Hi, everyone. I have an old (1999) charge off from Providian...it was $250 that went to $1400 with interest, etc...that I forgot about until I saw it on a report a few months ago. The company that held it then was Arrow Financial, who I sent a settlement offer letter to. Now, I received a settlement offer letter from Risk Management, who said they are an agent for Arrow Financial. I am a newbie, so I am confused. I sent the offer to Arrow about 28 days ago and have not heard a thing...I did not pull a report, but I am assuming Risk Mangement bought it from them. They offered to settle for $750, which I think is high considering only $250 was charged to the card. What should I do? I am looking to buy in about 6 months, so I want to get this settled, but for less than $750! Any advice would be appreciated!
Well, I have dealt with both and I will tell you, both of these debt collectors suck. I would suggest you make them validate. Make them prove that you owe them that much money. Always do this CMRRR. If you really need to get it cleaned up, offer them a settlement of the original amount of $250 in exchange for full deletion. Do NOT tell them you are getting a mortgage, instead tell them you are moving out of the country and want to clear this up before you go. This may compell them to accept your offer. Perhaps someone with more exp. will jump in here. But whatever you do, never call a Debt Collector. Do it all by the mail. Good Luck 2 U!
Hi, everyone. I have an old (1999) charge off from Providian...it was $250 that went to $1400 with interest, etc...that I forgot about until I saw it on a report a few months ago. The company that held it then was Arrow Financial, who I sent a settlement offer letter to. Now, I received a settlement offer letter from Risk Management, who said they are an agent for Arrow Financial. I am a newbie, so I am confused. I sent the offer to Arrow about 28 days ago and have not heard a thing...I did not pull a report, but I am assuming Risk Management bought it from them. They offered to settle for $750, which I think is high considering only $250 was charged to the card. What should I do? I am looking to buy in about 6 months, so I want to get this settled, but for less than $750! Any advice would be appreciated! ==================== Send a validation letter to both CAs Click below for a copy of the Validation Letter.
Thanks! I've read the validation posts and I will send the letters, but what then? It is my debt, but just $250 was charged. How long does this validation process usually take? I want to get a mortgage around December. I am a bit naive, but I know: *Do not say I am going for a mortgage *Do not call Someone said I should write and say I am considering filing bk? What do you think? I am a newbie and only have about 30 minutes a day to read this board, so I appreciate any advice people have. I'll send vailidation certified mail next week!
but what then? It is my debt, but just $250 was charged. How long does this validation process usually take? I want to get a mortgage around December. ithinkican ================ Validation 30 days estoppel 15 days ITS THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
When you send the validation letter make sure that you request full validation, contract and terms, also them them that it is against the law to send incorrect information to the credit bureaus and if they can't prove to remove the information or you are going to prosecute them to the fullest extent of the law!!!
When you send the validation letter make sure that you request full validation, contract and terms, also them them that it is against the law to send incorrect information to the credit bureaus and if they can't prove to remove the information or you are going to prosecute them to the fullest extent of the law!!! MOVINGONUP ================== Why do you want all of this ? THE END ** *** ** LB 59 """""""""```~~~```'""""""""" SUV Drivers' Licenses http://member.compuserve.com/autos/package.jsp?name=autos/suv_license1 THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: Re: Trying to settle to get mortgage Because, if they can't prove every penny,they commited a violation by reporting the incorrect information under FDCPA and they should know better!!!!! It gives you barganing room???? I could be wrong, but that's how I interpeted the FDCPA
1*When you send the validation letter make sure that you request full validation, contract and terms, 2*also tell them that it is against the law to send incorrect information to the credit bureaus 3*and if they can't prove to remove the information or you are going to prosecute them to the fullest extent of the law! MOVINGONUP Because, if they can't prove every penny, they committed a violation by reporting the incorrect information under FDCPA and they should know better!!!!! It gives you bargaining room? MOVINGONUP ===================== 1*The validation letter takes care of this and is all you need to say. It's not the consumers obligation to give them on the job training. 2*I'm not their lawyer. 3*Don't reveal your ace in the hole. The problem with giving them all this information is you're showing them how smart you are when you want them to think you're not to swift.
Re: Re: Trying to settle to get mortgage Because, if they can't prove every penny,they commited a violation by reporting the incorrect information under FDCPA and they should know better!!!!! It gives you barganing room???? MOVINGONUP ================= Don't be to helpful and ask for to much or you just might get it.
