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Negotiating settlement after DV letter

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jtcarpenter

Joined: 11 Jan 2010
jtcarpenter's page
Posts: 36

662 Magic Points

Subject: Negotiating settlement after DV letter

Sat Feb 20, 2010 8:22 pm

After you have sent a DV letter and it has been verified, then what is the best approach to take? Do you start with a pay for delete? I would think that doing that would alert the CA that you have the money to pay and they would push for the full amount regardless. Is this correct? And, if so, then how does one start negotiations?

cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455

6339 Magic Points

Sun Feb 21, 2010 3:43 am

Has the CA made any attempt to settle?
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jtcarpenter

Joined: 11 Jan 2010
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Subject: negotiating settlement

Sun Feb 21, 2010 3:55 am

Hi Cinnamon,

No I have not heard a peep from them so far, but it only been about 3 weeks since they received my DV letter. But like I said in my other posting, I am expecting funds that will enable me to take care of this and everything else in a few weeks and I am just trying to plan the best possible strategy to get everything cleared up as smartly as possible as quickly as possible.

Aaron

Joined: 08 Feb 2010
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Posts: 2675

48566 Magic Points

Subject: negotiating a settlement with the collection agency

Mon Feb 22, 2010 9:10 am

Hi carpenter,

As you have already sent a debt validation (DV) letter to the collection agency (CA), and have received the validation, you can now contact the company and ask for a settlement. With debt settlement the amount owed gets lowered by atleast 40-60%.

You shouldn't first ask a creditor for a "Pay for delete" (PFD) agreement. You can first talk of the settlement, and then ask for the PFD agreement. However, not all collection agency agree to a PFD agreement.
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cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455

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Mon Feb 22, 2010 11:41 pm

ok wait. Jtcarpenter you said that they verified the debt and then you said that you have not heard a peep since the DV letter (3 weeks).

Have they responded to the DV letter?
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jtcarpenter

Joined: 11 Jan 2010
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Posts: 36

662 Magic Points

Subject: DV lack of response

Tue Feb 23, 2010 12:13 am

Hi Cin,

No that was Aaron above that made that assumption. Still have received nothing. Also, Cap One apparently tried to be sneaky and switched to another CA who I sent another CMRR DV letter to today.

cinnamngrl

Joined: 01 Nov 2008
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6339 Magic Points

Tue Feb 23, 2010 12:36 am

Actually that is very normal.

Basically the First CA did not have the ability to provide records of this debt. Also they may not own it. this would be consistent with an assigned debt.

So the CA do not have to respond to DV as long as they stop collection activity (including posting on CRA).

It is natural that a new CA would take over. It seems sneaky but it is normal.

Don't make any offer to pay if they can't validate the debt.
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jtcarpenter

Joined: 11 Jan 2010
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Posts: 36

662 Magic Points

Subject: DV lack of respnse

Tue Feb 23, 2010 2:58 am

Well, it still looked sneaky. They switched from a firm called MRS to NCO financial who I know has a terrible rep. And these guys are the most harassing firm as far as non stop calling goes that I have encountered yet.

cinnamngrl

Joined: 01 Nov 2008
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Tue Feb 23, 2010 3:10 am

Please notify them in writing that all calls are inconvenient and would invade your privacy.
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jtcarpenter

Joined: 11 Jan 2010
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662 Magic Points

Subject: DV lack of response

Tue Feb 23, 2010 3:14 am

Hi Cin,

I put a telephone cease and desist request in the DV letter I sent out today and to the one I sent previously before they changed CAs. But from what I read about NCO, sometimes they don't pay attention. We'll see I guess.

cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455

6339 Magic Points

Tue Feb 23, 2010 11:30 am

Did you send the first DV letter to the 2nd CA. you should do this to point out that they are in Violation of the FDCPA by collecting on a debt when DV records are not provided. They are also in violation for calling.

Who is the Original Creditor?
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jtcarpenter

Joined: 11 Jan 2010
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662 Magic Points

Subject: DV lack of response

Tue Feb 23, 2010 4:40 pm

I sent the second CA a new DV letter yesterday, 2-22, since they were a new firm but calling about the same account. I neglected to include a copy of the DV letter I sent to the first CA for that account which I have the green RR form back for.

jtcarpenter

Joined: 11 Jan 2010
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662 Magic Points

Subject: DV lack of response

Tue Feb 23, 2010 4:41 pm

The OC is Capital One.

cinnamngrl

Joined: 01 Nov 2008
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6339 Magic Points

Wed Feb 24, 2010 1:00 am

Crap 1 is a national bank. complain to the OCC

Office of the Comptroller of the Currency
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jtcarpenter

Joined: 11 Jan 2010
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662 Magic Points

Subject: DV letter lack of response

Wed Feb 24, 2010 2:00 am

I will keep that in mind. For now I think I will just cool my jets and see what, if any, responses I get for now or if my USPS only C&D requests are ignored or not...unless you have other suggestions. But so far DV letters seems to be almost the same as holding up a cross in front of a vampire!

I will just be very glad when my funding finally comes through and I can try starting to put this nightmare behind me.

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