PFD failed, replyed with settlement offer

[flanges]

With the help of the forum I wrote a PFD letter and sent it to a CA. I didnt get back my copy of the signed letter in the mail that I sent in stating that they agreed to my terms, ect. They instead sent me a settlement letter for a close amount to what I offered that stated nothing about deleting anything from my CR. I will not pay unless i get a PFD.

 

The later stated the usuall notice i have seen on other letters.....If i dont contact them disputing the debt they will assume its valid...blah..blah. Should I debt validate it?

 

The account will be 7 years from DOFD in June 2014. It is also past the SOL.

[BTO429]

That is because most collection agencies will not do a PFD or settlement in full.

 

The reason is because if they sign an agreement that YOU drafted it takes their leverage away from them. If they sign a settlement they cannot legally sell the remaining balance of the debt to another debt collector. Never ever believe a ca when they say they will accept a settlement as payment in full, it is a ploy to get as much as they can out of you and then sell the balance, it all about money.

[flanges]

Should I DV it? the account will be 7 years from DOFD in June 2014. It is also past the SOL. This is the first correspondence I have ever got from them.

[willingtocope]

I would assume with a debt that old that you're really dealing with a CA representing a JDB rather than the OC.

 

Is the OC still on your CRs?  If the debt has been sold, their TL will say "sold to another lender" and their balance will be $0.

 

If it is with a JDB, AND it beyond the SOL for your state, my suggestion would be to wait for it to fall off your reports.  You owe them nothing, and, since they can't use the courts to enforce it (assuming you show up), there really is no advantage to you to pay them anything.

[flanges]

When i look on my CR I only see Jefferson capitals systems (current creditor). The OC has never posted on my CR. The letter is from credit control llc. Who should i DV? I want to try and get them on a violation to then delete from my CR. Is that possilbe with a DV?

[willingtocope]

If you're still within the initial 30 days, then DV them...CMRRR and reference the CMRRR  number inside the body of the letter.  DV the CA.

 

If you like, you could also send a "...hey, I found you on my CRs...I never did business with you people...prove to me otherwise, or get off my reports..." type letter to the JDB.

[shellieh98]

I understand you want it off your credit reports, but keep in mind you pay anything, you reset the sol.  If the verberage in your stipulation letter does not say paid in full but rather settled, they can and will sell the remainder of the debt, and it will have a new sol.  If the debt is that old, take the hit and move on, don't try and settle.  Most lenders do not look at items that old anyway.

[flanges]

I am still within the 30 days. I will be sending a simple and to the point DV. "I received your letter claiming I owe you a debt. Per the FDCPA, send me validation of this debt.". Thats a good idea with the cmrrr inside the letter.

 

"If the verberage in your stipulation letter does not say paid in full but rather settled,they can and will sell the remainder of the debt, and it will have a new sol" - WOW, I had no idea of this. I didnt plan on making a single payment though. I guess I will just bite the bullet and DV.

 

THANKS everyone

[BTO429]

If you know for a fact that it is past SOL was there a statement on the letter that says something similar to we will not file suit because this debt is past the SOL? if not they violated the fdcpa, there are several case law on this.

 

If it is past the sol just send them a refusal to pay letter, they cannot contact you anymore after a refusal to pay letter.

[willingtocope]

@BTO429  I'm not certain, but I think the "we won't sue" comment only applies to certain CAs specifically targeted by the FTC.  I don't think its in the FDCPA...

[admin]

@willingtocope - you are right.  Only certain companies, Asset being one of them, agreed to put that language "we won't sue" in their collection letters as part of a settlement.  

[admin]

"If the verberage in your stipulation letter does not say paid in full but rather settled,they can and will sell the remainder of the debt, and it will have a new sol" - WOW, I had no idea of this. I didnt plan on making a single payment though. I guess I will just bite the bullet and DV.

@flanges - not necessarily.  If you have a written agreement with them stating that payment constitutes payment in full, they can't come after you for the rest or sell the remainder of the debt.  Just remember to keep good documentation.  

[flanges]

If you know for a fact that it is past SOL was there a statement on the letter that says something similar to we will not file suit because this debt is past the SOL? if not they violated the fdcpa, there are several case law on this.

 

If it is past the sol just send them a refusal to pay letter, they cannot contact you anymore after a refusal to pay letter.

 

 

Im the one that awoke the sleeping dragon. I contacted them first with a PDF letter and instead got a settlement letter. I will send them a DV letter. If that doesnt get it off my CR, I will do the letter that makes them stop contacting you.

 

 

@flanges - not necessarily.  If you have a written agreement with them stating that payment constitutes payment in full, they can't come after you for the rest or sell the remainder of the debt.  Just remember to keep good documentation.  

 

They only stated the account would be settled, nowhere in the letter did they say "paid in full". So im not going to pay them a dime.

[admin]

They only stated the account would be settled, nowhere in the letter did they say "paid in full". So im not going to pay them a dime.

[BTO429]

@BTO429  I'm not certain, but I think the "we won't sue" comment only applies to certain CAs specifically targeted by the FTC.  I don't think its in the FDCPA...

It is not in the FDCPA, yet. But since the PRA decision several other debt collectors have found it does apply. 

 

A complaint to the FTC may wake up the big dogs.

[TomnTex]

Im the one that awoke the sleeping dragon. I contacted them first with a PDF letter and instead got a settlement letter. I will send them a DV letter. If that doesnt get it off my CR, I will do the letter that makes them stop contacting you.

 

 

 

They only stated the account would be settled, nowhere in the letter did they say "paid in full". So im not going to pay them a dime.

 

That's why I always say let sleeping dogs lie and never wake them up. I have also found that trying for a PDF is worthless 99% of the time!  (Ouch management --   ) Inside joke with Admin....lol.

[BTO429]

That's why I always say let sleeping dogs lie and never wake them up. I have also found that trying for a PDF is worthless 99% of the time!  (Ouch management --   ) Inside joke with Admin....lol.

And I try to tell posters the same thing.

[Flyingifr]

Let me acquaint you with how I managed to get deletions - I call it the "back door PFD".

 

In the settlement document I have inserted a Confidentiality Clause (they will almost certainly agree to that) which states:

 

"Both sides agree not to divulge any information about this settlement or the underlying debt to any third party whatsoever. Violation of this clause will incur the aggrieved party damages, the Liquidated amount thereof is agreed to be $XXXXXX" with the Liquidated Damages portion being at least $10,000.

 

After they sign it and pay, I dispute the TL with the Credit Bureaus. Now... under FCRA one of two things will happen:

 

1: They will fail to verifty the TL in accordance with the Confidentiality Agreement and the TL must, by law, vanish, or

2: They will verify the TL and get sued again, this time for Breach of Contract. Any settlement of this second suit will have a similar Confidentiality Agreement.

[flanges]

After they sign it and pay, I dispute the TL with the Credit Bureaus. Now... under FCRA one of two things will happen:

 

1: They will fail to verifty the TL in accordance with the Confidentiality Agreement and the TL must, by law, vanish, or

2: They will verify the TL and get sued again, this time for Breach of Contract. Any settlement of this second suit will have a similar Confidentiality Agreement.

 

Doesnt the CA have to update the TL to "settled" or "paid in full"? Wouldnt that constitute as a breach of contract as well?

[willingtocope]

There is no law that says the CA must reply to a requestr for verification from the CRAs...the FCRA only states that IF they do reply, it must be accurate.  So...you dispute...they don't reply within 30 days...the TL disappears...no law broken

[admin]

Let me acquaint you with how I managed to get deletions - I call it the "back door PFD".

 

In the settlement document I have inserted a Confidentiality Clause (they will almost certainly agree to that) which states:

 

"Both sides agree not to divulge any information about this settlement or the underlying debt to any third party whatsoever. Violation of this clause will incur the aggrieved party damages, the Liquidated amount thereof is agreed to be $XXXXXX" with the Liquidated Damages portion being at least $10,000.

 

After they sign it and pay, I dispute the TL with the Credit Bureaus. Now... under FCRA one of two things will happen:

 

1: They will fail to verifty the TL in accordance with the Confidentiality Agreement and the TL must, by law, vanish, or

2: They will verify the TL and get sued again, this time for Breach of Contract. Any settlement of this second suit will have a similar Confidentiality Agreement.

@Flyingifr awesome idea!

[BTO429]

Since this debt is so old it really is not affecting your credit score that much any how.

 

Since you initiated the the conversation for a settlement with them, you have to right to withdraw from it.  Send them another letter that states since they do not want to settle for the amount and terms you specified you no longer wish to try and settle this debt and at this time you refuse to pay any portion of the debt or pay the debt in full.

 

A refusal letter could get them to violate the fdcpa if they respond to the letter other than to tell you that they will discontinue further collection attempts.