PirateOfJacomo

Settlement offer with Cavalry, Advice needed?

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Hello all. I'd like some input regarding a potential offer to Cav Port. Here are the details on the repoed car:

Date of delinquency 9/2002

Date Cav port pbegan their collections: 9/2004

Original amount placed: $9,396

Amount now owed: Depends on the CR, but between 12K - 14K

So, this was my ex wife's car. She got it in the divorce, and made sporadic payments until American Investment Bank finally repoed it.

Assuming my attorney finds nothing wrong with the reposession process, collection account, etc. I'm guessing maybe they will settle for something like:

$4,500.00 PLUS all of the assistance they need going after my ex for the balance. (Long story, but she deserves it.)

Has anyone ever dealt with Cav Port? Are they willing to do settlements like this?

I appreciate any assistance you can offer.

Thanks,

Tim

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Cavalry offered me a settlement a couple of years ago for 50% of the balance. I decided against paying it since I incurred the debt in 2000 and knew it was close to falling off (2007). Your situation may be a little different.

One important thing to note is I incurred the debt in NY and moved to NC shortly thereafter. The SOL in NY is 6 years, in NC it's 3, so there was little they could do. They still update my credit report monthly and have added comments like 'payments assured through wage garnishment'. However, there is no wage garnishment for consumer items in NC (not so in NY) and I've never had my wages garnished. I think that was just a scare tactic.

But hey, if it makes them feel any better, they can write whatever they want. I sent them a C&D and haven't heard from them in years. The bottom line is next year it will be gone. But keep that in mind if you live in an area where they can garnish your wages once they obtain a judgement.

________

HERBAL DIGITAL VAPORIZER DUEL HEATER HEAD

Edited by kevin3344
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Yeah, I know they can still get a judgement between now and Sep 2007. But I'd either settle out of court, or I'd fight them. I know they can't provide a contract that i signed, because it does not exist so i don't really worry too much about the lawsuit thing. I just need it cleared so I can get a mortgage. Don't ya HATE seing Cav Port on your report?

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Cavalry will be one of the last ones to come off my report. They are very difficult to remove. I actually bought my home last year with them on my report. I had to write an explanation (for them and another CA) but I was able to get a mortgage since the charge offs were over 2 years old. But yes, I will be glad when they are finally gone.

________

Hyde Park Residence Condo Pattaya

Edited by kevin3344
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kevin3344 You might want to think about putting together a little law suit for good old Calvry...putting incorrect (and punishing) comments like that on your CRs is against the FCRA...

There are folks on the board here that claim to have sent an ITS letter along with the completed (but not yet filed) court forms to CAs...

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