My CA will fall off in June and today I get a new dunning letter from Firstsource Advantage aka LVNV which is the original CA asking me to settle. I am outside of SOL and they state that they cannot sue but want me to settle and gave me an offer. Do I DV? Offer a settlement for deletion or just wait it out? Also noticed the OC is different. They have the OC as Citibank and not Sears. I have never had a Citibank card.
Starting Score: 547
Unless the settlement is WAY in your favor, it's probably only beneficial to pay them to make them go away. Obviously they can't sue you, and credit wise it won't matter in June. I am a fan of paying the debts you do in fact owe, but if you can settle for an amount that keeps money in your pocket then that is what you should do. Try a 15-25% offer or something like that, if they bite, get rid of them. If they don't bite, buy a shredder for the letters they'll send and call it a day until they want to negotiate.
While I am a fan of paying off debt that you owe, I don't believe in paying bottom feeders 300% of what they paid for your debt. If it was the OC, I'd pay in full.
And definitely DV if you decide to pay them. Ensure they are collecting for the right account.
Starting Score: EQ: 383 2/2011
Thank you. They are adding interest. At one time I tried to settle with LVNV but they took double the payment we agreed upon twice in one month and I caught them. I made them refund my money and told them they would not get another dime. Hadn't heard from them since until today.
I wouldn't settle for less than 25%. You have them by the proverbial balls. They are ultimately on your terms. Just watch out for a 1099-C on anything they wipe out over $600.
Even when SOL, and CTRP pass, the CAs can still hound you til the day you die.
It's more a morality issue now, as if you don't do any type of settlement, you'll always have to look over your shoulder for another CA, that owns the debt, as well as any type of "accidental' insertion into your CRA reports.
