Arrow Financial!

[Anonymous]

I recieved a letter from Arrow financial services in regards to a credit card that was charged off way back in '02..Beings I'm in Nebraska this is past SOL...The debt was for 1058 dollars and they are offering 158 dollars...I don't wanna restart the SOL by accepting this offer as it's gonna fall off my CR next year...What kinda letter do I send them?...Or would a DV just suffice?...They sent a letter to my husband too for an old account...Said he owed 12 thousand odd dollars (Which he said he doesnt recall owing anyone for that amount) and sent him a settlement offer for 1028 dollars...Any insight??

[Chanduwar]

I would DV them and ask them proof that this is still in SOL.

[llecs]

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AHASS786 wrote:

I recieved a letter from Arrow financial services in regards to a credit card that was charged off way back in '02..Beings I'm in Nebraska this is past SOL...The debt was for 1058 dollars and they are offering 158 dollars...I don't wanna restart the SOL by accepting this offer as it's gonna fall off my CR next year...What kinda letter do I send them?...Or would a DV just suffice?...They sent a letter to my husband too for an old account...Said he owed 12 thousand odd dollars (Which he said he doesnt recall owing anyone for that amount) and sent him a settlement offer for 1028 dollars...Any insight??

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Send the DV to their dunning letter.

If Arrow pops on, it will be hard to get off your CR. But Arrow really doesn't negotiate. They tack on "other fees", a clear violation of the FDCPA. If you dont have anything pressing credit-wise through next year, I'd DV and let it be. It'll come off next year anyway. Just don't trust them.

Paying via a settlement won't reset SOL, so as long as you have everything in writing from them.

[Anonymous]

thanx llecs...I will DV them..both for me and my hubby...in regards to the settlement i was under the impression that if you pay even a dollar it resets the SOL!??..If not I would def settle of course every thing would be in writing...Whats an FOAD letter anyway?..I've looked everywhere and can't find what it really is used for?

[llecs]

Paying can reset SOL based on where you live and type of debt. But because you would have a settlement letter from them on their letterhead, and if they decided to sue anyway, I believe you have a defence by which to win. If you get a settlement, frame it.

FOAD is a mean letter of sorts that should only be used when a creditor (CAs too) are trying to collect past SOL and past CRTP.