- Report: #287774
Complaint Review: First Premier Bank - Sioux Falls South Dakota
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First Premier Bank
PO Box 5147 Sioux Falls, 57117-5519 South Dakota, U.S.A.
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First Premier Bank I paid the collection agency, do I have any recourse Sioux Falls South Dakota
In 2006, probably May or so, I stupidly signed up to get a credit card from First Premier Bank. When I found out that they were taking virtually the entire credit limit, I realized I had been scammed and wanted to do something about it when BAM my dad got sick (passed away Nov 2006) and my whole life changed.
I had a few low limit cards, I was paying regularly and lost control of them when I stopped everything to care for Dad. Well fast forward to 2007 and a look at my credit report shows First Premier Bank. I had actually forgotten about the card because I had never made I purchase on it.
Then the relentless calls from the collection agency (CBCS) start, and finally one of them offers me a settlement for just about what the fees were. I took it just to get the item off my credit report. That was just a few days ago, and I did a check by phone. Maybe that was stupid, I don't know.
Then something made me look them up here and now I wish I had never agreed to pay and fought this to the end. Is there anything I can do at this point or do I just chalk it up to my mistakes, and be grateful my credit report will be a little better (eventually). Please, no comments beating me up, I'm doing enough of that to myself already. Constructive advice might help others too.
Brenda
Rutherford, New Jersey
U.S.A.
I had a few low limit cards, I was paying regularly and lost control of them when I stopped everything to care for Dad. Well fast forward to 2007 and a look at my credit report shows First Premier Bank. I had actually forgotten about the card because I had never made I purchase on it.
Then the relentless calls from the collection agency (CBCS) start, and finally one of them offers me a settlement for just about what the fees were. I took it just to get the item off my credit report. That was just a few days ago, and I did a check by phone. Maybe that was stupid, I don't know.
Then something made me look them up here and now I wish I had never agreed to pay and fought this to the end. Is there anything I can do at this point or do I just chalk it up to my mistakes, and be grateful my credit report will be a little better (eventually). Please, no comments beating me up, I'm doing enough of that to myself already. Constructive advice might help others too.
Brenda
Rutherford, New Jersey
U.S.A.
3 Updates & Rebuttals
David
Omaha,Nebraska,
U.S.A.
Credit Reporting
#2UPDATE EX-employee responds
Sun, December 02, 2007
Although settling the account might sound like a good idea I wouldn't recommend it. You stated you'd recieve a letter stating settled for the full balance. If you're only paying a certain percent of the full balance on the account at this time it will state on your credit report as Settled for less than the full balance. And although I'm not positive on this I do believe this shows on your credit report as such for 7 years. Which is better than showing as a bankruptcy but I would only do this if absolutely necessary and definitely check with a credit bureau and see what they say about the effect of this. While working in the Collections department at Premier I had customers calling in with accounts settled more than a year prior that wanted to pay off the rest of their debt with us so the settlment was listed as settled for full balance.
Brenda
Ridgefield,New Jersey,
U.S.A.
First Premier Bank and Collection Agency
#3Author of original report
Fri, November 30, 2007
Thank you Jim for your reply, it gave me some comfort. And thanks for reminding me. The woman from the collection agency told me I have to call and request a "settlement in full" letter on December 5th. I can expect to receive the letter in 30 days but it's up to me to follow up. She was a pretty decent collection rep. But that letter is very very important, I know they can come back and haunt you years later and most people don't hold on to documents like that. I am very glad to be done with them and on my way to repairing my credit report. Ripoffreport.com has prevented many a mistake for me, somehow this one got by me.
Jim
Anaheim,California,
U.S.A.
Here is Something Constructive
#4Consumer Comment
Fri, November 30, 2007
Sorry about your Dad. I understand it's a scam and it's too late to deal with that. One of the things I would value through this process is that this item is off your credit report. So many people in this country trash their credit report without even knowing the harm it does to them years down the line. I would have simply paid the fee just to get it off the report, because it's a small price compared with what it will cost you in increased interest payments on high-debt cards, loans, etc... Take solace in that it's off your report and for no one to see when years down the line eventually comes and you need a good credit report. Here is what I would be concerned about: these yo-yo's sometimes figure out a way to re-establish the debt and reneg on the settlement by selling your extinguished debt as unextinguished to another collection agency. If you can obtain in writing something indicating the debt has been extinguished in full, this should be able to counter anyone trying to go after you for the same debt. Put the document in a safe place once obtained it - make several copies of it if you need to - and present it the next time some yo-yo comes after you for the debt. Best of luck to you.
