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Settlement or Validation?

Discussion in 'Credit Talk' started by scout, Jul 25, 2002.

  1. Jul 25, 2002 #1
    scout

    scout Well-Known Member

    Hi, I need some advice on what I should do next. I'll give a brief run-down of the scenario:

    In early 99 got a non-federal student loan (Original amount was $4000), it was charged-off in 2000. Soon after, got a call from NCO, not knowing what to do, and them saying they were going to sue me, I paid them $1000, which they said would place it back with the OC. The OC, meanwhile, was bought out by Wells Fargo, and a Wells Fargo Collection branch has this now.

    I sent a settlement offer on 7/8/02 to Wells, with a 60% pay for deletion. I haven't heard a peep since. This thing is being listed on all 3 CRs as a Secured Car Loan (no, I haven't disputed yet). The "OC" ,who no longer exists, is only listing on Experian (I did dispute this and it was verified...)

    What should I do next? Wait a bit more, send another settlement offer, or start the validation process? Also, can I even ask them to validate since it is past the 30 days from their initial letter to me? I really need some advice on this one, help me out guys!
     
  3. Jul 25, 2002 #2
    creditman

    creditman Well-Known Member

    I would validate. Whoever is reporting this, should have something. Force them to show their hand. The OC that went out of business? how could they verify the info? You need to send a letter to that CRA requesting the contact info they used.
     
  4. Jul 25, 2002 #3
    scout

    scout Well-Known Member

    I probably will go the validation route unless I hear from them today. I only have two problems/questions:

    Can I ask them to validate if the initial 30 days is up? (i.e., the 30 days from their first letter to me?) I guess I probably "can", but are they still legally bound to answer, mark in dispute, etc.?

    Also, Wells Fargo wasn't the original creditor, but they bought out the OC, and a variation of the OC is now a small branch of Wells Fargo. So, would Wells Fargo's Collection Division be considered the OC now?
     
  5. Jul 25, 2002 #4
    creditman

    creditman Well-Known Member

    1. You can send VAL at anytime. Make sure u include a C&D so they won't bother you. yes, they still must follow the rules

    2. Wells is considered the OC now. They probally don't have a scrap of paper on you, though. ask for a copy of your app, or charges. watch them shake.
     

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