coolchicka

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About coolchicka

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  1. Hello, I've been reading these forums for about a year now for advice on how to deal with CA's and negotiating settlements. Now I have an issue with the settled accounts and how they show up on my CR. I have arranged settlements with 3 accounts and paid them as agreed with 3 different CA's. I checked my CR recently and the difference between the original balance and settled amount is still showing up for all 3 accounts. For example: I had a $850 balance on a credit card but I negotiated a 'settlement in full' payment for $500. Now a $350 balance still shows as being owed for this account. This is the case for 3 different accounts. I have copies of the 'Settled In Full' letters for all three. Should I write back to the CA's and request they update my CR? Or, should I dispute these accounts to the CRA's? Any help is appreciated! Thanks!
  2. It's been a while, but I'm back with an update on this issue (and more questions). I went ahead and sent settlement offers to both CA's I mentioned above. One CA calls me about 4 times a day..leaving me messages to call back. They have yet to send me anything written in the mail of countering my settlement offer or anything..just annoying phone calls. The other CA finally responded (a whole month later) offering me a settlement for 50% of the balance (I'm guessing this is a counter-offer to my offer of 25% of the balance) and I have exactly 7 days to pay. The letter they sent mentions nothing of the account being 'settled in full upon payment'. It just says how much I need to pay and when I need to pay it by. Their offer is more than what I wanted to pay ($350--I offered $200), but I feel this might be my last chance to get rid of this debt before it (possibly) gets sent to an attorney's office. My question: Should I call them up and request they send me a letter clearly stating "this account will be considered settled in full when payment is received"? I would write them back asking this, but the letter won't make it in timeframe they are asking for payment and I'm afraid they might just scrap the settlement offer altogether. I'm trying to get these folks off my back! Any help is appreciated!
  3. When they validated they sent me some documents with the original creditor name, and all the information related to the account. I thought that served as a valid, so that is why I typed up an offer of settlement. I waited for a counter-offer. Instead a few weeks later, I get a letter from an attorney.
  4. Thanks for referring me to the poster. I acutally sent him a PM..just waiting to hear back from him. But I still wanted to at least contact someone at the law firm to see what they would say.
  5. I went ahead and gave the law firm a call. Strange though..even though they claim to be a law firm, they sound a lot like a CA. I told them how I had offered a settlement amount to the CA but didn't get a response...instead got a letter from their law firm. I them asked if I could settle with them. He said he would submit my offer back to them, but he was more than positve they would counter my offer since they generally like to see you settle for at least 85-90% of your balance. This sounded really weird to me because there's not much difference between that and the whole amount of the bill! He then said he would let me know within 72 hours whether it was accepted or not. Has anyone ever heard of this...a law firm submitting a settlement request to a CA? Maybe they can since they a collecting on behalf of the CA? I'm not sure what this guy is going to come back and say 3 days from now, but I hope its not that I'm getting sued!
  6. I thought offereing a settlement was the next step in dealing with a CA..after they vaidate (which they did). Now offering a settlement was mistake? I guess I'm confused...when is a 'good' time to settle? At this time, I'm tempted to call these people up on the phone and set up some payments. I know these are two big no-no's (calling and payments), but I have been doing what I read on how to handle the CA's... avoiding all calls, sending letters...and that has gotten me nowhere! I don't know what else to do. I'd much rather take care of it that way than appearing in court!
  7. Well, I never heard back regarding the other settlement letter for the other CC, either. Instead, about a week later, I got a letter from an CA about one CC account and a letter from a different CA about the other CC account. So, they basically took my settlement offers and threw them in the trash--no rejection or counter-offer. I plan to send the CA's the same settlement letters that I sent to the OC...but first, I'd like to know this...am I really wasting my time? Is something wrong with my settlement letter? (see my originaly post above).. Are my settlement offers not good enough..too low maybe? I tried to stay within the 25%-30% range-- First CC balance is $856..I offered $225 to settle..Second CC balance is $750..offered $200 to settle. Anything else I should be doing? I'm about at wits end with these people! Please help!
  8. Hello all.. I've been gone for a while (christmas and new year's holidays), but I wanted to pick up where I left on this. To bring everyone up to speed... I went ahead and sent the shortened DV letter, to which they responded. I then sent a settlement letter for 25% of the balance (balance is 1060..offered a settlement letter for $265). I sat and waited for them to reject my offer and give me a counter offer. They instead sent my account to an attorney! Now this letter basically says the same thing as the first letter I received (you are not being sued yet, but unless you respond you will be). I don't want to be sued. But, it seems as if they are doing just what they said they would do...if I didn't pony up the funds, they would sue me..well now the account is with an actual law firm and I fear that will be coming next. Anyone have any advice on this?
  9. I did a google check on Comenity Bank. I found several sites that specify that Comenity is formerly World Financial Network National Bank (WFNNB). Back when I was able to make my CC payments in a timely manner, WFNNB was the bank that processed the payments. So I'm pretty sure Comenity is the OC now.
  10. I have two CC's that are owned by the same bank, Comenity Bank. I did a little research and apparently World Financial Network Bank is now Comenity Bank, so I'm dealing with the OC on this. I received a settlement letter for both credit cards separately late November of last year. I got wrapped up in the holiday madness and didn't get around to responding until the beginning of this month (they gave me 45 days to respond). I sent them a separate letter for both accounts countering their settlement offers for lower amounts. My letter was along the lines of this: Representative: I received your letter regaring account ###-####. I am happy you are willing to negotiate a settlement wtih me on this account, however the amount you mentioned I can't afford at this time. I am just getting back on my feet after a long period of financial distress, and I am borrowing funds from a family member to get back on track. Instead I can pay you $xxx.xx instead to settle the account in full. Also, I would request that any negative items be removed from my credit report upon payment. Currently, I am in negotiations with several other creditors for similar types of settlements and have only limited amount of money available. I have decided to settle only with those that meet mutually agreed upon terms and conditions with me. Please be advised, that I will not make a payment, unless upon written confirmation of this settlement, sent to the address above. I sincerely would like to settle this debt and have it paid off. Once I receive a settlement letter from you, I will make the first payment within 15 business days. If you find these terms and conditions acceptable, please forward to me, a final agreement. Upon receipt of this agreement, I will forward you the stated amount through cashier’s check or money order. Thanks, They responded with a very vague letter stating something like this: We received your letter and are here for you in your time of need. We value you as a customer and would like to continue receiving your business. Your account has been noted accordingly. If you need to contact us, please use the address indicated below. Thanks. That was all they said. They didn't say whether they accepted or rejected my counteroffer, and they didn't say whether they were even still handling the account! I want to respond back to them, but at this point I don't know what to say. Does anyone have any thoughts on this? Thanks!
  11. I had a feeling I maybe was being a little too wordy, but if you say this will work then I'll give a shot. I guess the main points to get across are 1-'I dspute' and 2-'please validate'. I'll make sure and update this post when I hear back from them.
  12. Thanks again for all the replies! I finally got my DV letter together, which I will send out today. But first I would like to know if it sounds OK..If I am saying too much or not enough. I've also seen other posts where a person's DV letter wasn't a good one--don't want to make that mistake! Here's a snippet: CA Name CA Address CA City, State, Zip Re: Account Number XXXXXXX Dear CA Representative, I am writing in response to a notice received from you on November 2012 for the above mentioned account. In accordance to the FDCPA (Fair Debt Collection Practices Act), I request a validation of this debt from your company, which should say the following: The name, address, and phone number of the original creditor as well as statements for at least the last 12 months prior, for this particular account. A copy of the original signed agreement for my records. Proof that your company is authorized to collect on this debt on behalf of this creditor. If your office fails to respond to this request in 30 days, this will be construed as a waiver of your claims against me. Please note that this is a request for your company to provide me with evidence and documentation that there is a legal obligation on my behalf. Also be advised that this is not an acknowledgment of this debt. Sincerely, XXX Thanks again for the comments! I appreciate the help!
  13. The other CA letter I was referring to was dated Nov. 16. They gave me 45 days to send a payment for their settlement offer or make payment arrangements. I figured I had until Dec. 30 to give a reponse...in my case which will be a DV letter.
  14. Thanks again for the responses! I will send the DV letter out tomorrow. If that comes back validated, then I'll counter-offer the 40% as suggested. You mentioned that they would probably refuse the counter-offer...any reason why? Is 40% of a $1000 balance really that unreasonable in the world of debt settling? Just was wondering because I have another CA hounding me..they offered me a 50% settlement on a $850 balance..again wanted a payment in 45 days (got this letter in Nov.). I plan on taking this advice and sending a DV followed by counteroffers to them, too.