2 Settlement Letters From LVNV, With Credit Control, LLC as CA
I had this Sears account that I'd stopped paying on in 11/2008 because of losing my job. I had owed $9000 on this account at that time. I have been busy dealing with other overdue accounts that I have had since then.
Last week on 1/7/2011, I'd received this settlement letter from this credit agency called Credit Control, LLC. They state that the current creditor on this debt is LVNV Funding, LLC. They state that the original creditor is Sears (my old account).
In this letter, they state that they will settle my debt for $541.32. They then state the notification clause of having up to 30 days to dispute the validity of the debt.
Today, 1/13/2011, I received another settlement letter from Credit Control, LLC. In this letter, they are telling me to forget about what was stated in the previous letter that I had received on 1/7/2011. Instead, in this current letter, they say they will settle my debt for $5954.47.
I don't know what they are doing, this Credit Control, LLC. I am not sure how to approach these two letters. Of course, the original letter with the smaller settlement amount is more appealing than the more recent letter. I get the impression that someone out there at Credit Control, LLC does not know what one hand or the other is doing.
Please help.
Thank you for your time in answering my question.
Sincerely,
mbeat954
Hi! Welcome to the forums! It has been observed that most credit
Hi!
Welcome to the forums!
It has been observed that most creditors don't agree to lower the debt amount by more than 40% to 60%. So, I don't think it will be possible for anyone to settle the debt for $541.32. I think Credit Control LLC printed the settlement amount (in the first letter) by mistake. They must have realised their mistake later on. That is why, they modified the settlement amount and sent you another letter on 13th January.
Yes, I agree that the first settlement is far more appealing than the second one. But, it is too good to be true. You can obviously tell them that you would like to accept the first settlement offer. I don't think they will agree to work on the first settlement offer. If they refuse to work on the previous letter, then you can negotiate with them on the second settlement offer.
Finally, don't forget to check whether or not your original creditor has really assigned the account to LVNV Funding LLC. You can also settle your account with LVNV on your own or can work with any other settlement firm. Know about how to deal with LVNV from the following url:
http://www.debtconsolidationcare.com/forums/lvnvfunding.html
Hello, my father asked me to seek some help for a similar matter
Hello, my father asked me to seek some help for a similar matter. He received a letter from an attorney who stated that LVNL Funding LLC will acept a sum of $313.73 as a settlement and final payment out of the $1177.28. The date for the payment is due January 26, 2011. We're afraid that even after making this payment the remaining debt will be transferred to another debt collector . Has anyone here paid off a smaller settlement and not gotten anymore claims?
Mbeat954 In my opinion, they can not undo their original offer
Mbeat954
In my opinion, they can not undo their original offer by sending you a second letter. I would be tempted to pay the $500 bucks and hold that letter forever. Please keep in mind though that LVNV is a bottom feeder collector and paying them anything might just be wasted money. In addition, they may try to twist things even if you pay the 500. I certainly would not pay them 5000 on a debt that they probably bought for under 100.