I was contacted by Capital Management Services on

Date: Wed, 02/23/2011 - 07:33

Submitted by Darreck
on Wed, 02/23/2011 - 07:33

Posts: Credits: [Donate]

Total Replies: 2

I was contacted by Capital Management Services on behalf of LVNV Funding LLC to resolve a debt that i owe from 1997. It was in collections in 2003 and that was the last time it was paid. The debt is currently NOT on my credit report. I was offered a settlement amount of 10% of the original balance due, which is appealing considering the entire amount. After doing research on my credit report and not locating the debt i was reluctant to submit payment due to the fact that the statute of limitations in pennsylvania is 6 years and has passed. If paying the debt will help my credit score improve than i am happy to pay the amount. If by submitting payment i am just giving money to the collection agency then i don't know if i should pay.

At this point can this debt affect me if i continue to not pay?

If its off your credit report dont do anything other then send t

If its off your credit report dont do anything other then send them a FOAD letter, If its out of reporting period paying will put it back on your report as a paid collection account and will hurt your score and if its out of SOL then they cant sue you for it or if they try that is your defense

lrhall41

Submitted by anonymous on Wed, 02/23/2011 - 08:28

( Posts: 202330 | Credits: )

I agree...not to mention LVNV is notorious for not having proper

I agree...not to mention LVNV is notorious for not having proper validation and for padding the debt to line their pockets. If you really want to pay off this debt then you should first DV LVNV and send a copy to Capital. If they miraculously produce documentation then you can write out a settlement agreement, the 10% of the debt with stipulation that it satisfies the account in full and that the remainder would not be sold. You would also want a non disclosure agreement stating they may not discuss the debt with any third parties.

All that basically protects you from them selling off the remainder of the debt and from reporting to the credit reports. BUT be aware if you go this route that you will get a 1099-c for the remaining amount (if it is over $600) and you will have to pay taxes on it as income.

At this point, paying the debt will not help your credit at all since it is no longer on the reports.

lrhall41

Submitted by goldenbast on Wed, 02/23/2011 - 08:51

( Posts: 2884 | Credits: )