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Debt has been validate from CA......next move?


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Hi,

 

I live in Texas, and have a credit card debt with chase showing in collection with portfolio recovery a$$. for $21000 on my CR.  The debt is about 5 years old and Id like to get rid of it as it is holding me back on getting a mortgage.   

 

I sent a debt validation letter asking them to prove i owe the debt, how it was calculated and if they are allowed to collect.

 

they sent me a letter stating,

 

"because of the age of your debt we will not sue you, if you don't pay we may report it to the CB as unpaid.  we have enclosed additional documents for your review. we have completed our investigation."

 

 

so they attached 3 credit card statement from chase that show

 

  1. 10-2009, balance of $14500
  2. 11-2009, balance of $15500
  3. 01-2010 balance $16000

 

So they didn't really validate anything correct?  They didn't answer any of my requests and they are attempting to collect $21000 and the final statement they sent only shows $16000.

 

What do i do?  they flow chart says to settle?  but I dont think i need to do that yet

 

thanks guys for the help

 

 

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I sent a debt validation letter asking them to prove i owe the debt, how it was calculated and if they are allowed to collect.

 

NONE of that is required for DV.  Did you by chance send a letter found all over the internet (and this site) that had this laundry list in it:

 

 

If so then they know you cut and pasted and that almost all of it is not required under the FDCPA or Texas consumer laws.

 

So they didn't really validate anything correct?  They didn't answer any of my requests and they are attempting to collect $21000 and the final statement they sent only shows $16000.

 

Wrong.  ALL that is required for validation is the name of the original creditor, amount you owe, and address of the OC IF you ask for it.  They didn't even have to provide copies of statements but they did.  That more than satisfies Federal and Texas state law.

 

They do not have to prove what you owe or that they can collect unless they are suing you AND the court requires it.  PRA is licensed in TX by the way.

 

What do i do?  they flow chart says to settle?  but I dont think i need to do that yet

 

 

If you want a mortgage:  settle.  Otherwise you wait for it to fall off.  With a five figure debt their leverage is to keep reporting until the bitter end to force you to pay since they can no longer sue.  What ever you do, DO NOT app for the mortgage before you settle.  If they know you want a mortgage they will not reduce the amount they will settle for.  They pay the credit bureaus for names of consumers who app for mortgages and match them up to those who owe them money.  Then dig in for the long haul and payoff knowing you won't get underwritten without clearing their debt.

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Did you by chance send a letter found all over the internet (and this site) that had this laundry list in it:

 

of course!

 

If you want a mortgage:  settle.

How much would you shoot for?

 

What ever you do, DO NOT app for the mortgage before you settle. 

 

well, crap.  I already have the inquiries showing from the banks. The bank told me to clean up that one debt and i should be good to go with them for the loan.

 

Also, please one last question.  I'm still not clear as why I cant dispute the fact that the CC bill is not the same as what CA want to get from me.  Im assuming the difference is collection fees and interests, but they didnt send me that information as to why there's a $5000 discrepancy.

 

Thanks for the quick replies

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How much would you shoot for?

 

They paid pennies on the dollar for the debt.  I would offer $1600 full and final settlement stating you dispute the amount since the statement they sent contradicts with the amount they are reporting the debt as.

 

Also, please one last question.  I'm still not clear as why I cant dispute the fact that the CC bill is not the same as what CA want to get from me.  Im assuming the difference is collection fees and interests, but they didnt send me that information as to why there's a $5000 discrepancy.

 

Because PRA did what most junk debt buyer's do:  illegally added interest and collection fees.  Use it to your advantage.

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Bite the bullet and wait the other two years for it to fall off so that you won't have to pay a dime. If you pay anything towards this you will reset the TX four year SOL and can then be sued......WAIT IT OUT.

 

This is wrong.  If you simply make a payment you can reset the SOL and be sued.  If you come to a settlement agreement and get it in WRITING before you pay that this is a full and final settlement, any remaining amount cannot be sold, remains in dispute, and is no longer collectable you have a defense if sued that the debt is paid.

 

You can settle debts I and many others have done it.   You just have to be certain that you get it in writing first.  Once you pay it is too late.

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I am not talking about settling!!! SO, NO it's not wrong!!! I am telling him to just bite the bullet and not settle and not to make a payment to restart the SOL. As usual, you are trying to second guess me and trying to show me wrong when you don't know what I want to convey. Please, PLEASE mind your own business.

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thanks guys,

 

I think whats confusing about your statement, Tom, is that you said if i pay ANYTHING then SOL will restart.  I agree with you on that point that I will not make payments but I cannot wait 2 more years also.

 

But I also like what Clydesmom is saying to settle in full for a lower amount and cover my bases with a proper letter.

 

Would it be really bad if I low balled them at $500? since the debt is so old and reaching its 6th yr on the CR?  Can I bring up the point that they stated in the DV letter that they cannot sue me any more so it is in their interests to get something?

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Please, PLEASE mind your own business.

 

This IS my business whether you like it or not since I replied to the thread long before you oozed along.  You are totally against settling and if you want to be a professional deadbeat that is YOUR choice but there are many consumers out there who feel they are responsible for their debts and don't have years to wait for it to fall off like you do.  Your statement isn't even clear.  You said if the OP pays anything they can be sued and that isn't accurate.  If they settle the account properly and it includes terms that preclude lawsuit it should not happen but at least give an affirmative defense if it were tried.  

 

Like it or not many many people successfully settle their debts every day despite your doom and gloom predictions.

 

Would it be really bad if I low balled them at $500? since the debt is so old and reaching its 6th yr on the CR?  Can I bring up the point that they stated in the DV letter that they cannot sue me any more so it is in their interests to get something?

 

It isn't bad at all.  They will either accept, reject, or make a counter offer.  You keep negotiating until you both have a number you can agree on.  Do not go by just your letter.  Once you reach an agreed upon amount you get a signed settlement agreement with all your terms defined before you pay.  I have a sample I have used I can PM you if you want.

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For your information Clyde, I am enjoying a long vacation that does not allow me the chance to get on here very often. You are on several credit boards and everyone of them despise you and the members are calling for you to be BANNED! I am sure you probably have been on a few with your attitude.

 

The OP is dealing with a JDB, not an OC. Therefore, they owe the JDB NOTHING! They never had a business dealing with someone who bought their account for pennies on the dollar. If they want to pay the OC, that is a different matter. Had you been on my forum, and it's quite a large one. I would have banned you a long time ago for your attitude towards members and having run off many of them. You are a thorn in this boards and the others sides and it's only a matter of time.

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For your information Clyde, I am enjoying a long vacation that does not allow me the chance to get on here very often. 

 

For which we are all truly grateful.  You spend more time bragging about your vacation(s) and what you are doing than helping anyone.  Why bother?

 

You are on several credit boards and everyone of them despise you and the members are calling for you to be BANNED! I am sure you probably have been on a few with your attitude.

 

Once again you are wrong.  I am on TWO.  DB and here.  It is no secret.  BRIEFLY I was on CB until I realized they were professional deadbeats like you.  I left.  If they "banned" me after I left I had no knowledge of it and I certainly don't lose sleep over it or care.  Much like I don't lose sleep over your opinion of me.

 

The OP is dealing with a JDB, not an OC. Therefore, they owe the JDB NOTHING! They never had a business dealing with someone who bought their account for pennies on the dollar. If they want to pay the OC, that is a different matter.

 

DUH.  We all know who PRA is.  That isn't the issue.  The account has been sold so dealing with the OC is off the table.  You should know that by now.  Whether the OP owes the JDB isn't the issue either.  They want to buy a house and they don't want to wait two years to do it.  The mortgage under writer has already told them they have to clear up this account which means settling with PRA.  Since they have already apped for the mortgage PRA knows this by now and will validate knowing that the consumer can't get the mortgage without dealing with them.  

 

You can sit on your high horse all you want about not paying a JDB but the reality is sometimes it has to be done.  Choke on that.

 

Had you been on my forum, and it's quite a large one. I would have banned you a long time ago for your attitude towards members and having run off many of them. You are a thorn in this boards and the others sides and it's only a matter of time.

 

Not shedding a tear over what you "would have done" it would be the equivalent of being upset that Jeffrey Dahmer didn't ask me to the prom.  Who cares what you would have done?  Certainly not me. You just are not that important.  Unlike you I have a life and what anyone thinks of me on the internet:  not a factor.  If you have your own board why not stay there?  I get enough PMs asking me what your problem is and for help privately so they can avoid people like you who denigrate them for choosing to do what is in their best interest not what you want them to do.

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 they were professional deadbeats like you.  I left.  If they "banned" me after I left I had no knowledge of it and I certainly don't lose sleep over it or care.  Much like I don't lose sleep over your opinion of me.

 

Not many people here would use a term like "deadbeat". Most defendants in a lawsuit wound up here as a result of the 2008 recession and its impact on property values and devastation to the job market. Most of these people came from good credit and timely bill paying and were in this boat for the first time, kind of like the "Great Depression" of 1929.

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  • 3 weeks later...

Have you attempted to dispute the debt with the CRAs?

 

This is the first thing I would have done.

 

Dispute with the CRAs.  When it comes back "verified" from the CRAs, followup with another letter to the CRAs requesting the method used to verify as well as the name and address of the person who verified the account to them.

 

There is a good shot this will get the account removed from your CRAs.  Once it is removed, I no longer worry about PRA and I get my mortgage.

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all 3 bureaus came back verified on the debt

 

 

I did call PRA today to see what they would say.   I offered them $500.00 they said they would not entertain my offer.  They want 12K then the manager came on and said around $8000.  I told them I cant go more than $1000.  They said no and to offer them a better deal.   I said I cant.   They begged for more and I said I cant.  And basically ended the call.  They were nice, but they are sharks.  I still haven't gotten a response from my original settlement letter.

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