I recently submitted a DV letter to a law firm which claimed to be attempting to collect on a debt. I sent them a DV by certified mail and return receipt. I have the return receipt of the certified mail which was delivered on July 1st. Today I received a letter in the mail from the same law firm offering to settle the debt and to report it as paid in full for 85% of what they claim I owe. The history with this account is that about 11 years ago I fell behind on several credit card accounts and one by one I have been settling them and this is the only one left but they are asking for a ridiculous settlement. The amount being reported on my credit report by the CA is 7600. At the time that the account was with the OC it was around 5K. After working through a couple of CCCS and debt management companies the last letter that I received from Credigy Receivables said that the current amount owed was about 7600 which was in the beginning of this year. The law firm claimed in their first letter to me that I owed them 13,976 dollars. I know that it would have been better off if 6 years ago I had just paid the OC the 5K but I didnt have that money at that time. Now I do have 5K but not 11 or 13K. So I have two questions....how should I proceed from here. They are still attempting to collect the debt but they have still not validated the debt. I received my first letter from the law firm on June 16th and was well within the initial contact 30 days to ask for DV. Should I threaten to sue them for violation since they have contacted me since I requested a DV or should I try to make an offer of 5,000?? Here is the gist of the letter that they sent to me: Good morning: Our office represents CREDIGY RECEIVABLES INC You wont want to miss this settlement opportunity offered yo you by our client. Recognizing that you may gone through some financial difficulty and have been unable to satisfy your account, our client would like to offer you a settlement in the amount of 11917.92 If we recieve payemtn with 30 days from todays date our client will consider the account balance settled in full! Please be advised that we are not obligated to renew this offer. Any suggestions on how to proceed with this would be greatly appreciated. Thanks!!!
If it's 11 years old they can collect on it sol is up tell them to pound sand,oh when was your last payment made on this?If you want to start at 1 cent on the dollar tell them not to miss this opportunity.
Well when I was with the CCCS and debt management companies I was making monthly payments. I believe that my last payment to them was about 4 years ago so I still have some time to go on the SOL. The thing is that I am going to be applying for a mortgage in 2 months and I am trying to get the best credit score possible. Right now I am at EX: 631 TU: 641 EQ: 677. Shooting for above 680 for a decent rate on my loan
Okay, what state and when was the DOFD? What are your credit reports stating? Myself I think you should hold down to your money and keep it for your mortgage down payment when you are approved So oyou havebeen paying off your other debts, lately? This is why these creeps sent you a letter as they smell blood. Wait and see what happens. I doubt they are going to delete, so just sit back for now. Better you having the 5K then them. If they send you a DV and if they are still within legal rights to collect, and then they sue you can always settle and FOR A LOT LESS. Think 15 percent not 85! Woofer
When was the date of first del,and the sol in your state.i'm not sure if a debt relief resets the clock or not i'm somesbody on here does
I opened the account in NY but I now live in IL so I believe that the IL SOL is 6 years. ? According to TU: My account was closed in May 02 and assigned in Dec 02. My DOFD was Jan 02 and the DOLA is listed as "Not Reported" but as I said I believe it is 4 years ago. With EQ it everything is listed as "Not reported" except DOLA as Dec 01. With EX: DOLA is Feb 2006 and date of last payment is listed as Feb 2005.