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How much should I offer for a settlement?


Hallie
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I have a debt that was just sold to a CA (United Recovery Systems) by Citi. I am preparing to send them a letter offering settlement for deletion. My debt is $4398. How much would you guys offer to settle for?

Thanks!

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If the debt was indeed sold (your CR says "sold to another lender" and a balance of $0), then URS is a junk debt buyer. My personal response is I never pay a JDB unless forced to by a court system. I'd use the DV process and make them prove they have the right to collect.

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I guess my concern is that since the debt is so new they would not have any trouble obtaining proof. I am worried that if I go to court there will be legal fees tacked onto the debt and I will no longer have the option of settling for a lesser amount. Is this true?

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This is my concern too, do we make a

collection agency go to all the trouble

to go through the arb or lawsuit, get

a judgment and then settle which

would be a larger amount obviously?

In reading the backlog of forums I have

found court costs ranging from a few

hundred dollars to $5,500.00!

That is alarming they can up the amount

by that much.

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Again...if its a JDB you're dealing with, their case is NOT a slam dunk. They not only need to prove "chain of custody" but there's a host of other weapons you've got to beat them off with.

On the other hand, if the OC still owns the debt...call them...don't trust the CA to even tell you the right time of day.

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I have a $4500 bill with Citi. I was told that it had been sold to URS so I sent them a PFD settlement letter. I offered $2000. They wrote back countering my offer with $3300. They said that "their client" (I guess Citi didn't actually sell the account after all) has a blanket 80% settlement rate. Here are my questions:

1) I DO NOT want to be sued by Citi. Do I need to take the $3300 offer and run? ;)

2) I remember seeing a number on here somewhere for a department at Citi that could authorize a 50% settlement and now I can't find it. Does anyone have that number?

Thanks!

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OK, now I'm stumped. URS is telling me the Citi owns the account and Citi is telling me the URS owns the account. I spoke to a very nice woman at Citi who told me that my account had been sold. Who do I believe?

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If the lady at Citi actually used the words "we sold it to..." beleive her. On the other hand, if she said "we assigned it to", or "you'll need to talk with", then Citi still owns it.

In either case...use the DV process on URS. They could actually be collecting for somebody else entirely. JDB's hire CAs also.

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Another update, forgive me. ;)

I spoke to a URS manager (I know, not a great idea but I'm really trying to get this settled asap) and they said that their company never buys accounts they only represent clients so I guess Citi was lying?

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Thanks willingtocope.

I sent a DV letter to URS earlier this week. Honestly, I was trying to do a little damage control since I was told that anyone who send a DV letter to Citi or one of their CAs gets sued and I'd really like to avoid that. Mistake?

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I would believe the OC. Most things that leave the mouth of a CA are lies. If the OC is telling you they "sold" it to the CA and the amount on your CR says you owe Citi $0 w/a comment of sold/transferred, then more than likely the CA is lying. What a shock! I would try to get the OC to send you a statement saying they no longer own the account, and if they do, you have the CA on several FDCPA violations right there. The first one being a violation for deception.

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...they said that their company never buys accounts they only represent clients so I guess Citi was lying?
Its unlikely that Citi was lying. It is possible that Citi sold it somebody else, and URS is collecting for that somebody.

For the record, the statement "...never DV a Citi CA or you'll get sued..." was made by a "debt fixer" who was effectively acting as a CA for Citi. He wanted to make people think they needed to turn to him.

DV them. You need to find out, in writing, who owns this debt.

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For the record, the statement "...never DV a Citi CA or you'll get sued..." was made by a "debt fixer" who was effectively acting as a CA for Citi. He wanted to make people think they needed to turn to him.

Not cool. Are we allowed to know the identity (screenname) of this person?

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I called Citi and asked them to send me something in writing and they said they didn't have anything to send me but (according to the latest woman I spoke to) Citi does still own the account.

I guess I'll just wait for them to respond to the DV.

Thanks again.

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Not cool. Are we allowed to know the identity (screenname) of this person?
Certainly. He called himself sifxpert which he claims meant "settle in full expert". The problem is, he did indeed help a few people. On the other hand, he also got as much as 15-20% commission for his services. And, just to further confuse things, other people have picked up on his line as though it was gospel.

I've tried to find any evidence one way or the other...see http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=261362

...so far, no one has come forward with proof that Citi sues if you DV.

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I need some help...I have been given a court day for over a month from now for Captial One...we joined a debt settlement company almost a year ago and have between $800-900 with them at this point.

I received a letter from Capital One Services now asking to contact them to may payment arrangements...

My question is do I contact them in writing or call to try and make a settlement offer so I don't actually have to go to court? As a family, we can't afford to have my wages garnished...the debt is for $4700 now as it had been around $3500 when we joined the debt settlement company about 11 months ago.

I know if I knew we could do our own debt settlements then we wouldn't have joined the company in the first place.

Please help me on what we should do...thanks.

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