Anyone have success settling with Unifund?

Unifund, the company that bought my credit card debt, will only settle with my debt settlement company for 80% of the balance after fees and interest. So what used to be an $11,000 credit card debt has become a $30,000 debt to Unifund. I have been approved for an unsecured loan from my local credit union for $16,000 and the rest I have saved in trust at the settlement company to pay Unifund this week. My question is would I save more money if I tried settling the debt with Unifund directly (with a payment plan) than to pay the interest on the bank loan at 11.57%? How would each option effect my credit? Would the bank loan look like a "good" debt while the payment plan to Unifund look like a "bad" debt?

17 Answers

Don't blame it on Unifund. You purchased something that you didnt pay for, they are just trying to collect what you owe! Your consequence is owing more because of what it costs these companies to deal with you. If you all would pay your debts you wouldn't owe anyone!

No, I don't work for them, I just get tired of people bad mouthing companies, when it's your own wrong doing!


Unifund puchased a $1000 debt with Disc I had... it's well over 10 yrs old, but Unifund filed court papers and the judgement is now attached to both me & my husbands name.  How do we get this taken care of?  Unifund now says the amount owed is $14,000 and they'll settle for 7000...  Is there any way to get this taken care of for less?  I'm unable to even borrow 500 to pay for auto repairs, etc... 

We beat Unifund. It took time, and patience, and smart lawyers, but we beat them. And they paid the bill. They collect in Florida via Pollack & Rosen.

I guess it is old news, but unafraud has teamed up with rapper Russell Smmons for the rush card, already being investigated. I beat them in court, but it was a real pain. Make sure you make them show they are entitled to collect and beware their tricks. They can be beat. Most people don\'t take them seriously and they win by default.

I didn't see the part about the debt approaching 4 years deliquent and being time barred. I bet that company bought your debt for maybe a couple hundred dollars. That is disgusting. If you are close to the SOL then try to stall and make the SOL expire. I bet that company can't even validate. Personally I would gamble on that and hire a lawyer if they sue. You need to probably take the matters into your hands and send them a DV letter and cut the settlment company out unless they provide lawyers.

I am checking my records more closely for the last time I made payment but I am pretty sure that it is close to the MN SOL of 4 years. My debt settlement company has already gotten the settlement offer in writing for the 80%, is it too late???

Unifund is a crooked company

The only way for them to get the money is to sue you first and win a judgment. At that point they could confiscate assets which would include money sitting in a checking account if they know about it. They will find it if it is in your name. The only way for it to be safe from a judgment is to keep it in a shoe box probably. They could confiscate that as well if they knew about it. It also might be protected if it is still in that companies fund but I am not sure.

I really don't think this thing is going to cost you over 11k anyway if you play hardball. Again I would push for a settlement well under the 11k and if they start heading toward a lawsuit then hire a lawyer. I am pretty sure a decent lawyer can get most of those fees to go away if not all of them. If you get a really good lawyer then they could make the entire debt disappear based on poor validation and fdcpa FCRA violations.

Unifund is full of shi%. They are no even authorized to collect a debt in the State of Florida. Look them up on Their corporation (Unifund CCR Partners) is INACTIVE. Per Florida Statutes, a corporation that is not actively licensed in the State of Florida cannot legally collect jack.

Actually it can legally stay on your report until 7 years and 6 months after the Date of First Delinquency. They can technically also continue to request that you pay the debt pretty much forever. However, if the debt is truly past the SOL date then what they CAN NOT do is get a judgment of any kind via suing you. However, should they bring suit against you you HAVE to go to court and submit documents showing that the debt is outside of the SOL. If you do go to court and show said documentation then the court will dismiss the case. IF they sue you and you DON'T go to court and provide evidence that the debt is outside of the SOL you have a strong possibility that the debt collector will win the case. Therefore my suggestion is for you to contact the Collection Agency directly. Be firm but polite and offer to settle this obviously old debt. Tell them that you know that the debt is outside of the SOL and therefore that you know they aren't going to sue you for this. Tell them fuerther that the Date that this will fall off your credit report on it's own is 7.5 years after the Date of First Delinquency. SO if they want to receive ANY money from you to settle this then it will HAVE to come in the form of a written agreement by them that payment will result in them completely deleting the account from your credit report.

The collection agency in this case is seriously out matched. Once you have this much time passed between when the account first went delinquent and the present then the tables turn to give the debtor the upper hand. Your credit can only be negatively impacted for 7.5 years after the date of first delinquency. Furthermore, if the Statute of Limitations for Debt of this kind has passed then the owner of the debt can no longer receive judgment in court. Therefore the only way the collection agency can make ANY money at all on the debt is if you agree to make some kind've settlement arrangement. In which case it doesn't benefit you in any way to accept terms that don't include them deleting the information from your credit report. Conversely, it also makes little sense that you would have to pay more than 50% of the ORIGINAL amount owed to the original creditor at the time of delinquency.

OF COURSE, this all depends greatly on having ACCURATE and infallible evidence of the Date of First Delinquency. But all companies are required to report such information to all three of the Credit Reporting Agencies.


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