I am administering an estate. State is Ky. SOL is 5. There has been 2 claims filed by NCO as agent for LVNV Funding LLC (whoever they are). A man called and said these were for 2 Sears credit cards. He offered 50%, I wanted 20%, he went to 36.5%. The amounts were jacked up with charges so the 36.5 is a little over the amount owing at last activity. I would still like to pay less. He sent a letter "to confirm...settlement agreement..." but I didn't AGREE -just said send paperwork. The pay date is Apr 25 and check is to be made payable to LVNV Funding/Sears. Nowhere in the letter are mentioned the original Sears account numbers as they were in the claims filed. It does say "once payment received...account of creditor will be deemed fully satisfied". Should I require additional documentaion?, try to get a reduced amount? What's to prevent them from coming back for more before the 6 month probate time limit runs out? Any help will be appreciated.
I have been executor for several estates, and here it is one year for all debts to be announced and paid up. If this was happening to me, I would make sure that this debt is valid and not out of SOL. You being the executor will be allowed to get credit reports if you do not have fairly current ones already, and will be able to see what is going on. Even if the estate is large and the debts small you were decided on as executor to do the best for the estate. Not sure what the difference is between an administrator and executor though? Are you a family member?Close family friend? I take it you are not a lawyer. If not why were you chosen to take care of the estate? Bottom line I would not pay off these creditors without some sort of good claim that they are the ones that have legal control of this debt Woofer
If you are the administrator, at least in TX, that means the person died without a will, and anything you do is likely going to need the approval of the court. What are the rules for filing of the claim? Was it timely? Do you have an attorney assisting you?
Thanks Woofer and jlynn for your replies. No I am not a lawyer--I knew I should have gone to law school LOL. And there isn't money for a lawyer. The accounts are only about 3 yrs since last activity--so not past SOL of 5. The account #s on the claims are correct. The court and clerks office will tell nothing. It sucks that of the people, by the people, for the people, translates into hire a money sucking lawyer because you can't have the info to take care of your own-or family-business. You people seem so secure-I wish I were. I'm glad I found this board and I'm glad someone can get through the maze. I would like to know if any of you have had much experience negotiating just how low have you been able to get settlements? The waiting/submit claims time in Ky is 6 months. Have you ever had anyone come back after settlement and try to collect more? This debt is rather small (their offer was 542 and I'd rather it be 400). NCO are noted for being crooked from what I gather. Any ideas on finding a lawyer who can help me through the rest of this probate for not too much cash? Thanks, you all are great.
Just stick around and learn and you will be as well : ) I don't think this small amount warrants a lawyer. While I would not want to pay these creeps, sometimes the time involved and the personality of the person who goes pro se may be a lot more costly than settling. If they told you 542 tell them 300 and they have 10 days to accept. I can tell you that that on a 18K suit I settled for 1500 to get rid of the nuisance and I was going out of the country on vacation and just wanted a done deal. This was the only time I settled, all the rest I have won and they got nothing or I got something : ) If you do settle make sure that it is paid in full, that they cannot sell assign transfer...[/quote] Woofer
Paying CC debt in probate Thank you again Woofer. The estate is less than 20K including interest in a property and a vehicle. Oddly, the judge entered 51K on the probate papers. I will call and offer the 300 to be paid when I receive appropriate paperwork with the accounts listed as they are on the "claims", settlement as paid in full of the accounts, and no sale, transfer, or assignment, or further collection of these accounts. Does that sound like what I should say. Should I ask them to include a copy for the probate judge? Thanks
IMHO, its not the $$ amount of the estate - it is keeping the estate in the hands of any survivors to the best of your ability as administrator. Are there any survivors? Spouses, children, etc?
I agree with you . Thing is sometimes it is better to settle for a small amount if you do not have the stamina to fight, and if the estate is large and the alleged debt is small. Me, I wouldn't give them a cent ! Woofer
The interest in the property will go to one child, the vehicle to another. My objective is to see it happens that way. I called the CA-but got some stupid system who delivered me to a mr ramsey or raymond or something. I may try again tomorrow as they have Sat hours (of course). You all have been great and it does help to spout out. I have read and learned alot on this board. If I win the lottery(joke--I only play 5 dollars or less a year) I would want to hire people like you for a fat pay to sue all the vultures(what I call CAs) on behalf of all the people who couldn't afford or do it theirselves. Ha Nice to dream.
Interesting subject. Considering that the major JDB's cover the entire country, how do they find out when a debtor dies? Do they subscribe to a nationwide list of death notices or something?
Yep. When probate is opened a notice gets published in the local newspaper. Other deaths not in probate are entered into the public records also in various ways. Now days with computers--waa laa and it pops up in a database--to which vultures (CAs) subscribe. In the olden days info like deaths, loans, and legal stuff etc would end up on what was called "scandle sheets". They were underground and illegal (sometimes) but widely purchased and passed around. There is a fairly recent book "Stealing Your Life" or similar name which lists some databases. I checked out some and yep recent deaths were there.
