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Sifxpert, what do you think about these debts?


bullio67
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Hi there,

I have been reading your posts, and am extremely impressed with your expertise in debt settlement strategies. Thank you for helping everybody out. I have the following debt scenarios that need your expertise:

Debt 1: The original creditor is MBNA, and the original credit limit amount is $2000. The account has been deliquent for about 18 months and the latest written communication was a settlement offer from "THE LAW OFFICES OF GERALD E. MOORE & ASSOCIATES, PC" whose office is in Marietta, Georgia. It said that the name of the creditor is "Worldwide Asset Purchasing, LLC, successor in interest to MBNA AMERICA BANK, N.A.", and the amount now is $4000 plus. This settlement offer (July 26, 2005) just said to call the office for "substantial savings off the present balance" without going into the specific.

Debt 2: The original creditor is Hurley State Bank/Tandy/Radio Shack and possibly CitiBank too. The original credit limit amount is $2000. The account has been delinquent for about 20 months and the latest written communication was a settlement offer (March 7, 2005) for settling the account for $1629 instead of $2507 (the new balance) from LTD Financial Services based in Houston, Texas. LTD Financial Services asks the check to be made out to CitiBank, and the entry in the credit report was also reported by CitiBank.

Debt 3: The original creditor is Discover Card. The original credit limit of the account was $1000, and the account has been deliquent for about 20 months. The latest written communication was a Collection Notice (08/30/2005) from OSI Collection Services, Inc. based in Jacksonville, Florida for $1585. Before OSI, it was FMA Alliance, Ltd whose office was based in Houston, Texas. There is not yet any settlement offer for this debt.

I plan to DV all of these guys first, then if they can verify the debts, I will then go into settlement with them. I would like to know your thoughts on each one of the account and the specific strategies you recommend.

Thank you for your help.

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Sorry for the delay...

1. World Wide Asses never produce any type of sufficient validation...the same goes for G.E. Moore. I would validate, wait 30 days, send another request, give 15 days and state that by not honoring your request you will intend to sue and when you receive nothing send a request for a full delete.

Copy Worldwide on each letter you send. In my experience, I've had a few $0.00 settlements with delete. The majority get bounced around to different CA's until I end up settling for a very low amount 25% usually. The disputes with the CRA's usually get the account deleted. Since I don't have time to follow each account and monitor reports I go for the low settlement and be done with it.

2. Never send any type of DV or CD to any Citi affiliated account. BY doing so you will not get a list of statements or anything of the such..you get a summons. Settle for 50%. Its not worth it. Any Citi CA account will accept 50%. Trust me. Actually LTD may be a bit tough I would try...if they do not agree then wait until next placement.

3. Discover accounts with collection agencies normally will not go less than 50-60% depending. Since its been placed a few times you can probably get 50%. However, if the account is having interest accruing I would think it is a sold account. Discover post-charge off do not accrue interest & penalties. I would find out the status of the account because if it is not sold you should do something about it before it gets to an attorney. Discover sues. Validation will most likely noy get you anywhere with them unless it is sold. Today I had a 7k sold discover dismissed and deleted.

Sold mBNA accounts are no problem. Discover and Citi do things right until they sell the account. They both hold the accounts for a very long time so by the time it gets purchased its usually right before SOL and the JDB re-age the account making it an easy kill like today for me.

The accounts are certainly aged long enough so you shouldn't have a problem getting decent settlements. I would go all out on the G.Moore account with disputes but as for Discover and Citi...make life easy and settle. Its not worth getting hit with a summons. Its a nightmare.

Hope this helps. Feel free to contact me for anything further.

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Question, mainly about Citi. I have NCO as a CA for Citi. I saw it on my CR, they have yet to contact me. The balance now is over 5k. There's no way I had a cc with a limit over 3k, so it's obviously been accumulating interest. If NCO was to send me a letter, I planned on DVing them, specifically to see where they amount came from. You advise not to DV them and to offer a settlement instead?

I also have A$$et as a CA for Discover. Same situation, although the current balance is a little lower. Approx 3300. No contact at the present time. If they do contact, I should not DV?

Both of these accounts are were charged off in/around 2001. Citi is not reporting on my CR so I can't really tell. The SOL here is 6 years, so they're within that also.

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Sorry If I was not clear. Citi is the only creditor who at no time should you ever send any type of DV or CD. Ever. If anyone disagrees I would like to hear your thoughts but as long as Citi still owns the account as far as I'm concerned you have no arguement. I feel that strongly about it.

Any other creditor should not be a problem with the exception of MBNA. When MBNA owns the account never send a CD or DV until the account is sold otherwise hello Wolpoff and their employee NAF.

Asset send a dv. They will look to sue you and they most likely purchased the Discover account. I would go after them with DV's and when nothing is produced sue the them....no mercy on Asset!

I would look to see if NCO purchased the Citi account or if they were assigned the account by a JDB. If citi is no longer on your credit chances are it was purchased.

I have a great contact at NCO who handles purchased Citi accounts. I never settle a purchased account for higher than 30-35% ever or else send me a summons soon and you'll get nothing.

Jut to brag a little here...I had a 7k Discover purchased account dismissed on Moday. Performance Capital. I offered 25% a few months back they would not budge from 80% and I begged to serve my client. Bad move.

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I would look to see if NCO purchased the Citi account or if they were assigned the account by a JDB. If citi is no longer on your credit chances are it was purchased.

How would I find this out for sure? I also just had a lawyer's office contact me on a debt from Asset which was from Discover. How do I know who really owns it, and do I treat them any differently when I do find out?

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