rebuildincredit Posted January 6, 2014 Report Share Posted January 6, 2014 I am wanting to settle and need advice. I need a letter or wording to ask for when making a settlement with a CA. They will not PFD and a lawsuit is probably coming. This was a CC that went delinquent in May 2008, SOL is 6 yrs so suit would come very quick. OC charged off "0" balance, sold to LVNV which tried collecting and now has a local law firm on me.(they are known to file suits even for my low amount of $500) The letters from the firm say"We represent LVNV Funding, which has been assigned your former******** credit card account number######. To assist with proper crediting of your account we request that all future payment on the account be made to "local law firm" If I pay the law firm, am I assured that LVNV will update the account? or how do I make sure this will happen? If I agree to a settlement amount, how do I prevent the balance from being "sold off to another collector"? Any letters, special terminology etc that I should use?(or should I have them draft me a letter and then have the forum have a chance to review it?) Since the original collector is the CC company and they now show a 0 balance and it has been sold off to a CA, It is my understanding that this debt will come off of my records in mid 2015 if I pay,(since they will not do a PFD. ) I appreciate the help-- I really want this over. Link to comment Share on other sites More sharing options...
BV80 Posted January 6, 2014 Report Share Posted January 6, 2014 @rebuildincredit A settlement is just that...an agreement between parties to settle upon a specific amount and terms. The account holder has agreed to accept less than the full amount in order for the debt to be considered paid. At that point, the remaining amount is no longer owed. You want every detail in writing BEFORE paying. The agreement should include the name of the OC, the OC's account number, Midland's account number, and the settlement amount. It should also include that once the agreed upon amount is paid, the debt/account will be considered settled and paid. When an agreement includes that a specific amount will settle the account and upon payment of that amount, the account will be settled and paid, they can't sell the remainder because they've agreed (by settling for a specific amount) that there is no remainder. Nothing else is owed. You just have to make sure that you pay that specific amount within the allotted time specified in the agreement. I would send the payment CMRRR. When that payment shows up on your bank records, make a copy of that statement to keep with your agreement and the return green card. Link to comment Share on other sites More sharing options...
rebuildincredit Posted January 6, 2014 Author Report Share Posted January 6, 2014 Well, the firm is not willing to accept any settlement. They said their last settlement offer expired last month and the only thing they will take is payment in full. Threatening to sue. Now what Link to comment Share on other sites More sharing options...
BV80 Posted January 6, 2014 Report Share Posted January 6, 2014 @rebuildincredit I guess the only thing you can do now is wait. In the meantime, start reading and studying the MI rules of civil procedure and rules of evidence. Research bmc 100's posts on this site. Here's one of his threads to help you get started. If they sue, you'll be better prepared. http://www.creditinfocenter.com/community/topic/318271-those-being-sued-in-michigan-by-a-jdb-step-by-step-in-defending/ 1 Link to comment Share on other sites More sharing options...
shellieh98 Posted January 6, 2014 Report Share Posted January 6, 2014 Let them sue then. LVNV is a small subsidiary of the Sherman group. They usually buy debts that have been sold , then resold. If the oc is chase, even better with all the problems they are having now.The only thing you have to lose is court costs and attorney fees, if you can't afford 100% of what they want which they paid probably 25.00 or less for the account, then let them sue, and start studying, we will help. Link to comment Share on other sites More sharing options...
rebuildincredit Posted January 6, 2014 Author Report Share Posted January 6, 2014 Guy was a real d_ck on the phone to me. Basically said they did me a favor with their last offer. Also said that they are a firm representing LVNV. THe Firm does not report to CRA's and if I pay the FIRM, they will send me a letter in 15 days stating PIF that I can submit to CRA's. I asked that since they represent LVNV, wouldn't LVNV report it as paid. He stated he does not know what LVNV will do. That is when everything fell apart. He said ":make an offer close to the orig amount $500", I offered $300. He put me on hold to "contact the client,(ya Right, probably took a donut break!)" and then came back and told me that my offer is declined and the only thing they will accept is a full payment and noted my account as such. He said if I do not want to pay in full then they will refer to their legal dept. Not sure if this is an option but as a last ditch effort should I contact LVNV since it is their account and work it that way? Link to comment Share on other sites More sharing options...
Credator Posted January 7, 2014 Report Share Posted January 7, 2014 $300 for a $25 purchase was an extremely generous offer to the point of sounding a bit desperate and likely telegraphing that sense of "I really want this over" to a party that should be viewed as the enemy IMHO. I would not see myself paying them a dime. I would not admit liability to them in writing or on the phone. I would not recommend someone that is not really experienced dealing with collectors chatting with a collector on the phone. It is unlikely to produce positive results. Negotiating with an attorney has worked for me but I am comfortable with such calls and best success came when I had the most leverage, e.g., I was the would be plaintiff. If the alleged account has been around since 2008 or prior it might have an arbitration clause in the original agreement. I doubt a JDB would be excited about spending thousands to attempt to collect via arbitration on a $25 spreadsheet entry, but who knows. I would guess that lack of patience has cost posters here more money than any loss in court. Regardless of whether that is an accurate statement, patience is very important IMO. I have never won in court without plenty of patience. Attorneys call me names in court filings. I don't behave that way. I have never negotiated a favorable settlement without plenty of patience. I don't know of any shortcut other than perhaps throwing enough money at the problem. Even then I would not want to make it too easy for my adversary as they may be stingy on terms if the money is flowing easily. Everyone has to know themselves and their situation. Some people might be willing to pay $1,000 on a $500 alleged debt just to avoid having to be served a summons and complaint. I would much prefer the service of a summons (especially from a collector that I believe I can defeat in court) over the loss of my money. YMMV 1 Link to comment Share on other sites More sharing options...
nobk4me Posted January 9, 2014 Report Share Posted January 9, 2014 I would never pay a JDB anything. Wait for them to violate, and they can pay you. And your consumer attorney. The only way to win this game is to be aggressive, take no prisoners, and never give in to them. You've got to have the attitude that you won't be paying them, they will be paying you for their FDCPA violations. And, they might be paying JAMS thousands of dollars in arbitration fees in an attempt to collect a debt they bought for pennies on the dollar. Your job is not to make life easy for them, it's to bring them pain and make they pay. Link to comment Share on other sites More sharing options...
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