I woke the beast. Now what?

Send out a validation letter to the CA. They won't be able to collect or report until they validate,unless of course they have already reported the debt at which point they won't be able to attempt to collect until they provide validation.

 

Well,

This is why it is important to read the first three threads and then the FCRa and FDCPA.

1) Who is reporting the debt, the OC or the CA.... I would have first disputed with the CRA

2) Immediately send the CA a validation letter, asking them to prove that you owe the debt (see sample letters) send it crrr and send it immediately!

If in your letter, your dh mentioned that you wanted to settle in order to buy a house, I believe you are hosed! they will not settle for deletion at all if they think you have an incentive to pay the full amount.

 

I woke the beast. Now what?

Slay the Dragon !

 

LB, this is a newcomer that doesn't at this point know how to proceed. Do you think your answer "slay the dragon" was of any benefit whatsoever to this poster? C'mon. Why not give a REAL answer now and then?

 

I dunno. having the CA not report the negative trade line is one thing. Having the OC not report is going to be almost impossible. If that is your goal, good luck.

IMHO, getting the CA to disappear will require a full payment. I don't think they are going to agree to a partial settlement and a removal of tradeline. Perhaps one or the other.

The debt is not that old. They are still within the SOL to sue you.

Also, are you sure what the payoff balance is? They have been accuring interest on that debt since the charge off.

If you are in the process of buying a house, I think that the mortage company is going to demand a full payment of the debt. I'd plan on it.

 

hehe i like the slay the dragon comment..made me laugh in my depressed state ;p

 

Sure. But you aren't a newbie. If you were, would that have been of any benefit to you? No.

 

ya its is kind of trollish, but lb is always like that, its expected ;p

 

delilah, I forgot to put any substantial replies here in this thread, so here goes.

I honestly will never try to settle a debt for deletion again. As you can see from my other threads, Im having hell with a place I gave almost $2000.00 to.

They promised they'd delete, even signed a letter stating so..well guess what? They didnt...so now I have to sue them.

i've got at least 5 other accounts removed by validation/estoppel/disputing...

Always try validation or disputing with CRA first...you'd be amazed how many CA's don't keep records on the accounts the collect on.

Sorry you woke them up..but I'd say validate them if the debt isnt within the SOL for your state.

 

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QUOTE:
If in your letter, your dh mentioned that you wanted to settle in order to buy a house, I believe you are hosed! they will not settle for deletion at all if they think you have an incentive to pay the full amount.
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I totally agree with this statement. That wasn't very smart. In fact, since they now know you really NEED this gone, they are probably going to insist on payment in full. And I doubt they'll delete anything.

I had the same situation when we financed our house a few years ago. We had to settle 5 or so charge-offs. I called each of them and told them I was considering BK and that I had $X. I was either going to take my $X and divide it between my creditors and settle each account or just keep my $X and declare BK. I purposely told them that "their share" of $X was about 35% of what we owed. Take it - or leave it.

They all took it.

 

delilah - The one thing that has not been mentioned here - Once the debt is paid, even without a full deletion - you should still be able to get the house. The Mort Co just needs to make sure there is no money owed anywhere.

Saying that - Go for the deletion first. If you have changed addresses since this, update it and remove you old one from all CRAs. Then do a "Not Mine" letter to the CRAs for the account.

Best luck