iamomeed

negotiating $20000 with CA

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Hi, im from TX.

 

I've got a $20K cc debt with a JDB portfolio recovery a$$.

 

I called them to see what they would take and they are offereing $8000.  I've got about another 2 years before it automatically comes of my CR.  I told them no.  They asked me to counter and I told them $750 that's about 4 cents/dollar.   They said no and asked me to counter.  I told them that's all I have. they told me to get more money and to call back.

 

What should I do.

 

thanks

Omeed

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Im on year 5 out of 7 for my SOL.  I've already done debt validation with the CA and the CB,  everything came back verified. The OC has it listed as a charge off. the CA already told me that they will not sue me.  I really don't want to wait 2 more years. 

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I would be concerned about reaging the debt if anything less than full payment were made. There are others on here that are a lot more knowledgeable about Texas law than me.

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From the sounds of it your past the TX 4 year SOL. That is good, they can not sue you now, well they could but you have a defense. DONOT pay them a dime or you will rest the SOL. If it was me, I would Waite them out for the two years or less for it to fall off your CR. In many, many years I've only owed two JDB's anything and that was because they bought the accounts. I was not about to pay them the $75,000 that they wanted. I waited them out and they dropped off. I haven't even been bothered by zombie debt buyers yet.

 

Again, my recommendation since you appear to be past the 4 year SOL is just wait, don't settle. If you do, it could be possible for them to sell off the balance to another JDB and then they would come after you. depends on how you made the settlement.

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I would not pay them a dime.  You never had any kind of contract with portfolio, they bought your debt from the original creditor.  Now they want you to pay on it so they can recoup what they paid, and possibly restart the 4 year SOL.  They cannot sue you, even if you pay them it is going to be on your credit report for 2 more years.  Let it go, and consider yourself lucky the Original Creditor didn't think it was worthy collecting on.

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@iamomeed I see you did have another thread for this same thing.  I just want to say, you want to settle with them because you do not want to wait 2 more years for it to drop off your credit.  In order for that to happen, you would have to do a "pay for delete".  If they quoted you 8000.00 to settle, I doubt they will do the PFD, most jdb's want 80%-100% in order to get that.  So unless you are prepared to pay at least 8K, it really would not be of benefit to you as far as your credit record goes.  If you settle for say 500.00, your credit record will have the debt on there, the amount owed, and a notation that says "settled for an amount less that owed"  You run the risk of them selling off the remainder of the debt to a new company who may decide to collect on it since you may have restarted the SOL.  Unless the wording in your agreement was very specific.

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If I was you I would dispute the debt with the CRA and let them know the SOL has ran out on this particular debt ,they have to pass that alone to the debt buyer and if they don't delete you have them on a FCRA and a FDCPA violation.Then after you here back from the CRA you now have the option of disputing with the debt buyer or the OC.By doing the dispute with the CRA you secure your private right of action then you are able to sue and anything after that is gravy.If the CRA don't take it off once the creditor let it go now they are violating their duties as a CRA which is a FCRA violation.They all only have 30 days to reply.So with all due respect forget about settlement of the debt.

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If I understand correct, you are past the four year SOL meaning they can no longer sue you. You now have less than two years you say until it drops off your CR all together. Your very FOOLISH to want to get a paid for delete or anything other than letting it fall off. Even if your wanting to get your credit clean now, WAIT it out! That's the smartest move. Why pay anyone eight grand??? I know I could sure wait two years or more for that amount.

Four years ago I had TWO CO on my CR that amounted to more than $70,000. I went through FHA/USDA and got a loan on a house for $200,000. I am now in the process of buying another house for $300,000 and approved for up to $350,000 should I need that much. If I can do it, you can if hat's what you are trying to do.

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If I was you I would dispute the debt with the CRA and let them know the SOL has ran out on this particular debt ,they have to pass that alone to the debt buyer and if they don't delete you have them on a FCRA and a FDCPA violation.

 

NO NO NO.  You REALLY need to stop posting until you learn the laws.  There are TWO SOLs.  One for suing (which has expired for this OP) and one for REPORTING the debt which is 7 years and 6 months.  It is NOT a FDCPA or FCRA violation to report a debt that is within the SOL for reporting but cannot be sued to collect.  

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@iamomeed I see you did have another thread for this same thing.  I just want to say, you want to settle with them because you do not want to wait 2 more years for it to drop off your credit.  In order for that to happen, you would have to do a "pay for delete". 

 

I can tell you that PRA does NOT do pay for delete so there is absolutely NO reason to negotiate with them or to settle if they cannot sue.

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SOL is 4 years in TX. The CA told me they will not sue. The CBs relort for around 7 to 7.5 yrs

As of today nothing has changed. I havent called them back or anything.

They havent respi5nded to.my offer of $1000 sent by cmrr

When i called them to sertle They told me that they will have the contract with the agreement available through their website and that they would update the trade line on my CR. But i didnt ask if they would PFD.

I'm leaning towrads just waiting it out and not mess with the sleeping dragon.

Im thinking of sending more letters to the CBs and forcing them to delete some how. But I'm still not sure what route to take with them.

Ill update as i go through.

Thank you all for your input so far.

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@iamomeed

 

Considering the debt is outside the SOL, the sleeping dragon can't do anything to you.

 

You can dispute information in the credit report entry.  Who know?  The furnisher (debt collector) may not verify it with the CRAs, and it will be deleted.   However, if the information is correct and the debt collector verifies it, there's not much you can do.  Even though the debt is outside the 4-year TX SOL, it's not outside the 7-year SOL for reporting.  As long as the information is correct, they can keep reporting.

 

Since the debt only has 2 years left to remain on your CR, it's probably not hurting you that much.   It also helps if you have positive accounts that remain in good standing.

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I agree with everyone else.  Do not pay a single penny on this.  They are well past the TX statute of limitations and have no ability to sue you.  When you settle with them for the $1k you asked for, this will automatically reset the SOL and now they can sell the remaining amount off to another JDB who will have a new 4-year term to sue you for the remaining $19k.  Why risk that?  Hopefully you haven't already reset the SOL by sending a written promise to pay.  As long as you worded your letter properly, this will hopefully still be SOL.

 

I would start being on the look out for violations.  If they start sending you collection letters and calls now that they smell blood in the water, save those letters and scrutinize every single word for FDCPA violations.

 

I would also get new hard copies of all 3 credit reports and dispute their TL.  I would venture a guess that they have possibly added illegal interest or fees to the amount they are reporting - or potentially they will (or already have) sent collection letters trying to collect and amount that does not match the amount they a reporting on credit reports.  When you find these violations, I would sue them in federal court.  They can not counter claim for the $20k without violating more laws and they will be forced to settle or risk a judgement.  As part of the settlement, I would ask for removal of TL along with my check for $1k and my attorney fees covered.

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Keep in mind that if the original creditor is Chase, B of A, Cap 1 or discover, the Delaware 3 year statute applies. These card member agreements clearly state "the laws of Delaware" therefore, if you live in New York it's only 3 year statute.

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I will tell you now, if you don't drop this and keep trying to settle when you are home free, you are setting yourself up for big TROUBLE!!! Listen to us and drop it for the remaining two or two and a half years. You have been advised............

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Last Reported 
Dec 08, 2015
Collection Agency 
PORTFOLIO RECOVERY
Original Creditor 
CHASE BANK USA N A
Status 
Open
Opened Date 
Jan 20, 2011
Closed Date 
--
Responsibility 
Individual
Balance 
$20,354
High Balance 
$20,396
Remarks 
Dispute resolved; customer disagrees

 

 

Last Reported 
Jan 16, 2011
Creditor Name 
CHASE
Account Type 
Flexible Spending Credit Card
Account Status 
Closed - Derogatory
Opened Date 
Sep 27, 2005
Closed Date 
Dec 01, 2009
Limit 
$14,200
Term 
--
Monthly Payment 
$0
Responsibility 
Individual
Balance 
$0
Highest Balance 
$20,395
Payment Status 
Collection/Charge-Off
Worst Payment Status 
Unknown
Date of Last Payment 
Jul 04, 2010
Amount Past Due 
$0
Times 30/60/90 Days Late 
0/0/0
Remarks 
Payment after charge off/collection
Purchased by another lender

 

 

just wanted to update my progress with this.  I havent done anything with the accounts at all since last posted. it took me a while to find the date of last payment but it is July 2010

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If it has been a while since you disputed the PRA account to all CRAs, you might want to try to dispute it again.  This time, when they verify, follow up with another letter to the CRAs and ask then to provide to you the Method of Verification used as well as the name and phone number of the person who verified the information to them.

 

Many times the CRA will remove a TL rather than risk exposure to violations by not properly responding to the MOV request.  If the account is not removed and they do not provide the proper MOV including the name and address of who verified the account, then I would start an arbitration case against the CRA.  That will give them even more motivation to delete the account.

 

That's what I would do if I wanted to start getting aggressive in removing this TL.

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Hi Guys,  

Update on this TL

I was using kredit karma to check my credit last month, and they have a button that says "dispute online" or something to that affect.  I usually send in letters but I didnt want to deal with all that I figured it couldnt hurt.  I chose the option "not my acct".   Anyways longstory short, i disputed a few thing with Equifax and tranunion,  (they dont check Experian).

Equifax replied verified but due to delete August 2016 (it didnt have a date before), my score here is around 630.

and Transunion Deleted the line,  hooray!,........my score was 620 and now 700 on TU.

What do you guys think? what should i do next?  pretty much everything derogatory on my acct is due to pop off in Aug 2016.

thanks

O

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5 hours ago, iamomeed said:

What do you guys think? what should i do next?

I would have followed the advice above from @fisthardcheese December and had all of them removed by now.  As it stands, any action you start now will be completed in about 3 months which will only gain you 2 months from the reported fall off date anyway.

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On ‎10‎/‎2‎/‎2015 at 8:46 PM, TomnTex said:

I will tell you now, if you don't drop this and keep trying to settle when you are home free, you are setting yourself up for big TROUBLE!!! Listen to us and drop it for the remaining two or two and a half years. You have been advised............

+1

Keep your trap shut.

By the way, if you happen to have any other creditors looking to sue, you can bet that settling this debt will chum the waters.

In some states, merely acknowledging the debt can restart the SOL.

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On 8/15/2015 at 10:59 AM, shellieh98 said:

even if you pay them it is going to be on your credit report for 2 more years.  

Actually, if he pays them it'll be on his account for 7 more years, since the 7-year clock starts on the date of last activity, and the payoff would be the last activity. So he'd actually be adding 5 more years to the item staying on his credit report.

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17 minutes ago, nrgins said:

Actually, if he pays them it'll be on his account for 7 more years, since the 7-year clock starts on the date of last activity, and the payoff would be the last activity. So he'd actually be adding 5 more years to the item staying on his credit report.

No, the 7-year clock won't restart by paying a JDB.    The CRAs will go by the date of first delinquency provided by the OC.

1681c(c):

(c) Running of reporting period
(1) In general

The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

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OK, thanks for the clarification. I thought that since the SOL for lawsuits begins again when you make a payment to the collection agency, that the same would be true for the 7 year reporting period.

I realize that the ORIGINAL debt would fall off after 7 years regardless. But I thought the collection account would remain for 7 years from the date of the last activity to the collection agency. But I guess that's not the case.

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