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 Posted: Thu Aug 23, 2007 7:24 pm Subject: letter from Northland Group. Settlement sounds good?? |
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| Quote: | Dear Sir
Our client capital one bank, will allow you to settle your account for $6xx. 63 in 3 peyments starting on 08/xx/2007. The payment can be no more then 30 day apart. Once all 3 payments have been paid to our office on time, we will consider this account satisfied ans closed, and a release letter will be sent. Please send in the payments along with a payments stub to the address below.
As of the date of this letter, the current balance on your account is $1,137.29. Because of the interest that may vary from the day to day, the balance due on the day you pay may be greater. This does not affect the above settlement offer.
Sencerely,
northland group Inc.
866-572-8957 |
Should i Settle with northgroup or are they playing tricks on me??
I just spoke with them at around 8:30pm EST
Also. How will this affect me with all 3 credit bureaus if i pay. What will i happen next after payment is done???
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silklonglasting
Joined: 23 Aug 2007
Posts: 4
Debtcc Points: 168
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| Posted: Thu Aug 23, 2007 8:41 pm Subject: silk |
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Welcome, silk! Your letter sounds good, but you have very good questions regarding it. Hang tight and one of our knowlegable credit members will be along with more information. Maybe regarding the next steps that need to be taken and also give their opinion on the letter itself. Hang tight and someone with the answers will be along so you'll know! 
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cannr
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| Posted: Fri Aug 24, 2007 6:10 am Subject: |
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Oh that letter sure sounds good, BUT I question is the amount correct? Does this agency truly own this debt? How old is this debt. Have you validated the debt in writing from this agency. Do you truly owe this much money, etc.
I would first get this validated to be sure that this is the correct amount and that in fact Northland owns it. Have you tried to contact Capital One to see if this is all correct.
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poconomoki
Joined: 09 Jul 2007
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| Posted: Fri Aug 24, 2007 10:18 am Subject: |
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The offer looks good. Give them a call and ask how they are going to report to the credit bureaus. Your credit ratings are important and if you have a collection entry on your file, it will tarnish your credit worthiness. You can negotiate with them to remove their trade line in exchange of your payments. If they are willing to work on your terms, get it in writing first. They are also required to update your file with Capital One
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BKP
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cajunbulldog
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| Posted: Fri Aug 24, 2007 8:11 pm Subject: |
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Northland collects for Cap1 regularly. You have three choices -- DV them, thus they will either validate or pass it on to one of their secondaries without answering the validation -- or pay them -- or wait and be sued by Cap1.
Regardless of what you do, this is 99% likely already on your credit reports -- Cap1 would not miss out on depressing your FICO scores. If you chose to pay, it would most likely read on your credit reports: "Legally paid in full for less than full amount" -- silly I know.
If it were me, I would DV, hoping that Northland passes it on without validating so that you can catch them in a violation for not providing validation.
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The FDCPA is your friend -- read it.
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Codie
Joined: 08 Mar 2006
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| Posted: Sat Aug 25, 2007 3:48 pm Subject: |
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Thanks guys for the reply. What does
(1)"DV" mean??
What does all this means???
(2)"validate or pass it on to one of their secondaries without answering the validation"
(3) "that Northland passes it on without validating so that you can catch them in a violation for not providing validation. "
How can i catch them in a violation and if i do then what?? what does all this means "validation"
Sorry for the all the questions; im just a newbie but when i catch up i will master the info 
| Quote: | Northland collects for Cap1 regularly. You have three choices -- DV them, thus they will either validate or pass it on to one of their secondaries without answering the validation -- or pay them -- or wait and be sued by Cap1.
Regardless of what you do, this is 99% likely already on your credit reports -- Cap1 would not miss out on depressing your FICO scores. If you chose to pay, it would most likely read on your credit reports: "Legally paid in full for less than full amount" -- silly I know.
If it were me, I would DV, hoping that Northland passes it on without validating so that you can catch them in a violation for not providing validation. |
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silklonglasting
Joined: 23 Aug 2007
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| Posted: Sun Aug 26, 2007 4:04 am Subject: |
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You sound as if you have a good offer but you will need to find out how it will report on your credit report and also you will need a paid in full letter to protect yourself. Dv= debt validation.It is a letter you can send to a collector to show proof it is your debt.Please review the hyper links in my signature at the bottom of my post for more information on the collection and credit laws.
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Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com/forums/about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.
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cajunbulldog
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silklonglasting
Joined: 23 Aug 2007
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cajunbulldog
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| Posted: Mon Aug 27, 2007 6:19 am Subject: |
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I don't agree with hopeing they don't validate the debt so you can get them for a violation. I agree with sendingf a validation letter but they do have until whever to send anything back to you.
I would call Cap One and ask them where the debt is and the amount of the debt. If they haven't sold it they know where it is and how much.
If you miss the first payment o n the settlement it will be VOID. A first time settlement can lower your credit score by up to 150 points. It will be reported as Setlted in Full or > than Balance.
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FYI
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| Posted: Sat Sep 01, 2007 11:36 am Subject: |
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Hows this letter??
| Quote: | Date: August 21, 2007
northland group
7831 Glenroy Road, Suite 110
Edina, MN 55439
800-800-8191
Re: Acct Ref. # 000000000000000000000
To Whom It May Concern:
This letter is being sent to you in response to a letter I received on August 21, 2007. Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.
This is NOT a request for verification or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you
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What do I need you to provide as the debt validation.
(1) Explain and show me how you calculated what you say I owe;
(2) Prove the Statute of Limitations has not expired on this account
(3) Provide me with copies of any papers that show I agreed to pay what you say I owe;
(4) Provide a verification or copy of any judgment if applicable;
(5) Identify the original creditor;
(6) What the money you say I owe is for;
(7) Show me that you are licensed to collect in NYS
( Provide me with your license numbers and Registered Agent
(9) Proof that the collection company owns the debt/or has been assigned the debt. (10)Complete payment history, starting with the original creditor. (I need to have proof of my payment history with original Creditor, what the amount of the debt was when the creditor assigned the debt to your company, and what fees/interest has been tacked on to this debt and how you/they determined these fees.)
(11) Copy of the original signed loan agreement or credit card application. (My contract with the original creditor establishing the debt between us.)
Also during this validation period I’am asking for a 40% on the amount your office claims I owe. I would also like to request, in writing, that no telephone human contact, computer generated calls or any third parties be made by your offices to my home. . All future communications with me MUST be done in writing and sent to the address noted in this letter by USPS.
If your offices are able to provide the proper documentation as requested in the following Declaration, I will require at least 30 days investigating this information and during such time all collection activity must cease and desist.
Best Regards,
************** ********" |
Anything else i need to add??
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silklonglasting
Joined: 23 Aug 2007
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| Posted: Sat Sep 01, 2007 1:14 pm Subject: |
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It looks good to me, but I would also put not to contact you at your place of business. Make copies of this, along with any correspondence you have, including taking nottes of conversations, and keep for your records.
Like FYI said, they have until the cow jumps over the moon to get back to you, if they do at all. I am still waiting for one a year and a half later!.
Let us know what happens..Karen
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Bossy4455
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