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I sent them a debt validation letter because the balance on the debt more than doubled ($800 - $1750) in just 6 months time from first missed payment to charge-off. They responded back about 10 days later with a very soft tone in their letter stating that they would offer settlement in the amount of $850.00 and if I couldn't pay that now, I could pay whatever I could afford each month until balance is paid.
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I didnt see anyone mention this yet, but they just broke federal law with that letter they sent you. You sent them a DV letter, and if I am understanding you right, after they received it they sent you a settlement offer? Federal law--the FDCPA--requires them to stop ALL collection attempts once they get your DV letter, until they can properly answer your DV letter.
I would consider sending them another letter, again informing them that you are demanding validation of the debt. I would include a copy of the first DV letter you sent them as well as a copy of proof that they received it. ALWAYS send DV letters by certified mail return receipt, so you can prove that they got it. Then, I would go on to say that they are now in violation of the fdcpa, because they ignored your first DV request by sending a settlement offer when they know they are required to stop all collection efforts....and any further FDCPA violations will result in you taking legal action against them.