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hangloose

I need help please, I'm desperate

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The amount of the original debt might be a big factor in how low they're willing to go in settlement negotiations.  The person who got an offer of 25% may have owed less money.  The fact that his debt was still within SOL and they weren't suing him makes me think the amount was too small to go to that much expense and effort to recover.

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13 hours ago, hangloose said:

So now I have an offer of 30%, not quite doable for me yet but I'm working hard to get there. I've seen other threads where an individual got offers for under 25% without ever reaching out to them and being within SOL. I know every case is different but I'm going to wait until December and see if they mail me any new offers. Any advice on where to go from here to further negotiate a lower settlement amount? Thanks!

Offers look at MANY different variables, some of which include current abilities to make a lump sum payment or what potential post-judgment remedies might exist if the matter resulted in a judgment.  The specific jurisdiction can play a very critical role in how offers might play out.  What works in one State may not be a viable expectation in some other State.  Just because one person gets Offer A does not mean you have a reasonable expectation of the same offer...

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@centex absolutely, it just gives me hope that I’ll be able to further negotiate the amount down. Do you have any advice on negotiating strategies? “I have this much, take it or leave it” kind of things?

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17 hours ago, hangloose said:

@centex absolutely, it just gives me hope that I’ll be able to further negotiate the amount down. Do you have any advice on negotiating strategies? “I have this much, take it or leave it” kind of things?

You missed my point...you may not GET a better offer.  The point was that what one gets is not always what the next to the trough gets. 

 

I don't get into the dispensation of specific tactics as that, IMO, crosses the line into playing shadow counsel, an unethical practice upon which I frown.  Further, negotiation tactics require knowing ALL of the financial picture and nobody on this site (aside from you) knows the specifics of the entire situation you have to work with...and I know I DO NOT want to know that information.   

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Is it common for a debt collector (not JDB) to switch to another company? Two of my debts were being handled by Client Services Inc, I never responded to their letters and now I’ve received letters from MRS collections and they are now the collection agency handling it, they haven’t called me yet
 

I’ve read that it’s not advised to DV them while within SOL, am I correct in that assessment?

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On 12/12/2019 at 3:57 AM, legaleagle2012 said:

Very common. You can DV them; they know what the SOL is. 

Will DV'ing them run the risk of getting sued? That's my main concern about it. Even if they can't validate it, won't the account go back to the OC who will just get another CA on their behalf?

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On 12/12/2019 at 2:35 AM, hangloose said:

Is it common for a debt collector (not JDB) to switch to another company? Two of my debts were being handled by Client Services Inc, I never responded to their letters and now I’ve received letters from MRS collections and they are now the collection agency handling it, they haven’t called me yet
 

I’ve read that it’s not advised to DV them while within SOL, am I correct in that assessment?

When an OC still owns the paper, it is not at all uncommon for them to pull it from one office and send it out elsewhere.  Alternately, when the contracted entity gets a dispute, they will close it out and return to the OC.  The OC then farms it out to someone else, often without having given notice of the original dispute. 

 

You cannot live in fear of litigation.  The failure to exercise rights just boggles my mind.  It is precisely the refusal of a consumer to exercise their rights which often contributes to much larger problems. 

 

The precise nature of a dispute will depend on what the debt is associated with and whether the amounts sought is correct. 

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@hangloose I am in the same boat as you but my debt is a private student loan.  What I am planning on doing is to debt validate them to get as

much info as I can about the status of my loan and to ask them what the SOL is--they apparently are required to provide this information.

 

Any negotiation I have with the debt collector will only be in writing on my end; if they offer me any kind of settlement, I would want that in writing.  I heard one lady offer $1K to a debt collector on a $18K loan (Dave Ramsey show).  So they were going to go back and forth and Dave Ramsey said to have fun with it.  I'm not having much fun with my debt but I am doing a lot of reading and learning a lot.  Best of luck.

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You might qualify for free legal help in your situation with Legal Aid?  Please let us know if you are able to argue the SOL of credit as being 3 years by following the argument WhyChat provided.

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Check your original credit card application and see what State the OC is incorporated in.

Whether or not my opinion as to the 3 year SOL is valid or not you can still claim the SOL of the State of the OC's Corporation.

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WASHINGTON  Washington is one of only six states to adopt the Uniform Conflict of Laws – Limitations 
Act (1982).
5 Hein v. Taco Bell, Inc., 60 Wn. App. 325, 332, 803 P.2d 329 (1991) (stating five 
states had adopted the Uniform Code); Christopher R. M. Stanton, Note, Implementing The 
Uniform Conflict of Laws-Limitations Act in Washington, 71 Wash. L. Rev. 871, 879 n.64 
(1996). The Act provides that if a claim is substantively based upon the law of another state, the 
limitations period of that state applies. Ellis v. Barto, 82 Wn. App. 454, 457-58, 918 P.2d 540 
(1996) (citing RCW 4.18.020(1)(a)), review denied, 130 Wn.2d 1026 (1997); Rice v. Dow Chem.
Co., 124 Wn.2d 205, 210-11, 875 P.2d 1213 (1994) (no independent choice of law determination 
of the statutes of limitations is required after Washington State adopted the Act). An exception is 
made, and Washington’s limitations period applies, however, if the court determines that the other 
state’s limitations period is (1) substantially different from Washington’s limitations period and (2) 
a fair opportunity to sue or defend has or will not be afforded.6 Ellis, 82 Wn. App. at 458 n.2

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22 hours ago, legaleagle2012 said:

WASHINGTON  Washington is one of only six states to adopt the Uniform Conflict of Laws – Limitations 
Act (1982).
5 Hein v. Taco Bell, Inc., 60 Wn. App. 325, 332, 803 P.2d 329 (1991) (stating five 
states had adopted the Uniform Code); Christopher R. M. Stanton, Note, Implementing The 
Uniform Conflict of Laws-Limitations Act in Washington, 71 Wash. L. Rev. 871, 879 n.64 
(1996). The Act provides that if a claim is substantively based upon the law of another state, the 
limitations period of that state applies. Ellis v. Barto, 82 Wn. App. 454, 457-58, 918 P.2d 540 
(1996) (citing RCW 4.18.020(1)(a)), review denied, 130 Wn.2d 1026 (1997); Rice v. Dow Chem.
Co., 124 Wn.2d 205, 210-11, 875 P.2d 1213 (1994) (no independent choice of law determination 
of the statutes of limitations is required after Washington State adopted the Act). An exception is 
made, and Washington’s limitations period applies, however, if the court determines that the other 
state’s limitations period is (1) substantially different from Washington’s limitations period and (2) 
a fair opportunity to sue or defend has or will not be afforded.6 Ellis, 82 Wn. App. at 458 n.2

Thank you LegalEagle, unfortunately NFCU "home state" is incorporated in VA, which also has a 6 year SOL. I can't wait 5 more years for the limitation to expire and hope that in all that time I won't get sued. I've been working on my smaller debts in the meantime, but with NFCU I will continue to contact them and offer them low % of the total amount, so far the one time I tried it they declined and countered at 30%, which is fair but still I am unable to pay that. As time progresses I'm hoping they'll just accept a paltry amount.

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I would try and tackle the Chase ones first if you are considering settling. I have been able to get two amazing settlements done with them this year for me and my husband. I settled my $9,500 balance for $1250 and I settled his balance of $6,900 for $690. Both of these were proactive offers sent to me from a third party debt collection agency on behalf of Chase. When I saw those numbers, I jumped on them because one was 10% and the other was about 13%. These were both charged off for about 2 years when we got these offers. I would say try and get the third party debt collectors on the phone, explain how dire your financial situation is, and negotiate on the Chase ones and see what they say. But don't try and negotiate if you can't afford to pay anything, that is just a waste of time.

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22 hours ago, Why Chat said:

Virginia's SOL for written contracts is 5 years;

https://whychat.me/States/state-va.html

 

Did you graduate?? Does your contract have a time limit or other provisions or conditions for repayment. 

Hi Why Chat, 

Can you explain about graduating? And I honestly don’t know about contract time limits or provisions/conditions. I haven’t been harassed or called by any debt collectors lately save for the two letters that informed me of a different CA handling my Chase accounts 

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Your post got confused with another poster's (Ambrcat14problem with a student loan and I mixed the issues up.

 

IMO you should go ahead and dispute the accounts following the guides. Given that you have been offered a sizable discount it is more than likely that with all the transfers of the account from one CA to another the current reporting CA would not have the original account data from the OC (Chase?) to be able to actually file for a judgment against you. Plus, depending on where this latest CA is located they would still have to file against you in your current State of residency. You can look up the name of the current CA and see if they are even licensed in your State.

 https://whychat.me/GUIDEBOOK.html

https://whychat.me/SOL PROGRAM GUIDE.html

COLLECTION AGENCY BOND & LICENSE

Bond: $6000 general, $4000 specialty

License: Yes

Fee: $100 - Investigation $100 - Original $100 - Renewable $50 - Branch Office

Exemption for out-of-state collectors: Contact state authorities. Out-of-state agencies MAY qualify for lesser licensing fees. Out-of-state collectors are no longer required to have resident office and in-state trust accounts if they don't have in-state client. Bond is not required if held in home state.

Edited by Why Chat

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Ambrcat14:  we are glad you are here with us at CreditBoards.   If you have any questions you need help with, please feel free to start your own post.  That way we keep the information clear and concise and dedicated to answering just your post to our best abilities.

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On 10/17/2019 at 1:40 PM, mrjuggalo9er said:

You can buy a home va no money down 2 years from discharge.... apartments look for prior unpaid rent.... file the 7....

wise words

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29 minutes ago, hegemony said:

wise words

I don’t have prior unpaid rent, all my debt is credit card related. My rental history is perfect

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