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BQQKWORM

Well, speak of the devil (LVNV)!

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I SO have enjoyed reading/learning from all of you so, of course, I come to CB first!! :-)

 

I just posted a question about this collection the other day, get the mail yesterday and there is a settlement offer from Allied Interstate, who I assume is part of LVNV's evil family! As most people who have dealt with them can attest, they jack up the amount you owe with bogus fees and interest on top of your outstanding balance with no rhyme or reason and my account is no exception. I originally owed about $1800. The new balance is in excess of $2500 and the settlement offer is $700. One credit report said this is scheduled to fall off my report in 6/2014 but because of recent inquires, I'm pretty sure they are trying to re-age the account. I've already had a loan officer look at my credit reports in anticipation of applying for a mortgage later this year and he said that this needs to be paid because it is >$1K.

 

My questions are:

 

1) Would it be wise to counter the $700 with a lesser amount or just pay the $700 and keep it moving?

2) Should I ask them to delete the amount upon payment? If so, should I call or write? (please provide some idea of what to say because I'm clueless)

 

Thanks in advance

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The new balance is in excess of $2500 and the settlement offer is $700.

that's because it's outside of SOL, so they can't do anything to you.

 

so the only reason you would pay would be:

 

1) PFD to get rid of it entirely

2) settle for as little as possible as a last resort for the mortgage

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Welcome to CB. Here are my thoughts.

 

First off, don't ever call them. They want you to call them and admit to the debt so they can start the SOL all over again. If you pay it, your scores will drop like a rock, probably farther than the collection already is. If you pay $700 or even a lesser amount, and this is already being reported on your CRs, then they are not likely going to agree to remove it. They are making a last ditch effort to try and collect before it falls off soon as you mentioned. My guess is that it's currently past the SOL for suing and getting near the end of legally being able to report it. If you are 100% that 6/14 is 7.5 years from the DOFD and you can hold out on the house purchase, I would wait until April and do an obsolete dispute to get it removed. Settling for less than the original amount from the OC = desperate to collect because time is almost up to use your reports as a way to collect.

Edited by funkiehouse

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Welcome to CB. Here are my thoughts.

 

First off, don't ever call them. They want you to call them and admit to the debt so they can start the SOL all over again. If you pay it, your scores will drop like a rock, probably farther than the collection already is. If you pay $700 or even a lesser amount, and this is already being reported on your CRs, then they are not likely going to agree to remove it. They are making a last ditch effort to try and collect before it falls off soon as you mentioned. My guess is that it's currently past the SOL for suing and getting near the end of legally being able to report it. If you are 100% that 6/14 is 7.5 years from the DOFD and you can hold out on the house purchase, I would wait until April and do an obsolete dispute to get it removed. Settling for less than the original amount from the OC = desperate to collect because time is almost up to use your reports as a way to collect.

 

Funkiehouse,

 

The mortgage guy basically said that if I don't pay, they will just sell the debt to another collection agency and it will count as another ding against me which is contradictory to what I've read here (if I understand everything correctly).

 

EX shows the account should remain on record until May 2014 and the date opened as 8/2008 with Date of Status as 10/2008

 

TU shows that it can be removed 7/2014 and the date placed for collection on 8/19/08

 

EQ shows it was opened on 8/19/08 and DOFD 08/2007 but no drop date for this report like the others.

Edited by BQQKWORM

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The mortgage guy basically said

he isn't anymore likely to be knowledgeable about credit than a banker is likely to be knowledgeable about laying bricks.

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They probably will/can sell it but no one can legally report it after the 7.5 year mark. If they do it's a FCRA violation. Otherwise these bozos could just keep selling debts at the end of every 7.5 years and keep it on your reports forever. You just have to make sure that you respond to any and every letter you get about the debt from whoever ends up with it. Create a response and file it away for when and if they do send you a letter so your'e ready when/if it happens so you don't have to stress about it when you find it in your mailbox. There's always a risk of them popping back up during the mortgage process, legally or not. If you settle, they can sell the remaining to someone else if they wanted to and didn't agree not to sell it in writing with you. You could pay part of it now with them, then they sell the rest a few weeks later and the next JDB may report the rest until the end of the 7.5 years. If they do sell it, they should remove the TL.

 

Timing of your actual mortgage app will determine the amount of work that will be needed on your part. If you wait until June/July this won;t be an issue.

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Have you discussed this in the mortgage forum with the pros there? I know this is collection related but you could refer to this posting. I think it would be worth your time to do so and get solid answers from them about the mortgage process and how collections effect it.

Edited by funkiehouse

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There are circumstances which will reset the SOL but usually involves payment. I happen to agree that NO GOOD ever comes from talking to a JDB/CA If their lips are moving they are lying. If this is well out of SOL, then try to catch them in a violation and send an ITS and offer to settle for deletion, no resale, no 1099c, and kill the debt. Readily doable. Someone please point out to me the Law that says admitting to a debt resets SOL please.

Edited by walterg55

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There are circumstances which will reset the SOL but usually involves payment. I happen to agree that NO GOOD ever comes from talking to a JDB/CA If their lips are moving they are lying. If this is well out of SOL, then try to catch them in a violation and send an ITS and offer to settle for deletion, no resale, no 1099c, and kill the debt. Readily doable. Someone please point out to me the Law that says admitting to a debt resets SOL please.

In virtually all states, IIRC, that requires payment. In quite a few states, even payment is not sufficient if not accompanied by a signed document acknowledging responsibility for the debt and agreeing to make payments on it.

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There are circumstances which will reset the SOL but usually involves payment. I happen to agree that NO GOOD ever comes from talking to a JDB/CA If their lips are moving they are lying. If this is well out of SOL, then try to catch them in a violation and send an ITS and offer to settle for deletion, no resale, no 1099c, and kill the debt. Readily doable. Someone please point out to me the Law that says admitting to a debt resets SOL please.

 

Please explain. I'm unfamiliar with ITS, the fact that they can resell (for the balance remaining even if I settle??) and that they send me a 1099C (on what? the difference owed?)

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There are circumstances which will reset the SOL but usually involves payment. I happen to agree that NO GOOD ever comes from talking to a JDB/CA If their lips are moving they are lying. If this is well out of SOL, then try to catch them in a violation and send an ITS and offer to settle for deletion, no resale, no 1099c, and kill the debt. Readily doable. Someone please point out to me the Law that says admitting to a debt resets SOL please.

In virtually all states, IIRC, that requires payment. In quite a few states, even payment is not sufficient if not accompanied by a signed document acknowledging responsibility for the debt and agreeing to make payments on it.

 

 

???

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ITS = intent to sue

IIRC = if I remember correctly

 

yes, they can resell the balance to a JDB (junk debt buyer) if you settle for less than the full amount.

 

and they can send you a 1099-C for the amount they wrote off. that amount goes on your taxes as income unless you were insolvent at the time, in which case you can put that in your taxes.

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They do not do PFD, so I would wait a few months and dispute it as obsolete since you said you want to apply for a mortgage later this year. Also send them a FOAD letter.

Edited by mendelssohn

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They do not do PFD, so I would wait a few months and dispute it as obsolete since you said you want to apply for a mortgage later this year. Also send them a FOAD letter.

 

This is what I would do since you have time before applying for the mortgage.

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There are circumstances which will reset the SOL but usually involves payment. I happen to agree that NO GOOD ever comes from talking to a JDB/CA If their lips are moving they are lying. If this is well out of SOL, then try to catch them in a violation and send an ITS and offer to settle for deletion, no resale, no 1099c, and kill the debt. Readily doable. Someone please point out to me the Law that says admitting to a debt resets SOL please.

 

 

:good:

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There are circumstances which will reset the SOL but usually involves payment. I happen to agree that NO GOOD ever comes from talking to a JDB/CA If their lips are moving they are lying. If this is well out of SOL, then try to catch them in a violation and send an ITS and offer to settle for deletion, no resale, no 1099c, and kill the debt. Readily doable. Someone please point out to me the Law that says admitting to a debt resets SOL please.

 

Sure a verbal agreement isn't enough to reset and there is no law that I'm aware of that states that. I guess I should have worded that differently but the point was if someone is calling a CA then they don't know what they're doing anyway. Very true that it often requires a payment along with it. I guess my point by saying it they way I did was to keep people out of trouble by calling them on the phone and getting themselves in a situation that may restart the SOL. If you don't know better than to call them, then your vulnerable to being talked into a new contract, which can extend the SOL. They are crafty in convincing you that what they are telling you is what you should actually do. That's why I say never admit to a debt, which can lead to trouble.

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I SO have enjoyed reading/learning from all of you so, of course, I come to CB first!! :-)

 

I just posted a question about this collection the other day, get the mail yesterday and there is a settlement offer from Allied Interstate, who I assume is part of LVNV's evil family! As most people who have dealt with them can attest, they jack up the amount you owe with bogus fees and interest on top of your outstanding balance with no rhyme or reason and my account is no exception. I originally owed about $1800. The new balance is in excess of $2500 and the settlement offer is $700. One credit report said this is scheduled to fall off my report in 6/2014 but because of recent inquires, I'm pretty sure they are trying to re-age the account. I've already had a loan officer look at my credit reports in anticipation of applying for a mortgage later this year and he said that this needs to be paid because it is >$1K.

 

My questions are:

 

1) Would it be wise to counter the $700 with a lesser amount or just pay the $700 and keep it moving?

2) Should I ask them to delete the amount upon payment? If so, should I call or write? (please provide some idea of what to say because I'm clueless)

 

Thanks in advance

 

if you have any inquiries from mortgage lenders showing up on your reports, LVNV funding isn't likely to settle for less.

 

read the pinned topic - "your collection score."

 

I would just let it fall off, dispute as obsolete.

 

does the DOFD match the OC's reporting?

 

if the OC is not on your reports, LVNV funding should be gone also

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I SO have enjoyed reading/learning from all of you so, of course, I come to CB first!! :-)

 

I just posted a question about this collection the other day, get the mail yesterday and there is a settlement offer from Allied Interstate, who I assume is part of LVNV's evil family! As most people who have dealt with them can attest, they jack up the amount you owe with bogus fees and interest on top of your outstanding balance with no rhyme or reason and my account is no exception. I originally owed about $1800. The new balance is in excess of $2500 and the settlement offer is $700. One credit report said this is scheduled to fall off my report in 6/2014 but because of recent inquires, I'm pretty sure they are trying to re-age the account. I've already had a loan officer look at my credit reports in anticipation of applying for a mortgage later this year and he said that this needs to be paid because it is >$1K.

 

My questions are:

 

1) Would it be wise to counter the $700 with a lesser amount or just pay the $700 and keep it moving?

2) Should I ask them to delete the amount upon payment? If so, should I call or write? (please provide some idea of what to say because I'm clueless)

 

Thanks in advance

 

if you have any inquiries from mortgage lenders showing up on your reports, LVNV funding isn't likely to settle for less.

 

read the pinned topic - "your collection score."

 

I would just let it fall off, dispute as obsolete.

 

does the DOFD match the OC's reporting?

 

if the OC is not on your reports, LVNV funding should be gone also

Thank you all for your sage advice. The original creditor is not on my reports at all but LVNV has accurate info. To add. I've called EX 2x this week. Haven't had luck with the CSRs removing the LVNV from that CRA though it's set to drop in May 2014 but the TU set to drop in July was deleted immediately. Any advice or pointers is welcome. Otherwise I'll wait it out

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I SO have enjoyed reading/learning from all of you so, of course, I come to CB first!! :-)

 

I just posted a question about this collection the other day, get the mail yesterday and there is a settlement offer from Allied Interstate, who I assume is part of LVNV's evil family! As most people who have dealt with them can attest, they jack up the amount you owe with bogus fees and interest on top of your outstanding balance with no rhyme or reason and my account is no exception. I originally owed about $1800. The new balance is in excess of $2500 and the settlement offer is $700. One credit report said this is scheduled to fall off my report in 6/2014 but because of recent inquires, I'm pretty sure they are trying to re-age the account. I've already had a loan officer look at my credit reports in anticipation of applying for a mortgage later this year and he said that this needs to be paid because it is >$1K.

 

My questions are:

 

1) Would it be wise to counter the $700 with a lesser amount or just pay the $700 and keep it moving?

2) Should I ask them to delete the amount upon payment? If so, should I call or write? (please provide some idea of what to say because I'm clueless)

 

Thanks in advance

if you have any inquiries from mortgage lenders showing up on your reports, LVNV funding isn't likely to settle for less.

 

read the pinned topic - "your collection score."

 

I would just let it fall off, dispute as obsolete.

 

does the DOFD match the OC's reporting?

 

if the OC is not on your reports, LVNV funding should be gone also

Thank you all for your sage advice. The original creditor is not on my reports at all but LVNV has accurate info. To add. I've called EX 2x this week. Haven't had luck with the CSRs removing the LVNV from that CRA though it's set to drop in May 2014 but the TU set to drop in July was deleted immediately. Any advice or pointers is welcome. Otherwise I'll wait it out

 

 

you're disputing over the PHONE????

 

you need to file written disputes.

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I SO have enjoyed reading/learning from all of you so, of course, I come to CB first!! :-)

 

I just posted a question about this collection the other day, get the mail yesterday and there is a settlement offer from Allied Interstate, who I assume is part of LVNV's evil family! As most people who have dealt with them can attest, they jack up the amount you owe with bogus fees and interest on top of your outstanding balance with no rhyme or reason and my account is no exception. I originally owed about $1800. The new balance is in excess of $2500 and the settlement offer is $700. One credit report said this is scheduled to fall off my report in 6/2014 but because of recent inquires, I'm pretty sure they are trying to re-age the account. I've already had a loan officer look at my credit reports in anticipation of applying for a mortgage later this year and he said that this needs to be paid because it is >$1K.

 

My questions are:

 

1) Would it be wise to counter the $700 with a lesser amount or just pay the $700 and keep it moving?

2) Should I ask them to delete the amount upon payment? If so, should I call or write? (please provide some idea of what to say because I'm clueless)

 

Thanks in advance

if you have any inquiries from mortgage lenders showing up on your reports, LVNV funding isn't likely to settle for less.

 

read the pinned topic - "your collection score."

 

I would just let it fall off, dispute as obsolete.

 

does the DOFD match the OC's reporting?

 

if the OC is not on your reports, LVNV funding should be gone also

Thank you all for your sage advice. The original creditor is not on my reports at all but LVNV has accurate info. To add. I've called EX 2x this week. Haven't had luck with the CSRs removing the LVNV from that CRA though it's set to drop in May 2014 but the TU set to drop in July was deleted immediately. Any advice or pointers is welcome. Otherwise I'll wait it out

 

 

you're disputing over the PHONE????

 

you need to file written disputes.

 

 

I've been reading the boards here and has seen people have a good amount of success disputing with the credit reporting agency (no creditor) by phone or online. This account has been removed from TU after I disputed as obsolete online.

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I SO have enjoyed reading/learning from all of you so, of course, I come to CB first!! :-)

 

I just posted a question about this collection the other day, get the mail yesterday and there is a settlement offer from Allied Interstate, who I assume is part of LVNV's evil family! As most people who have dealt with them can attest, they jack up the amount you owe with bogus fees and interest on top of your outstanding balance with no rhyme or reason and my account is no exception. I originally owed about $1800. The new balance is in excess of $2500 and the settlement offer is $700. One credit report said this is scheduled to fall off my report in 6/2014 but because of recent inquires, I'm pretty sure they are trying to re-age the account. I've already had a loan officer look at my credit reports in anticipation of applying for a mortgage later this year and he said that this needs to be paid because it is >$1K.

 

My questions are:

 

1) Would it be wise to counter the $700 with a lesser amount or just pay the $700 and keep it moving?

2) Should I ask them to delete the amount upon payment? If so, should I call or write? (please provide some idea of what to say because I'm clueless)

 

Thanks in advance

if you have any inquiries from mortgage lenders showing up on your reports, LVNV funding isn't likely to settle for less.

 

read the pinned topic - "your collection score."

 

I would just let it fall off, dispute as obsolete.

 

does the DOFD match the OC's reporting?

 

if the OC is not on your reports, LVNV funding should be gone also

Thank you all for your sage advice. The original creditor is not on my reports at all but LVNV has accurate info. To add. I've called EX 2x this week. Haven't had luck with the CSRs removing the LVNV from that CRA though it's set to drop in May 2014 but the TU set to drop in July was deleted immediately. Any advice or pointers is welcome. Otherwise I'll wait it out

 

 

you're disputing over the PHONE????

 

you need to file written disputes.

 

 

I've been reading the boards here and has seen people have a good amount of success disputing with the credit reporting agency (no creditor) by phone or online. This account has been removed from TU after I disputed as obsolete online.

 

 

After about 10 tries, finally got a CSR at EX to remove the LVNV negative that was set to fall off in May. Thank you CB'ers!!!

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