I have a few old accounts that I feel behind on in college. One of these CA's in particular has been very aggressive in trying to collect in the past weeks and I sense they are going to try and sue over this. The account was opened 02 or 03 and never had a payment applied to it. At this point I see my options as either sending them a validation letter, and then following up with the a letter to the CRA a week later, or else sending them a pay for deletion letter. What should I do to move forward with this? Does anyone have really good examples of the validation letter and a pay for deletion letter? Thanks in advance!
Since I haven't gotten a response on this, I've decided to try with the deletion letter. Do I need to add a clause to the below letter instructing them to delete the TL once they have received payment? Dear Sir or Madam: This letter is an offer to amicably settle the above account. It is not to be construed as an acknowledgment of my liability for this debt in any form. I will pay your company the amount of $XXXX as full settlement of this account. If you accept this agreement, I will send you a money order or certified cashiers check for the settlement amount of $XXXX in exchange for a full deletion of all references regarding this account from my credit profile and full satisfaction of the debt. This agreement is binding and will be void should you not hold up to your end of the agreement. Furthermore the debt will be deleted from my credit profile at all three credit bureaus, or the bureaus your company regularly reports to in the course of doing business. If you agree to the above, please acknowledge with your signature and return a copy to me. Upon receipt of this signed acknowledgment, I will promptly send you a money order or cashiers check in the amount stated above. Notice: This agreement is restricted. This is not a renewed promise to pay, but rather a restricted settlement offer only. By not signing below, you agree that the debt has not been renewed nor have any concrete written agreements been exchanged. Thank You. I look forward to resolving this matter in the best interest for both of our parties. Creditorâ??s Authorized Signature: _____________________ Date:____________ Name: ______________________ Title : _____________________________
I haven't sent either of these yet. I'm beginning to think the validation offer may be a better first alternative, and then follow up with the deletion if they validate. Can someone please give me some advice on how to proceed with these? Thanks!
Send the DV first. Then, if it turns out it is yours, and you really want to settle, that letter will do nicely.
Just got another voicemail from these folks. I supposedly have to return their call by the end of today or they are going to begin validating employment, etc. I haven't had a chance to send a DV at this point yet. What's the recommendation here guys, do I call back, send the DV and not call, or what? Help!!
"Validating employement"? Unless they have sued you and obtained a judgement, what legal right do they have to "validate" your employment? What other "etc" did they claim they were about to do? They are basically threatening to notify a third party, your employer, that they are collecting on the debt. This should give you a clue about what you can expect from them on issues of legal compliance. Is this debt past SOL, is the amount they claim is due accurate, and do you intend to request validation?
Actually planning on sending the DV letter this afternoon. I rechecked my credit report this morning and saw that this is actually on there twice. It's listed the first time by the OC with no payments ever made, and then it was charged off. It's now showing under the CA with the exact same account number. Who do I actually send teh DV letter to in this instance? The OC, the CA, or both? If anyone has an example of a letter to use in an instance like this, I'd appreciate it. Thanks
I just sent the DV letter CRR to the CA. I just quadruple checked my credit report and the OC is on there with the charge off, and the CA is on there, but the CA that has been contacting me is different from the one that is listed. I sent the DV to the one that's been contacting me. Should I send a DV letter to the other 2 listed as well? Should I wait a week now and file the dispute with the CRA's? Thanks for the help guys! I'm starting to get pissed about this, which means it's time to get down to business here.
