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Rec'd "verification" of one year's statements


ccposter
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I got a verification letter response today of one years cc statements, with no calculation of how the last reported balance turned into a CA amount over $1000 higher, no signed agreement.

I am thinking of a settlement letter, but need advice.

CA has no record of suing in this county that I could find and letter is not threatening legal action.

Thanks for any help

Edited by ccposter
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Looks like what they provided you was validation of your debt. If they have your statements they can easily calculate how the debt was arrived at. They don't need a signed contract with the statements as use of the card (which the statements prove you did) is the same as a signed contract.

A settlement offer wouldn't be a bad move. Especially if you can work a PFD into it. The additional grand in fees may or may not be legal depending on what state you live in and what was in the fine print of your credit card agreement which again is validated by the fact you used the card.

Tough one man.. but you're still early in the negoitating phase maybe you can get a good deal. If they're a JDB you might get out of this thing for 25-50% of the total.

Good luck!

Edited by Hal Jordan
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If the collector is asking for $1000 more than the amount on the last statement without explaining how they came to that amount, then there may be an FDCPA claim.

However the statutory damages would not knock much of a dent in the balance owed through offset. The collector may even be willing to be dragged into court on FDCPA violaitons if it gives them the chance to counter for the amount of the debt and have you there face to face.

I suppose this really comes down to what your income is like. If you are judgment proof -- meaning you have no income they can legally take -- then it would not be worth their time. But if you have some income they can attach, then you may want to talk to a consumer attorney and have a lawyer negotiate a settlement for you. This is not a small amount you are dealing with so a hundred bucks or so to a lawyer to reduce your cost and get an enforcible, written settlement (preferably with pay-for-delete) would be worth it...and they can't weasel out of their end of the agreement down the road.

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