Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Does this count as debt validation?

Date: Mon, 10/17/2011 - 12:30

Submitted by nathanbuyer
on Mon, 10/17/2011 - 12:30

Posts: 7 Credits: [Donate]

Total Replies: 13


So my credit card debt of $8000 is now with Watson Nelson and Associates. I sent them the debt validation letter. They responded.

I got an envelope from them today. All it contains is some of my statements from Capital One (and Chase....since this account was originally with Chase and then....in the middle of my settlement negotiation, this account became a Capital One account and they were completely unreasonable in the negotiation asking for $2000 more than Chase had been willing to take to settle).

So I guess what I am asking is do these statements count as validation?

My letter asked them to provide the following and all they did was send me the statements? Do I enter negotiations with them now? Have they validated the debt?



  • What the money you say I owe is for;
  • Explain and show me how you calculated what you say I owe;
  • Provide me with copies of any papers that show I agreed to pay what you say I owe;
  • Provide a verification or copy of any judgment if applicable;
  • Identify the original creditor;
  • Prove the Statute of Limitations has not expired on this account;
  • Show me that you are licensed to collect in my state; and
  • Provide me with your license numbers and Registered Agent.


Quote:


Explain and show me how you calculated what you say I owe;

They dont calculate what you owe....your account has been assigned third party....Cap one or Chase does all the calculations.

Quote:
Prove the Statute of Limitations has not expired on this account;
Show me that you are licensed to collect in my state; and
Provide me with your license numbers and Registered Agent.

Legally they do not have to provide you with any of this info. Where did you copy this crappy DV letter from??

You are dealing with third party collectors. Sending internet DV letters without putting it into your own words is not a good idea. Also, you should read the FDCPA before composing your letter.


lrhall41

Submitted by SOAPLADY on Mon, 10/17/2011 - 12:39

( Posts: 17315 | Credits: )


More importantly, what are you expecting to get out of it? Even if they made a mistake, you would have to go to court to get anything out of it.

Who is the current owner of the debt? The lawfirm name is no meaning to me. I cant tell you what they will settle for unless I know who is giving orders to the lawyer.

That aside, they will have guidelines that they are allowed to settle for without asking the client. If you want to settle for less, they will have to submit a request to settle under guidelines. You absolutely have to do this over the phone, letters dont work for hell during negotiations.
They will ask you all sorts of questions, and the collector just wants you to say what they need to hear in order to file it for you. They want you to settle, they get rewarded for it. 30% is reasonable, but you absolutely need to give them a sad story. You make less than $2k, your hours were cut, your have medical bills, you have 10 other creditors lined up, you already settled with another company for 20%, and you have 5 kids. If you have real problems, that works too. :lol:

Ive seen as low as 16% for a really large debt, it all depends on the story. They arent going to look into your background unless they are about to go to court.

Whatever you do, dont have a lawyer send them an offer. They immediately assume you have money. The only time its not good to have a lawyer is when you are trying to get a good deal. Unless you have been served, do things by yourself.

Oh, and you can always tell them you would prefer to use the money to sue them. They can choose which offer they want.


lrhall41

Submitted by doggzilla on Fri, 10/28/2011 - 22:14

( Posts: 16 | Credits: )


thanks Doggzilla for giving me some actual advice rather than the 'tude that the soaplover is sporting......

WatsNels Associates is not a law firm. They are a collection agency. They are, it appears, working on behalf of Capital One. I am not clear if Capital One still owns the debt or if they sold it.

I have no assetts. I make less than $2500 (yes, less than $2500) per year. I was able to settle a 40K debt with Bank of America by borrowing $10,000 from assorted siblings (well, $9700, actually). B of A was very reasonable and did their best to settle. Though I owe Capital One a pittance in comparison (around 8300), they gave me nothing but attitude throughout.

Not sure what I am hoping to gain. It seems to me since I have nothing, it would be a waste of their time to sue me. What can they get from me? I have nothing....I make so little money. What would be the point? According to their website, Wats Nels & Ass advise their clients on whether or not it's worth sueing to get the debt. Since I have so little (next to nothing), I hope I'd fall into the "not worth pursuing" category....


lrhall41

Submitted by nathanbuyer on Sat, 10/29/2011 - 13:33

( Posts: 7 | Credits: )


ok that's good to know.
I do hope to make a living at some point in the future.....

but if it happens and I'm working, $8000 won't be so much to worry about, I suspect. I mean, it's nothing to sneeze at, but it's not like it's 80k

If they do contact me again, I will try and work out a settlement but I have literally next to nothing right now.


lrhall41

Submitted by nathanbuyer on Mon, 10/31/2011 - 12:19

( Posts: 7 | Credits: )


actually, that's not true. Even with years of interest, it wouldn't be significantly higher. And in fact, the statute of limitations will run out long before the interest rate would be very high. If a judgement is secured against you, then that slows down the interest rate even more....

from another site:

"Penalties and extra interest are typically fictitious amounts of money added on by the collection agency to pad their profits. I've seen as much as to 50% of the debt or more claimed to be owed by a collection agency consisting of interest and fees. Example: Recently, I talked to a guy who had his $5000 original debts balloon up to $11,000 in less than 3 years. This is illegal, every state has usury laws (which dictate the maximum interests allowed to be charged.) If you consider the junk debt buyer paid 7 cents on the dollar or less, there is no way there is this much interest.

Most companies would be thrilled to get you to pay the original debt even without the extra penalties they add on and will usually be more than agreeable in waiving these fees."

So any CA asking for a significantly higher amount - claiming these are interests and fees - is trying to screw you over, hoping you don't know the law. It's actually a good reason to sue them.....

http://www.creditinfocenter.com/debt/settle_debts.shtml


lrhall41

Submitted by nathanbuyer on Mon, 10/31/2011 - 17:11

( Posts: 7 | Credits: )