Rebuilding Your Credit

[lamplight2012]

I submitted my BBB Complaint against LVNV Funding. And recieved this

RE:        

Previous Creditor:  GE Capital

Original Creditor: PayPal Buyer Credit

Current Owner:  LVNV Funding LLC

Account Number: 

Reference Number:
Current Balance:  $0.00

Dear Edited to remove personal information:

This letter is in response to your correspondence dated June 21, 2012 regarding the above referenced account. LVNV Funding LLC (“LVNV”) currently owns account number ending in xxxx. Resurgent Capital Services L.P. (“Resurgent”) is the master servicer of accounts owned by LVNV.  The account was previously sold by GE Capital (“GE”) on or about September 25, 2008 at which time the balance was $410.31. As of the date of this communication, the account balance is $0.00.  Please review the following account information:

   1. GE advised that this account originated on July 26, 2007 and was opened with PayPal Buyer Credit.
   2. This account charged off on September 2, 2008 with a balance of $169.00.
   3. No payments have been received on this account since LVNV’s acquisition in September 2008.

After further investigation, this account has been closed. A request to delete the LVNV tradeline will be submitted to the three major consumer reporting agencies during the next reporting cycle.  Please allow 30-45 days for this update to occur. We apologize for any inconvenience this matter may have caused Edited. Additionally, Edited should receive no further communication from our office regarding this account.

If we do not receive additional information from you within 45 days of the date this letter is received, then we will assume this dispute is resolved.  If you have any further questions, comments or concerns, please contact Customer Service at 888-665-0374.

Sincerely,

Edited

Compliance Department                                                 

Resurgent Capital Services L.P.

So, does this mean they're going to remove it? Additionally, I receieved a letter from Allied Interstate saying they purchased the debt from LVNV Funding and are looking to settle.

[RobertEG]

Yes, it states that they are going to delete.  The reason appears now to be that they have found a sucker to purchase the debt.

Nothing precludes a new debt collector who has purchased the debt from initiating new collecion activities.

I presume their letter was dunning notice.  If they have not yet reported, you can send an immediate DV (i.e., within 30 days of their dunning notice) and impose a cease collection bar on them, thus precluding their reporting until they have provided debt verification.  They are free to report at any time prior to receipt of a timely DV.

Dealing with a new debt collector starts any DV process anew. 

 If the SOL has expired, they cant prevail in any legal action, and once 7 years plus 180 days has expired from the DOFD on the OC account, any reporting they make cannot be included in your CR, so you might choose to ignore them.

With the account opened in 7/2007 and charged-off in 9/2008, your DOFD is sometime between those dates.  Thus, CR exclusion should occur sometime  between 1/2015 and 3/2016.  To get earlier deletion, you could resort to a PFD offer.  Your call.

[lamplight2012]

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RobertEG wrote:

Yes, it states that they are going to delete.  The reason appears now to be that they have found a sucker to purchase the debt.

Nothing precludes a new debt collector who has purchased the debt from initiating new collecion activities.

I presume their letter was dunning notice.  If they have not yet reported, you can send an immediate DV (i.e., within 30 days of their dunning notice) and impose a cease collection bar on them, thus precluding their reporting until they have provided debt verification.  They are free to report at any time prior to receipt of a timely DV.

Dealing with a new debt collector starts any DV process anew. 

 If the SOL has expired, they cant prevail in any legal action, and once 7 years plus 180 days has expired from the DOFD on the OC account, any reporting they make cannot be included in your CR, so you might choose to ignore them.

With the account opened in 7/2007 and charged-off in 9/2008, your DOFD is sometime between those dates.  Thus, CR exclusion should occur sometime  between 1/2015 and 3/2016.  To get earlier deletion, you could resort to a PFD offer.  Your call.

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They sent me a settlement offer for $286.  I figure, now, Allied Interstate might be easier to deal with. But, I'm not sure. Is this company owned by LVNV Funding? I guess my next course of action is to PFD

[lamplight2012]

So, should I DV them first? or just send a PFD?

The letter reads from Allied Interstate.

LVNV Funding has purchased the above past due account from PayPal Buyer Credit and has placed your account with Allied Interstate to recover the debt.

Our client has agreed to accept one single payment in the amount of $286.32 as full an final settlement on this account. To ensure proper credit, please make all payments payablee to Allied Interstate LLC or to LVNV Funding. You can take advantage of the settlement offer outlined above only if we receieve your payment within 40 days from your reciept of this notice. After that time, we reserve the right to modify the settlement offer, or revoke the offer in its entirety.

Unless, you notify us within 30 days after receieving this notice that you dispute the validity of this debt or any portion therof, we will assume this debt is valid. If you notify us in writng within 30 days after receiving this notice that you dispute the validity of this dept or any portion therof, we will obtain verification of the debt or obtain a copy a judgement and mail you a copy of such judgement or verification. If you request of us in writing within 30 days after receieving this noticed, we will provided you with the name and address of the OC, if different from the current creditor.

[RobertEG]

It depends upon whether you want to pursue the accuracy of the debt, in whole or in part, or move directly to payment, and possibly PFD deletion.

If you send a timely DV, it imposes an automatice cease collection bar on the debt collector, thus precluding them from continuing any collection on the debt until such time as they choose to provide debt verification.  PFD negotiations are collection activities, and thus would be put on hold until such time as they provide the requested verification.

A DV is not always the best course.  It depends upon whether you are willing to wait for verification.

[lamplight2012]

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RobertEG wrote:

It depends upon whether you want to pursue the accuracy of the debt, in whole or in part, or move directly to payment, and possibly PFD deletion.

If you send a timely DV, it imposes an automatice cease collection bar on the debt collector, thus precluding them from continuing any collection on the debt until such time as they choose to provide debt verification.  PFD negotiations are collection activities, and thus would be put on hold until such time as they provide the requested verification.

A DV is not always the best course.  It depends upon whether you are willing to wait for verification.

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So, I'm new to this. I basically just want to get rid of it. But, I'm still within the SOL(In Kentucky its 5 years), so I'm kinda scared of getting sued.

I mean, I'm not really wanting to verify anything. It seems like it's accurate. They've added some interest to it. 

I see what you're saying. If I DV it's going to cease all communication until they validate alleged debt, therfore If I sent a PFD they'd just ignore it. Am I following correctly?

[lamplight2012]

I just want to make sure I'm not going to cause any trouble for myself if I do a PFD>