DV approach questions

[BDebtClrQs]

Hello,

I am making first post. Found site this week after browsing various other forums discussing debt issues related to collections. I like this sites informational detail and sample letters. Of course, more info brings more questions, but those will come later.

Now, my situation in brief:

I had two Sears cards ($4k+5k) charge off almost two years ago. They were being handled by Citigroup for 6-12 months up to that point. Medical issues... caused us to fall behind... thus the chargeoff.

The debts were apparently bought by LVNV Funding / Resurgent Capital.

Since(over the past two years), I have been receiving letters from various collection agencies, but I have had to ignore these (prioritize) in lieu of other bills/expenses.

The two debts, one my name one my wife's, are at different agencies.

Six months ago, I started a 3mo. arrangement on my wife's account. Made 3 small $200 payments. This arrangement may have been a bad idea given what I have learned through my recent info quests on forums like this.

I would like to address these debts.

I have received a letter (2/26/07) from a new agency (Academy Collection Service) on my account. I have been considering the DV process.

My questions:

Do I DV Academy or LVNV/Resurgent or both?

Is it too late to DV (their letter does include my 30 day right)?

I did speak with a couple of their agents last week (realize now that I should not have.)

What about DVing LVNV since I have recieved letters from various agencies on their behalf?

Ultimately, I would like to just work with LVNV on both accounts and try to get a settlement... Is this realistic:

• given that I started payment on the other account?
  
• will LVNV deal with me directly?
  

Thanks!

[divemedic]

My questions:

Do I DV Academy or LVNV/Resurgent or both? DV both, but remember that the one to LVNV may not be timely, especially considering that you paid on it(I am assuming that have been paying LVNV...)

Is it too late to DV (their letter does include my 30 day right)? not to DV Academy

Also, I would not pay the JDB a dime. It won't help your credit, and will do little else, except empty your wallet.

[BDebtClrQs]

Thanks for response!

I may need to clarify.

Both debts are 'owned' by LVNV(aka Resurgent).

The one I started/made payments on was with agency named Pioneer Credit Recovery, who is collecting for Resurgent/LVNV.

JDB means JunkDebtBuyer, right?

In my case wouldn't that be LVNV/Resurgent?

My thinking was to DV Academy, to get details and paper trail.

Also, to send memo(?) to LVNV to get info on any/all accounts and then try to settle/make arrangements directly with them (as the current creditor) considering they bought the original debt (probably for pennies on dollar as indicated in CreditInfoCenter).

Thanks again!

[divemedic]

I wouldn't try to settle. Everyone makes that error- you assume that if you settle, they will leave you alone- that is often not the case.

[BDebtClrQs]

divemedic,

Your previous two replies gave the following suggestions...

Don't pay a dime...

Don't try to settle...

Are these implying the same, that I should ride this out (to SOL)?

Or were you referring to them separately/differently... ultimately that I should just try to pay the dept (though LVNV probably only paid 5-10%)?

Thanks!