Posted by Becca_FL on 12/8/08 1:44pm
Msg #271415

EFS Bankrupcy & Debt Acquisition Co of America

I received a letter in the mail today that I almost didn't open. It looked like junk mail and when I threw it in the junk pile I noticed a reference to the EFS Bankruptcy.

The letter is an offer to purchase my claim of $725 for $123.25. They seem to be a legit company and I could use some Christmas cash...any thoughts?

From their website: http://daca4.com/index.htm

If you have received a letter from Debt Acquisition Company of America (“DACA”) offering to purchase your claim, you are listed as a creditor in a bankruptcy proceeding. The letter you received extends an offer to sell your claim to DACA in exchange for the amount stated. DACA bases its offers on several factors including the amount of the claim, the debtor’s financial condition, our estimated term of the bankruptcy, and our estimated return.

To accept our offer, simply complete the Notice of Transfer of Claim form and return it via mail or fax. Payment for your claim will be made pursuant to the terms of the offer letter you received. DACA will file the necessary documents to effectuate the transfer with the U.S. Bankruptcy Court. You will not be required to take any further action.

Reply by CopperheadVA on 12/8/08 1:49pm
Msg #271417

If it were me, I would take it!

Reply by snoopdogMs on 12/8/08 2:16pm
Msg #271422

I'm holding out

Becca, I am not going to settle for the 10% they have offered. I lost $635. If at the end (after the lawyers rake it in) and if anything is left (yea right!) then if I receive anything or more than the 10% I will just consider it a bonus. I guess it is possible that those that accept the 10% offer may be the ones that get paid anything at all.

Reply by Linda_H/FL on 12/8/08 2:20pm
Msg #271423

That's an offer of $.17 on the dollar..17%

is that acceptable to you Becca? It may well be more than you'll see as an unsecured creditor if you see the bankruptcy through to the end.

Good Luck whatever you decide.

Reply by Becca_FL on 12/8/08 2:27pm
Msg #271424

Re: That's an offer of $.17 on the dollar..17%...Sue/PA?

" It may well be more than you'll see as an unsecured creditor if you see the bankruptcy through to the end."

My thoughts exactly!

I think the Bridge Span (I think that was the name of the TC that went bk many years ago) bk paid .10 on the dollar 2+ years after the bk was filed. I think Sue/PA posted years ago that she finally received a check. Is that correct, Sue?

Reply by Linda_H/FL on 12/8/08 2:36pm
Msg #271425

Haven't others posted they've received letters

offering them 10%?

The other thing to consider - if DACA is offering 17% what's in it for them - what do they know? Do they see 20-25%, maybe 30%, down the road? I always wonder that about companies that make these offers. Sometimes if it sounds too good to be true, you know...

Are you willing to risk holding out for that "maybe" 20-25-30%...or nothing.

P.S. - they don't owe me any money so I have no preference either way.

Reply by sue_pa on 12/9/08 7:31am
Msg #271481

Re: That's an offer of $.17 on the dollar..17%...Sue/PA?

It wasn't BridgeSpan (they didn't owe me anything when they went under) - it was First Plus Direct. It took 10 years of annual payments, including interest at 8% but we got every penny owed to us. Their assets were placed in some sort of trust and the trust made the annual payments.

Reminissing ... $175, overnight docs, set your own appointment within ?? (can't remember) days. The faster you got it signed and returned, the more money you made with bonus' and double bonus' - again, I can't remember but there were goldenrod colored 1/2 sheets of paper in some of the the packages and those were some kind of extra bonus sheets.