Settlement of old CC account-Need Advice

[Vapchez]

I have an old CC account that went delinquent(2001) while I lived in VA and should fall off of my CRs in the Fall of 2008.  I currently live in NC and the CA has recently started sending me settlement letters.  I was in the process of preparing to dispute the amount of the account.  I am willing to pay this settlement amount but I need some advice.  Should I send them a PFD letter in response to the settlement letter stating the settlement offer amount in the letter as my offer to pay or should I just pay the settlement amount?  I know that I will reactivate the SOL but in a different state.  Any advice on how that works since the account did not originate in the state I reside in now?  Also, does paying the account without the PFD affect the expected date it should be removed from my CRs?  I need to refinance my mortgage before the Summer of 2009 and want to make sure I won't jeopardize the interest rate I can get because of this one item.  Thanks in advance for your advice. 

[Anonymous]

Vap, I'm not experienced with that kind of situation, so I really can't offer you any meaningful opinion. Sorry.

But there are very knowledgeable people here that can help you. Just keep checking back.

Good luck to you.

[Anonymous]

you are past SOL in NC and VA.     IF your CR says that it will drop in 2008.......the CA can not re-age it!!!

I would send the CA a DV  CMRRR..........they know that you do not have to pay and might not answer it...................if they do not answer with complete info. within 30 days they CAN NOT report.

If they do not answer  then on day 35...file a dispute with all CRAs that are reporting.....if it comes back verified there are 2 things that you can do.

1)  fax or CMRRR to CRAs...a copy of DV letter copy of GC and cert #...CRAs do not know what a DV is soooooo say...statue #  says that a CA must validate the debt within 30 days IF they do not and continue to report said debt, They are in violation of said statue!

If they can not validate then they can not verify!  Please delete.........this worked for me.

If this doesn't work MOV all CRAs that are reporting.....they have 15 days to answer.......if they just send a form letter................then you send another letter telling the CRAs that they are in violation and to delete within 5 days or you will file a complaint with the FTC and that you will use all legal means that you must in order to make them comply.

Do you know if the CA is licensed in YOUR state??? If they are not they can not collect anyway...then file a complaint with ag in your state and in the CA state also with the  FTC www.ftc.org

You need to know IF the state that you live in requires all CAs to have a license

All DVs go CMRRR  type your name DO NOT SIGN IT!!!

IMO - I would skip the normal dispute & go with the dispute with the copies of DV  CRT # and GC.

     FAX or CMRRR to CRA

MOV letter can be faxed also if needed BUT if you send the ITS after the MOV it should be sent CMRRR ( ITS  is intend to sue...this is the one that states they have 5 days to comply)

Remember that it cost the CA money to file a lawsuit and they know that you are past SOL and if they try to BS you, then you must have copied of CR that show your DOFD date (that is proof that you are past SOL. Be sure to keep all hard copies of all CR!!!!!!!!!!!!!!!!!!!!!

Message Edited by HappyDays on 11-07-2007 11:30 PM

Message Edited by HappyDays on 11-07-2007 11:31 PM

[TryingVeryHard]

Just curious to know, I have been reading in the forum the advice not to SIGN DV.

Why?

[thotgal320]

I have seen in the forums you SHOULD NOT sign because the CA may get shady and try to somehow copy you signature.

[Anonymous]

Give me a scanner and a couple pieces of software and it LOOKS like you signed anything I can dream up...

This is one of the reasons that when I actually have to sign paperwork I always do it with my 'signing pen" (this includes my checks also - they are done with a MontBlanc) - that pen is a Waterman rollerball with blue ink (ink can be tested and the manufacturer determined) - so even if my sig is scanned and placed in a document - it was NOT done with Waterman rollerball blue ink.

Now why blue - because real easy to tell an original from a fax,  from a copy (unless a color copy then the ink manufacturer comes in).

[Anonymous]

You're past the SOL and it will drop in the Fall of '08. I would wait it out, and then refi in late '08 or early '09.