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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?
Has the CA made any attempt to settle?
negotiating settlement
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.
negotiating a settlement with the collection agency
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.
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?
DV lack of response
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.
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.
DV lack of respnse
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.
Please notify them in writing that all calls are inconvenient and would invade your privacy.
DV lack of response
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.
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?
DV lack of response
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.
DV lack of response
The OC is Capital One.
Crap 1 is a national bank. complain to the OCC
Office of the Comptroller of the Currency
DV letter lack of response
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.
I don't think you should settle unless they respond to the DV. I do the think that if OCC gets involved, Crap 1 will be pushed. this may be a good thing or a bad thing.
DV letter response
Cin, I just got a response today from Cap One, not the CA that was calling me on the second DV letter I sent out to the second CA. They sent a copy of the customer agreement and the last 3 monthly statements but said that since the account was apparently initially set up either by phone or over the internet they do not have a paper application to send, but that the above verifies that they have a valid contract with me. So apparently the CA was just representing Cap One and they still retain the debt and are asking for payment in full. It states that they reserve the right to "take appropriate action if you fail to pay the balance in full." What do I do next? This is for a credit card account that I still check online on a regular basis. I am pretty sure I will be able to pay it off in the next couple of months but I still don't know exactly when. Should I call them? Explain my situation to them? Or just keep quiet?
Could you remind what the DOFD is?
date of first serious delinquency?
So that stuff from Crap 1 is their DV. Are their records accurate?
DV letter response
the last payment made to them was in September of 2009. Yes their records are accurate. They just didn't say anything about NCO the CA that had been calling me nor did they provide any information stating that they had authorized them to call me or even contact me.
Nco needs to tell you whether they own the debt or are assigned to it. you can only negotiate a settlement with the debt owner.
DV Response
It seems pretty clear from the documents that its Cap One that is still the owner of the debt and they were just using NCO to make calls to me.