Planning a Settlement, Advice, Tips?

[sanclemente24]

Here's the situation:

 

1. Washington Mutual "Business" Card #43, Final Balance $16759, Fall 2009

"Purchased by another Lender", "Account Closed" - Experian

Chase Outstanding Balance of $14304.20 Sept 2009

Chase Settlement Offer $7318 Feb 2010

CollectCorp, Contact Request, March 2010

Collectcorp, Requested Debt Negotation May, 2010

Nationwide Credit, Inc, Full Payment Request Oct 2010

Capital Management Services, Settlement Offer $6033 Jul 2011

Nationwide Credit Inc, Settlement Offer $3854.72 Feb 2011 - 23%

Capital Management Services, Settlement Offer $5195 Oct 2011

Nationwide Credit Inc, Settlement Offer $4692 Nov 2011

According to Equifax, Capital Management Services pulled my credit in May 2011

 

2. Washington Mutual Credit Card #46, Final Balance $3710, Fall 2009

"Purchased by another Lender", "Account Closed" - Experian

Chase, Settlement Offer $1618 Feb 2010

Chase, Settlement Offer $1299 March 2010

MRS Associates, Contact Request, May 2010

MRS Associates, Settlement Offer $2226 Jun 2010

MRS Associates, Settlement Offer $1669 Aug 2010

Enhanced Recovery Company, Settlement Offer $2226.45 Oct 2010

Enhanced Recovery Company, Settlement Offer $1298.76 in Dec 2010 - 35%

Associated Recovery Systems, Requested Full Balance May 2011

 

3. Washington Mutual Credit Card #54, Final Balance $7196 (per WAMU), Fall 2009

"Purchased by another Lender" - Experian

Enhanced Recovery Company, Balance $9826, Notification (Midland Funding, LLC) Mar 2010

Midland Credit Management, Balance $11953, Settlement Offer $7172 May 2012 - 73% based on TU Reported Amount

Reported Original Amount $9797 per TransUnion

 

My CRA reports show three charge-offs from Chase Bank, and 1 Collections Account with Midland Funding; I moved in 2011, and didn't forward my mail. At the same time, I also changed my phone number, so I haven't been receiving collections calls or letters for about a year. I can pull together approximately $7500 within a week, if it would allow me to settle these accounts.

 

Today I sent (3) seperate DV letters to Chase (1 for each account), and (1) DV letter to MCM all using USPS / CMRRR. I would like to negotiate settlements with the people currently handling my debt, but I don't know if the same people who contacted me in 2010-2011 are still handling my accounts; I was unable to find a contact number for Nationwide Credit, or Enhanced Recovery Systems, but I suppose that is the next step. Once I find a contact number, can I call and ask for written proof they're in charge of my account, then negotiate a settlement? I assume my DV letters, with correct contact information, should generate CA letters in time, but if I mailed the DV to Chase, will they update whoever has purchased the debt from them? Since it's a sold account, it's no longer their problem? I would hate to waste time negotiating with someone who doesn't have authority over this debt.

 

Regarding the actual settlment, the basic guidelines I have read from the stickies are:

1.Always get the settlement agreement in writing.

2.Send everything USPS (CMRRR). Tracking of delivery is very important.

3.Make copies of all checks and money orders sent.

4.Keep more than one checking account. Keep them at different banks. Just in case.

5.The phone is necessary when negotiating. However, it is wise to be cautious on the phone.

6.Never call them and offer a settlement. Let them come to you. They will trust me.

7.I always call the OC to make sure I am dealing with the proper agency.

8.I always verify with the CA and the OC who owns the debt.

 

It would seem #7 and #8 are the current concerns, but will Chase have that much information about a Washington Mutual account from 2009, which has since been re-sold (according to Experian)? If not, how do I find who owns my debt, since the only one on any CRA report is MCM / Midland? Finally, when I settle, I have been told to request the CA delete their involvement from my CR, or agree not to make any reports if they're not there already, is it possible to remove the original Charge Off as well?

[sanclemente24]

Now sending another batch of DV letters, this time to the last collectors I received notices from (ERC for two, and NCI for the third)