getting_ahead2

Why is settling considered bad??

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Hello everyone

Before I learned about this site and all. I got a settlment offer in the mail for 50% of the bal owed. It was in SOL and I really wanted to start taking care of some bad debts.

The payment plan was scheduled for x amount of dollars for 6 months.

When I learned about this site I believe I had 2 payments left to go. So I kept paying and at the same time I wanted to kicked myself for pressing for the PFD.

I got a alert on one of my CR's and it stated DQ account info.

I was like "WHAT NOW" it so happens that is was the JDB reporting as "legally paid in full -less than amount owed" and the account is now closed.

OK the question-

why does it has to be negative? To me, I am a person who is trying to do what I can do pay this thing. PLUS if they only paid pennies on a dollar they really made a nice profit from me.. "you are welcomed JCS."

I just think lenders shouldn't be so hard on those who are trying. I know I am singing to the choir. BUT - really --the banks got 'bailed out' right? I doubt if the banks will ever try to pay back all what was given to them... "I'm just saying...."

I guess I had to take my chances when or if I go apply for something in the future.

OK vent over... :)

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Hello everyone

Before I learned about this site and all. I got a settlment offer in the mail for 50% of the bal owed. It was in SOL and I really wanted to start taking care of some bad debts.

The payment plan was scheduled for x amount of dollars for 6 months.

When I learned about this site I believe I had 2 payments left to go. So I kept paying and at the same time I wanted to kicked myself for pressing for the PFD.

I got a alert on one of my CR's and it stated DQ account info.

I was like "WHAT NOW" it so happens that is was the JDB reporting as "legally paid in full -less than amount owed" and the account is now closed.

OK the question-

why does it has to be negative? To me, I am a person who is trying to do what I can do pay this thing. PLUS if they only paid pennies on a dollar they really made a nice profit from me.. "you are welcomed JCS."

I just think lenders shouldn't be so hard on those who are trying. I know I am singing to the choir. BUT - really --the banks got 'bailed out' right? I doubt if the banks will ever try to pay back all what was given to them... "I'm just saying...."

I guess I had to take my chances when or if I go apply for something in the future.

OK vent over... :)

I commend you for doing what you thought was the right thing to do. However, if the settlement offer comes from a JDB, don't cave in before you challenge their right to collect by proving ownership, legal standing, etc. Also insist on proof they have been properly assigned the account in question by showing you an assignment, or purchase agreement (bill of sale) properly executed and manifested by a written agreement, as well as valuable consideration paid for the account in question. Also demand disclosure of the names, addresses and telephone numbers of all parties who have first hand knowledge of the account in question, and a description of how they gained that knowledge and the extent of their personal involvement. make it very clear to these guys that ,while you are not refusing to pay your legal obligations, you require proof of their legitimacy prior to entertaining any settlement agreement.

They may or may not (usually not) furnish the requested information. If not, send another letter to them cmmr making the same request, however this time, advise them that they are to either furnish you the requested information or they are directed to CEASE AND DESIST from further communication with you. You have given them an option, you haven't made a blanket directive to CEASE AND DESIST. Now, if you get sued, you can demonstrate to the court that you have made an attempt to resolve the matter outside of court, and the opposition has not made an effort to co-operate.

I realize this suggestion is a bit late for your present situation, but keep this handy for future reference. And by all means study this forum thoroughly, as it is chocked full of good advice on how to deal with CA's and JDB's.

I can only speak from personal experience, but as an example: I received an offer from LVNV to settle an account for 60%. I hit them with all the right questions. It's been about 5 years now...not another word. Why ? No doubt, because they didn't want to be exposed in court !!!

Edited by Noway

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nice story, but OP has already paid. Have any advice for that?

To the OP - know that what the poster above said you should send them, they don't need to provide anything more than what the FDCPA tells them to for validation. Which is about one tenth of what he wants you to "demand". Just be aware you can "ask" or "demand" anything in your letters...but you should always know what they are legally supposed to give you.

I understand how you feel - believe me! :-) How recent did you pay them? And did you get anything in writing regarding the payment arrangement with them? Tell me you did NOT give them your personal checking account information...

Depending on the answers to the above questions, a goodwill letter could work for you, especially if you've paid. It really hinges on the answers to the first two questions I asked...how recent the payments were and what (if anything) you got in writing.

Let us know, and we'd be more than happy to help you with this situation further however we can.

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nice story, but OP has already paid. Have any advice for that?

To the OP - know that what the poster above said you should send them, they don't need to provide anything more than what the FDCPA tells them to for validation. Which is about one tenth of what he wants you to "demand". Just be aware you can "ask" or "demand" anything in your letters...but you should always know what they are legally supposed to give you.

I understand how you feel - believe me! :-) How recent did you pay them? And did you get anything in writing regarding the payment arrangement with them? Tell me you did NOT give them your personal checking account information...

Depending on the answers to the above questions, a goodwill letter could work for you, especially if you've paid. It really hinges on the answers to the first two questions I asked...how recent the payments were and what (if anything) you got in writing.

Let us know, and we'd be more than happy to help you with this situation further however we can.

As a matter of fact I do have some 'advice for that"...he should check his state law and see if it parallels Tenn Law which states: "an assignee must show PROOF OF AN ASSIGNMENT, properly executed and manifested by a WRITTEN AGREEMENT, and showing valuable consideration paid, if any"

TENN CODE ANNOTATED CHAPTER 674 PUBLIC ACTS 2004 SECTION 62-20-127 signed into law by GOVERNOR PHIL BREDESEN.

A JDB must VALIDATE AND SHOW PROOF OF A WRITTEN ASSIGNMENT.

Now if you had taken the time to read my reply to the OP, you would have noticed that I stated that "the info was a bit late , but keep this for future reference." I don't know about other states, but in Tenn, a simple "yep, we own the debt and here's how much you owe " will not suffice in court.

A JDB must prove all points.

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50% including interest and all the late fees sounds like a bad deal. What bank is it with? You should be asking for at least 70%

Huh ? Uh, actually they didn't offer to pay him 50%, instead they offered to allow him to pay 50 % of the balance. But what the hell, go ahead and ask them to send you 70%...never know what might happen !

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As a matter of fact I do have some 'advice for that"...he should check his state law and see if it parallels Tenn Law which states: "an assignee must show PROOF OF AN ASSIGNMENT, properly executed and manifested by a WRITTEN AGREEMENT, and showing valuable consideration paid, if any"

TENN CODE ANNOTATED CHAPTER 674 PUBLIC ACTS 2004 SECTION 62-20-127 signed into law by GOVERNOR PHIL BREDESEN.

A JDB must VALIDATE AND SHOW PROOF OF A WRITTEN ASSIGNMENT.

Now if you had taken the time to read my reply to the OP, you would have noticed that I stated that "the info was a bit late , but keep this for future reference." I don't know about other states, but in Tenn, a simple "yep, we own the debt and here's how much you owe " will not suffice in court.

A JDB must prove all points.

Great advice Noway, getting ahead2 could probably mess with the junk debt buyer by sending a letter stating, "I paid you per our agreement, please forward authenticated proof of ownership of the debt I paid, otherwise I will seek my remedy under state and federal law pursuant to my state consumer protection act and the federal fair debt collection practices act among other laws at my disposal." Could make them think twice. Granted you should demand authenticated proof of ownership prior to paying a junk debt buyer. Personally I would never pay a junk debt buyer a penny, because there is no set of circumstances where I would ever owe a junk debt buyer any amount of money.

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Great advice Noway, getting ahead2 could probably mess with the junk debt buyer by sending a letter stating, "I paid you per our agreement, please forward authenticated proof of ownership of the debt I paid, otherwise I will seek my remedy under state and federal law pursuant to my state consumer protection act and the federal fair debt collection practices act among other laws at my disposal." Could make them think twice. Granted you should demand authenticated proof of ownership prior to paying a junk debt buyer. Personally I would never pay a junk debt buyer a penny, because there is no set of circumstances where I would ever owe a junk debt buyer any amount of money.

Considering the OP already settled, what remedies would he seek, and what would the JDB think twice about?

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This is getting ridiculous. The same posts, the same misinformation, the same statutes, the same cheerleading...

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Hello everyone

Before I learned about this site and all. I got a settlment offer in the mail for 50% of the bal owed. It was in SOL and I really wanted to start taking care of some bad debts.

The payment plan was scheduled for x amount of dollars for 6 months.

When I learned about this site I believe I had 2 payments left to go. So I kept paying and at the same time I wanted to kicked myself for pressing for the PFD.

I got a alert on one of my CR's and it stated DQ account info.

I was like "WHAT NOW" it so happens that is was the JDB reporting as "legally paid in full -less than amount owed" and the account is now closed.

OK the question-

why does it has to be negative? To me, I am a person who is trying to do what I can do pay this thing. PLUS if they only paid pennies on a dollar they really made a nice profit from me.. "you are welcomed JCS."

I just think lenders shouldn't be so hard on those who are trying. I know I am singing to the choir. BUT - really --the banks got 'bailed out' right? I doubt if the banks will ever try to pay back all what was given to them... "I'm just saying...."

I guess I had to take my chances when or if I go apply for something in the future.

OK vent over... :)

Try sending a good will letter and ask if they'll remove the TL. If they won't, don't be discouraged. That TL is still going to fall off 7 to 7 1/2 years after your last payment to the OC.

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Thanks for ALL the replies...and believe me I have learned much in reading on this site since. This chick isn't giving up without a fight next time. Just to answer some questions I paid it off in April. I think I will give a GW letter a try and see how it goes. Won't know unless I try and see.

thanks again.

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