First dealings with JDB and their lawyer
Date: Wed, 06/16/2010 - 03:41
I'd tried to settle with cap1, and then with NCO, but was never offered better than 50%.
My goal is to settle this account but coming up with the funds is tough. Mostly though I want to avoid getting sued.
Over the last week or so I've been contacted by they're lawyers, who are one state away. They're offering a 60% settlement in 2 payments, and they say I have until 6/18 (this Friday) to secure the two payments in post-dated autodrafts, one due end of June, then July. It will be very difficult to come up with the funds but I may be able to do it.
Yesterday I sent a DV letter certified return-receipt, which they should be getting tomorrow.
I've tried to talk them down and offer settlements I could more realistically make, first 2500, then 3200 over four pmts. They're just inflexible.
Supposedly they were hired to contact me and see if I'm willing to settle, then report back to midland with their recommendation after the 18th.
Everything I've read about Midland sounds like they sue for amounts a lot less than what I owe. In fact, it seems like most of what I read about dealing with JDBs is based around defending against lawsuits. I'm really averse to getting sued; I just don't want to deal with it and would rather settle.
Are there any strategies to talk them down or just put them off without getting sued?
I do have the option of electing arbitration, but from what I've read it's complicated and I'm just not convinced it will help matters.
Thanks for any help!
A couple more details. I called Cap one and asked about my acc
A couple more details.
I called Cap one and asked about my account. They did say it had been sold, and gave me the number to Midland. I called Midland and they told me my account was being handled by Collect America, and gave me that number. I called Collect America, and was told to call the number for the lawyer who contacted me.
So it appears these people are the ones I'm supposed to be dealing with. They also seem to have at least some info on the account: cc number, amount, date of last payment.
My $5,500 Cap1 just charged off and went to Portfolio Recovery.
My $5,500 Cap1 just charged off and went to Portfolio Recovery. I sent dv letter and they sent simple statement with name, account number and balance and stated they bought debt. I sent new dv letter saying this was not good enough for validation. Waiting on response.
Remember they need a lawyer in your State to sue. Why not try the arbitration angle? I may do when push comes to shove. I think once you elect they have to pursue and it is costly to them.
Keep us posted and I will do the same.
Ozzie69 - when you say just charged off. How long ago. My cap
Ozzie69 - when you say just charged off. How long ago. My cap One charged off 4/7 but hasn't been sold to anyone yet - it's still in the recovery department at cap one and are immoveable for settlement. They want 88% period. I would do 50% in a heartbeat but can't get them to give me anything. Would like lower but would take 50 just to get it over with.