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.


my wife and I last paid on our Chase card over 2 years ago and the last balance prior to us defaulting was a little under 12K. Uni-fund purchased our debt and has never contacted us. The only way I know they have my debt is from our credit report. Since they have obtained my debt they have added late fees and charges. My debt is continually increasing and is now over $15K. That is not legal by any means. We are beyond the SOL and I am wondering how I can settle this. I offered to pay 9K of the 12K and they didn't take it. They wanted 85%. Any suggestions what I should do?


Well I have looked at my records in depth and it shows that I last made payment to Universal Card/Citibank on June 2005. This gives me about another year before the SOL runs out. The debt first went to Arrow, a collection agency, and then Unifund bought the debt, this is the company adding the disgusting fees!

I think you are right about the debt settlement company. I have about $9000 in trust with them. I get it back if I disenroll out of the program. If I put that money in a savings account could Unifund then go after it? If I stall the rest of the SOL, I could save money for the lawyer and any settlement that can be reached.


They want 30k when you only borrowed 11k?!?!? Please do not pay these clowns 80% of 30k when you only borrowed 11k. Your debt settlment company is failing you if that is the best they can do. That is just sad. I think you could easily settle that debt for 80% of the 11k and with some tough negotiations you could get it down to probably 40% of the 11k. I personally would not settle it for more than $5500 or 50% of the original balance unless a judge forced me to pay more.

How old is this debt and when did you make the last payment on it? How do you even know unifund has rights to collect on this debt? If this debt is pretty old you might be out of the SOL. If the debt is pretty old then unifund probably did not pay more than a couple hundred for it and they are trying to collect 30k. That is laughable. If you actually received 11k from a company as the original loan then I would not settle years later for more than that 11k. Frankly, I would try to settle it for no more than 50% of the original balance or $5,500. Before you do any settlement though you need to get the debt validated. At that point you need to dispute at least 15k of this debt as excessive to make sure they don't 1099c you for 30k of debt. After that you need to get the settlment offer in writing.


Do not pay them anything! You can win this because they will not have the paper trail, the form you signed. Therefore, they cannot prove this is your debt. I just beat them in court in Orlando, FL so I know.


An offer in writing from the creditor does not commit you to a payment and it will not change the SOL as long as you have made no payments and you did not sign anything. Creditors send settlment offers out all the time that people turn down.

Personally I wouldn't pay them anywhere near that 30k amount even if it is a fresh debt and the SOL has not even come close to expiring. For that amount of money you could easily afford an attorney that would probably tear these guys up. I'd kick that settlment company in the butt too for not giving you better advice. I think they should know better unless I am missing something about your situation.

Just look at it this away. I think you can settle for around 6k. They want you to pay 24k. That leaves you with 18k to pay a lawyer which will buy a pretty darn good lawyer. If you play your cards right you could tag them for fdcpa and FCRA violations along the way and reduce the amount you owe even more.


if this is truly past the SOL.then it shouldn't be on your report.dispute the entry with the CRA'S.do not deal with these clowns until your disputes are heard.

giving hope to the hopeless,help to the helpless,and hap to the hapless.

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