] and it says server doesn't exist, or some such message, but thanks.

    That does bring up the question of how I get a copy so that as I go about paying these debts, I have the information needed. That being that I am out of country and do not have a credit card of any sort with which to order a copy online.
  7. #7
    Ruptster is offline Junior Member
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    I spoke with the collection agency again and explained that the folks willing to help me were insisting I get this 'pay to delete' item before mentioned. The guy at the collection agency acted like he didn't know what it was, heck, maybe he doesn't.

    Anyway, is there anyone who can tell me exactly how it works so I can explain it to him and he can tell me if they will or will not do it? Also, he says he is representing Discover, I guess that implying they have not sold the debt to anyone else.

    I'm not sure regarding the SOL, but if it is contained to the debts serviced only, then it may well have run out. I still want to settle this stuff, I just want to do it in the way that a makes the most sense and doesn't end up extending the pain.

    His initial offer was they would report it as a debt paid in full. Is this a good thing, as opposed to what I think is frequently referred to here as a charge off?

    Thanks for any information.
  8. #8
    debtcollector` is offline Senior Member
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    Forget about them deleting it -- they won't

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