Need Help!!! Debt Validation Letter

Send them the payment that YOU think/feel you owe, not a penny more. They might just leave you alone as you paid them all but $50. BUT make sure that your payment is a money order, and not your personal check which reveals your banking information.

 

I have to disagree on this one.
DO NOT SEND THEM ANY MONEY AS OF NOW!!!
Send off a DV then if you want to settle settle for a LOT less and make sure that they are not to transfer sell assign yada yada.
This JDB bought your accounts for pennies on the dollar.

Woofer

 

What they paid for the account is irrelevant. Why do people get so caught up on whining about how a collection agency purchases an account for maybe 10 cents on the dollar, or even 5 cents on the dollar. The balance on the account is still owed in full, plus all other costs, if allowed by the contract/state. If you want to settle the account, contact them and settle it out for whatever you can afford to, but it will show settled in full, or something to that affect on your credit report.

 

I keep saying the same thing (and I think I did here, too). What they pay doesn't matter.

If you found a rare antique worth thousands of dollars, but you only paid a hundered dollars for it, wouldn't you be upset if you couldn't sell it for what it was worth?

 

Exactly, I wish it would end, everyone has to make money, is it the collection agencies fault that they take such a huge risk in paying so little for something they have a good chance in never recovering? It's just business.

 

One of the basic priniciples of economics--high risk means high rewards. If you don't want the risk, you won't get the high return.

 

I don't WHINE... UGH!
That said it is all about money and if the JDB did not pay a lot for the account they are more than wiling to settle many times for a lot less than they are asking for as they are going to make mucho on it .
As for how it is going to look on a cr it all depends on how you negotiated the deal, eh?
For those who do not understand what I am saying. if you owed the OC 10K they are not going to want o settle for a lot less as they are out a lot of that 10K.
When it gets into the hands of a JDB the JDb has bought a huge portfolio of accounts that have been charged off and basically he is taking his chances getting any money as it is all a gamble.
Your account will be one of thousands that he has bought with NO paperwork in all probability but he will try to collect and sometimes he gets people to pay up huge amounts, sometimes not ; )
So let us say this 10K debt now has gone upwards of 15K with al the amounts the JDB has added on to it and MANY of which may not be legal.
HE paid maybe a hundred bucks for this account,and will be very happy to take a small percentage of it say MAX 20 percent which would mean 3K which would make him a huge percentage of revenue.
Anyone can start being a JDB, there are all sorts of portfolios to start buying on the cheap.
Maybe we should buy some and then help the consumer. : )
Woofer

 

EXACTLY.
Doesn't matter to me how much they paid for the account,but when you know it was a low fraction of the original debt then there is much room to maneuver IMO.
Of course you have to know how to negotiate well.
Same thing in antiques and or real estate.
All about cash flow really.
If you have plenty you can hold out for the max amount, if you want to sell now as money in hand today is better than more money maybe never, then this is the way to go for a lot of people JDB included. ; )

Woofer
Very much the high risk taker...

 

Very unlikely in today's debt buying anything is going less than 4-5 cents on the dollars. Decent credit card paper is going for about 10 cents on the dollar. I've bought a few packages over the years and have helped several people out, and refused others due to their ability to pay, just un-willingness to voluntairly pay, so we went to court, and I'm getting 25% of their paycheck now.

It's only going to look a few different ways on the credit report, either unpaid, paid or settled etc. Doesn't matter, and doesn't get reported how much you settle the account for.

How can you say MANY of which may not be legal, what personal experiences do you have that they have added on illegal fees?

 

Look there's a small group that operate out of buffalo ny that has done this the state shut them down they pop up again under different names new frontman start over the world's full of gulliable people,who are open to a half way legal looking paper.usually if the ag of a couple of state's get involved than chances are there's something wrong.different companies are shut down every year so not every collector is honest and they need to be gotten rid of.If everything is legal nobody should have a problem with that

 

I didn't say they shouldn't be punished for illegal activities, but that was also not the question I posed to woofer.

 

You ask for an a personal experiance this is a forum so you got one.i'll agree to disagree and leave it at that.

 

Why is that we've allowed people with JDB and CA ties on this forum. I'm sick of these "bottom feeding, scum suckers". Debt validation letters work, because truth be known most of these idiots can't validate. Sending a DV after 30 days is appropriate because the courts have ruled that consumers need to be protected from these vultures. GET OFF OUR FORUM, YOU BOTTOM FEEDING SCUM SUCKING JDB'S AND CA'S.

 

Just remember these are the people you didn't like in high school and they haven't got anymore likeable.however this is a forum and most of us can smell them and challenge them and they just go away and try to make granny miserable,and to bully them into giving them there last dollar

 

So on a 10K debt if you say it is 4 cents this is costing the JDB $400 to $1,000 bucks. Pretty cheap purchase, and I believe it is usually the lessor amount according to others and what they are selling on line.

Well even at the high end and NOT adding a bunch more (which happens as you can bet the 10K debt you bought when you go to collect is now upwards of a few thousand more anymore IME and IMO )

Interesting as I do not believe most courts would let you garner that much. You do mean of course ,NET after all deductions , pay check ,not gross correct?

Yup as long as it reads a ZERO BALANCE. Of course sometimes you can pay for delete and or agreement not to update trade line from the creditor.

Hahhahahahhahahha . IME they ALL have added on fees that were not correct and unless they could prove it then it was deemed illegal and removed.
You are not going to say that when you purchase a 10K debt that YOU DO NOT ADD ON A BUNCH OF FEES and now that debt you purchased has not gone up several thousand or more???

I have dealt with a few JDB's in the past and many were not calculating the interest rate correctly and also the original amount of charged off debt.

I believe that if you play by the rules then many debtors will want to pay their debts, however it seems to be in play that the creditor does not play by the rules IMO.

Maybe that is why you get to collect on the paper and others do not.

Woofer

 

I answered, and just as you do not want to *come out* I don't want to either with listing the names of the outfits I have dealt with.
You will just have to take my word that I do have personal experience with what I write.

Woofer

 

Not a very good attitude to have.

You can learn a lot from collectors--especially if they are very knowledgable of their industry.

Remember that the one thing you need to do is understand the other side.

Sometimes validation letters work, sometimes they don't. You can say that the courts have ruled that consumers need to be protected, but you need to do a lot of studying of case law. You can send a validation letter after 30 days, but they do not have to respond, nor do they have to cease collection activities.

In fact, they don't even have to respond if you send it within 30 days--they just have to cease collection activity until they send the validation.

If you have case law to back your statements, then post the case cites so that others can learn from them.

 

You learn from you foe's,ask any good coach or general that's why they study for hours or days they look for your weakness and exploit it you have to get in their mind,inorder to engage them,without a plan it just turns into a 3 stooge movie,and you lose

 

I agree.

Collectman has been nothing but civil and I welcome all sides as we all can learn something.

"Keep your friends close and your enemies closer "'
; )
Woofer