cancel
Showing results for 
Search instead for 
Did you mean: 

DV'd the CO and they sent a settlement offer instead of DVing

tag
Anonymous
Not applicable

DV'd the CO and they sent a settlement offer instead of DVing

what should i do?
Message 1 of 6
5 REPLIES 5
hifiko
New Contributor

Re: DV'd the CO and they sent a settlement offer instead of DVing

Wait for them to DV the account as per your request. Any additional info(i.e. date of last payment) may be helpful in directing you. Do not take any action until you receive a DV.
Message 2 of 6
Anonymous
Not applicable

Re: DV'd the CO and they sent a settlement offer instead of DVing

it's a crapital one account from two years ago. which would be the last time i paid them. it's been bouncing from CO to CO but this time it's at a law office from my state so I made sure to get them the DV and they sent me a settlement letter saying they'd accept 75% of whats owed and make it as settled and satisfied. haha
Message 3 of 6
Anonymous
Not applicable

Re: DV'd the CO and they sent a settlement offer instead of DVing

I agree with the other poster - wait  the full 30 days until you receive the response.  If you don't receive a response, send another DV with a clarification that you were not looking for a settlement offer - you were looking for debt validation.
 
Someone can post a sample follow-up letter for you to send.  Send it CMRRR like you did the first DV letter.
 
Here's some bad news - be aware that if the last CA that owned the debt sold it to a law firm in your area that specializes in debt collection, this lawyer may file a lawsuit against you.
 
 
Message 4 of 6
Anonymous
Not applicable

Re: DV'd the CO and they sent a settlement offer instead of DVing

yeah thats what i dont want to happen. I want it PFD but crap one wont give in. I'm refinancing my house so they are gonna have me pay it off by closing I'm sure so we'll see what happens
Message 5 of 6
Anonymous
Not applicable

Re: DV'd the CO and they sent a settlement offer instead of DVing

Before anything, have you confirmed that the CA whose trying to collect the debt is actually authorized to collect it (they bought the bad debt from Capital One or they're representing Capital One)?  Perhaps you should DV it before taking any action to make sure that you should be dealing with them about the debt.
 
How long do you have until your refi? Are you going to do it 6 months later or sooner?  Perhaps you can work with your lender on helping you getting a PFD for this account.    I'll let the mortgage financing experts talk more on this.
 
If you're not going to refi for a year, and Cap 1 or the creditor isn't playing nice with the PFD, negotiate for a "paid" (not "settled" or "paid for less than owed") marking for less than what you owe.  Yes, you'll take a hit initially on your CR, but in the long run, your score will improve AND the account shows as paid.  From what I been told, mortgage financing take unpaid collections more seriously than they do your score.
Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.