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My husband has recently received a letter from Financial Recovery Services Inc. Which states that a debt from Chase Bank back in 2009 has not been paid. The current creditor is LVNV Funding which now shows on his credit report. He does not remember this debt or has never been notified since 2009 in any way that he has had this debt. I have done some research and found that we have the right to ask for debt validation, however, should I do anything? I ask this as the first bold paragraph on the letter states the following:
"WE ARE REQUIRED BY LAW TO GIVE YOU THE FOLLOWING INFORMATION ABOUT THIS DEBT. The legal time limit (statute of limitations) for suing you to collect this debt has expired. However, if somebody sues you anyway to try to make you pay this debt, court rules REQUIRE YOU to tell the court that the statute of limitations has expired to prevent the creditor from obtaining a judgment. EVEN though the statute of limitations has expired, you may CHOOSE to make payments. However, BE AWARE: if you make a payment, the creditor's right to sue you to make you pay the entire debt may START AGAIN."
It states at the bottom to respond within 30 days to either approve or deny the debt. And after that from what I understand then they can chase after my husband to pay this entire debt.
My question is, if I'm understanding this correctly, if we do not respond, does this mean they cannot sue us or chase us down for this unexplained debt? If so, would it just disappear from his credit report in 7 years? Or do we start this process to defend that we do not owe this debt? Which could unveil a debt that he may have forgotten about? Any advice on how to proceed will be greatly appreciated.
Just received this today (my SO, not mine). Input appreciated before we move forward. Will try to answer any and all questions regarding his credit background as much as possible...
Creditor: LVNV Funding LLC
Original Creditor: Washington Mutual Bank,
NA/Washington Mutual Bank
Original Account #: XXXXXXXXXXXXXX
Total Due: $X,XXX.XX
This is to advice you that your account has been assigned to our office for collection by the above mentioned client. Unless you notify this office within 30 days after receiving this notice that you dispute the validity of this debt or any portion thereof, this office will assume this debt is valid. If you notify this office in writing within 30 days after receiving this notice that you dispute the validity of this debt or any portion of it, this office will will obtain verification of the debt or a copy of a judgement and mail you a copy of such judgement or verification. If you request of this office in writing within 30 days after receiving this notice this office will provide you with the name and address of the original creditor, if different from the current creditor.
In order to aid your financial situation, as may be necessary, we could set up your account on a monthly payment plan
We would like to extend the following settlement offer:
A 70% discount payable in 6 payments of $XXX.XX, Each payment within 30 days of the previous payment.
We are not obligated to renew this offer.
For your convenience you may pay via a check over the phone or credit card.
You have our word that your account executive will treat you fairly and with respect.
First National Collection Bureau, Inc.
Thanks so much in advance!
I have been trying to clear up DH report. I received a letter from LVNV attempting to collect.
These are our facts:
Date opened: 3/6/2008
Account was opened, used, closed and past SOL in FL (SOL is 4 years)
We moved to IN after it went past the SOL in FL but it is also past the SOL in IN (6 years)
The OC account is scheduled to fall off 03/2015
LVNV funding started reporting on 11/17/2008 (TU) and 11/01/2008 (EX, EQ)
Should I just ignore their letter and let them fall off in a year, or could I send them a letter back for trying to collect on an account that is past the SOL.
Should I dispute with CRA first with this http://whychat.5u.com/initdispltrsol.html
and the with CA with this?
Thank you in advance
Not sure if I'm posting in the right section. I worked for a credit repair company for the past 2 years. They did credit repair for $800.00 - $1500.00 per client. I have beening teaching people for the last 4 months how to get all accounts removed from their credit report for $200.00 from all three bureaus. If anyone is interested please contact me.