Got Debt validation letter-I think

LVNV claims that they have sent you the debt validation request. After reading, you find that the necessary account information is missing in the letter. You have to place it on dispute with the company and request for the verification. The company can't force you to pay the debt until the account has been verified. They should not even threaten you with legal actions.

After you have got the necessary details from the company and verified your account, then only make payment arrangements with them. If you can send some advance with your proposal, your deal will become more effective. You will always have proof of your efforts if you keep everything documented and sent through certified mail with return receipt requested.

So I send them another letter for debt validation, saying I want what specific info they aren't providing. This credit card was issued in 1982, so I don't know how much info they heave. Thanks David

Oh Heaven! don't pay anything on this account. This debt from 1982 is way out of the SOL period if you have not made any payment recently or signed a promissory note.

The company is trying to collect the money thinking that you are not aware of the statutes in your state. They want you to make a single payment so that this account can be made active and hence enforce legal collections. The fdcpa laws mention that you can legally refuse to pay the debt if it is past the SOL period.

You need to write a letter to the company mentioning your dispute that the debt is out of the SOL period. Be sure that you have not paid anything recently in this account. Send this letter through certified mail with return receipt requested. Keep a copy in your file so that you have proof of your actions. In case, the company tries to take the matter to the court, you have proof to bring out your part of the story.

Unfortunately, I made a payment to Sears in December,LVNV bought it from them sometime in late Jan. 2006. Haven't made a payment to LVNV yet.

Due to the payment made on this account, this account will appear in your credit report and is also within the legal collection period. Now your suitable option is to arrange a lower pay off and get out of this mess. Tough luck this time but you must have learnt something from this mistake.

This brings to mind an important note. It is very important to know , or at least make a record of Dates of Last Activities (DLA), especially on accounts which you have closed , or may be open by not active.

In this case the account appears to have had a DLA in 1982, which would have been well past the Federal and State Statute of Limitations. By this person making a payment to Sears in December 2005, they re-started the clock, and thus have opened themselves up to possible legal action. This is exactly what LVNV funding was hoping would happen. They purchase these debts for mere cents on the dollar. If the debt was $883.00 (for example) and they paid three cents on the dollar for this account, they invested (roughly) $26.00. If they can get you to pay full price they have received a substantial profit on a small investment. Even if they only collect $52.00 they have doubled their profit.

If you find yourself in this situation, the Collection Agency which purchased your debt in this manner, still is not considered to be the original creditor, and is considered under the fdcpa to still be a collector. They do not enjoy the rights or remedies available to original creditors. This is spelled out in several FTC Staff opinions, particularly to Arbuckle of Midland Credit. These opinions can be viewed on the FTC FDCPA web site at https://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/fair-debt-collection-practices-act-text

It is always important to remember if a debt has passed its statutory time; no legal actions can be taken against you to collect. However, if you make any payment, or even (in some states) discuss payment arrangements, the clock resets, and the option of legal action to collect is again available.

IF you have a debt which has passed its statutory limits, and you want to pay it off in good faith, do so only if you can pay it in full, and then you must bear in mind that once that payment is received that creditor can report it , and if they (most likely) report it as a paid charge off, that will remain as a negative mark on your credit report for an additional seven years from the date of last activity ( which would be the date the payment was made).

one thing you can try on a lump sum payoff of an old stale debt is to get the creditor to agree in writing to report the payment as paid in full. Get this in writing before paying. that way you can dispute it to credit bureaus if they do not follow the agreement. here is a question though.. if a debt buyer buys an account (charged off or not) they become a creditor.. so if you pay them, could you argue that it is not a paid charge off, since they (as owners of the debt) were paid?

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hi, my email addres email address removed as per forum rules - Mike. i wuold like to know my validition id.

Agnelia

Perhaps, you have come to the wrong place. Which company are you looking for? This is a public forum discussing about debt issues and the company you are looking for is not affiliated with this website.

for my defaulted credit card acct. My situation is I had a Bank-of-America CC that went default because I was disputing unauthorized charges, int.&penalty, then over-the-limit charges for the acct. Acct was sold 2 times, last to Centurion Capital, in Jan. 2006,who has hired W&A attorneys to collect in Superior Court of CA. I signed a settlement form from W&A to pay in 2 installments for an amount I think would have been the amount I owe without unauthorized charges. Now seeing that Centurion might have bought the acct for alot less, I would like to renegoiated another settlement, is it too late because I've already paid one installment? Also, I signed the settlement letter but I have not got it back with their attorney's signature. Do I have a settlement yet? I would appreciate your advice. Thanks.