DV ?'s

[Noodle]

I am pretty new. I am making my first attempt to clean my credit. I have read the website and forums pretty thoroughly. I am getting some conflicting advise. Can someone please clarify for me. First, I plan on using DV method. I am using the flow chart for disputing both the credit bureaus and CA's at the same time. This is all old collections debt, right around 2 years (SOL in my state says 4 years).  I am to understand that I only have 30 days from the time the first collections letter was sent.  I'm sure to be outside that window. I'm assuming I should still follow through with the letter's and the whole process? One other problem I have encountered is someone in the forum advised not to just start googling DV's or using the generic letter;s on this site. The problem is, that person just showed an example of what not to do. I would love to know what TO do.  Is there a generic letter that is effective? I don't want to cut and paste statutes and demands if that's not the etiquette. Please and thanks all.

[Clydesmom]

5 minutes ago, Noodle said:

I am to understand that I only have 30 days from the time the first collections letter was sent.  I'm sure to be outside that window. I'm assuming I should still follow through with the letter's and the whole process?

Depends on when you defaulted.  If they can still sue you for the debts then the risk you take is waking the sleeping dragon and starting a bunch of lawsuits.  WHEN did you default on these debts?

6 minutes ago, Noodle said:

One other problem I have encountered is someone in the forum advised not to just start googling DV's or using the generic letter;s on this site. The problem is, that person just showed an example of what not to do. I would love to know what TO do.  Is there a generic letter that is effective?

All you need to say is "I dispute this debt and request validation"  any other demands are pointless.  (i.e. proof of ownership, that you owe it, their license, etc.) 

The major problem you have is even if you can't be sued on the debts, because it is way more than 30 days from the initial communication they are free to ignore your DV and it isn't a violation to continue collection efforts.

What are the debts and how much?  As well as the date of default.  Knowing that it is much easier to advise you on the best way to attack them because there is no one size fits all answer.

[Noodle]

December 2014 is around most of my collections. payday loans.  338, 509,  2214, 164, 999. most of them from the same company.  far as the date of default, i can only tell you the dates that show on my credit karma. 

[Clydesmom]

26 minutes ago, Noodle said:

December 2014 is around most of my collections. payday loans.  338, 509,  2214, 164, 999. most of them from the same company.  far as the date of default, i can only tell you the dates that show on my credit karma. 

The SOL for suit in NV is 4 years so you need to lay low.  You start DVing based on trade lines on your credit report and you are likely to land in court defending suits.  Is this an internet lender pay day loan or store front in Vegas?

 

[neweuquol]

I agree with Clydesmom.   You are better off leaving your credit to suffer a while rather than wake the sleeping giant.

[Noodle]

great, thanks!  Another route to take could be settlement? And yes, store front... not online, Typically, how much do CA's  pay for debts? if it's assigned, can i still settle? 

[Clydesmom]

4 hours ago, Noodle said:

Another route to take could be settlement?

Yes.

4 hours ago, Noodle said:

And yes, store front... not online,

Okay, that is the biggest problem.  Store front lenders are WAY more likely to sue than the internet pay day lenders.  

4 hours ago, Noodle said:

Typically, how much do CA's  pay for debts?

Typically they don't pay for debts.  They are paid on contingency based on how much they actually collect.  Junk debt BUYERS purchase portfolios of bad debt typically for pennies on the dollar.

4 hours ago, Noodle said:

if it's assigned, can i still settle?

Maybe.  Hard to know without knowing specifically who you are dealing with.  

[fisthardcheese]

A "DV letter" should only be sent within 30 days of receipt of the first collection letter from a CA.  The only pertinent part of such a letter is: "I dispute this alleged debt".  Anything else you include is fluff.

Dealing with credit reports is a completely different issue and "DV letters" do not apply.  You may dispute inaccuracies with the CRAs (and with payday loans, I would expect to find many inaccuracies).  I, personally, would never send a credit report dispute to the CA directly as I don't see the legal function it serves.

I follow up any "verified" TLs with an MOV letter to the CRA.  I check my reports again after I get a response to the MOV letter.  If the TL remains, I look into other legal options such as arbitration or lawsuit.

[Clydesmom]

2 hours ago, fisthardcheese said:

Dealing with credit reports is a completely different issue and "DV letters" do not apply.  You may dispute inaccuracies with the CRAs (and with payday loans, I would expect to find many inaccuracies).  I, personally, would never send a credit report dispute to the CA directly as I don't see the legal function it serves.

I follow up any "verified" TLs with an MOV letter to the CRA.  I check my reports again after I get a response to the MOV letter.  If the TL remains, I look into other legal options such as arbitration or lawsuit.

That probably works with credit card debt but I live in Vegas now and those store front lenders for the most part will be passive collectors in reporting but if you tick them off challenging their stuff then they can get REALLY aggressive and sue.  The courts here are VERY pro-creditor and pro-se litigants do not get very far at all.  Not to mention most of the payday loan contracts here locally do not have arbitration as an option.

[fisthardcheese]

36 minutes ago, Clydesmom said:

That probably works with credit card debt but I live in Vegas now and those store front lenders for the most part will be passive collectors in reporting but if you tick them off challenging their stuff then they can get REALLY aggressive and sue.  The courts here are VERY pro-creditor and pro-se litigants do not get very far at all.  Not to mention most of the payday loan contracts here locally do not have arbitration as an option.

Have you actually seen any of the payday lender companies file suit?  In my experience they don't generally sue, but perhaps NV is different. 

[BV80]

39 minutes ago, fisthardcheese said:

Have you actually seen any of the payday lender companies file suit?  In my experience they don't generally sue, but perhaps NV is different. 

Yes, payday lenders will file suit.  There's case law for Cash America, Integrity Advance, etc.

[Clydesmom]

4 hours ago, fisthardcheese said:

Have you actually seen any of the payday lender companies file suit?  In my experience they don't generally sue, but perhaps NV is different. 

The store front lenders i.e. a brick and mortar business:  yes.  The internet lenders not so much because documentation electronically is hard to get into evidence but the store front places have you in person signing.