DV before accepting settlement offer?

[Kennie02]

My DH has a few cc's that have been charged off. I am working on improving his FICO. He recently received a settlement offer for one CC. I have not sent a DV to them yet. Should I do this first? I would really like to settle it or PFD. Any advice would be appreciated!

Thx!

[TheFate]

Yes, first send out a DV certified mail.

Do not settle on any debt unless its a mutal benefit. If they are able to confirm the debt by providing signed paperwork by you then the next step is to offer a PFD in writing. If they cannot offer that then just leave the debt alone as paying it off will hurt you more than anything.

[Ysettle4]

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@TheFate wrote:

Yes, first send out a DV certified mail.

Do not settle on any debt unless its a mutal benefit. If they are able to confirm the debt by providing signed paperwork by you then the next step is to offer a PFD in writing. If they cannot offer that then just leave the debt alone as paying it off will hurt you more than anything.

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+1

[gdale6]

For debt valaidation they do not have to provide signed paperwork, they can validate with as little as name, OC & amount owed thats all it takes by law, you can request itemization of the debt with the DV and that is what I would do.

[Anonymous]

when u say few cc with chargeoff's just how many cc's are we talking here. is it within sol. what is the amt what is dofd why do u need to settle.

if improving fico scores is the goal it  has to be deletion of all chargeoff's, not just one cc. any other baddies. is it a thin file. how many revolving positives tradelines r there.

[wa3more]

A lot depends if you are dealing with the OC or a CA.

An OC will have all the paperwork.Most major creditors will not do a PFD.

Is debt close to SOL? Did OC/CA violate any laws. If so, you have some leverage.

Remember, the bar is very low for DV.

If you have an agreement or contract, review it and see if it has an arbitration provision.

[TheFate]

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@gdale6 wrote:

For debt valaidation they do not have to provide signed paperwork, they can validate with as little as name, OC & amount owed thats all it takes by law, you can request itemization of the debt with the DV and that is what I would do.

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There needs to be an orginal contract in place with your signature proving you agreed to pay or else everyone would lose with fraud cases.

[Kennie02]

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@Anonymous wrote:

when u say few cc with chargeoff's just how many cc's are we talking here. is it within sol. what is the amt what is dofd why do u need to settle.

if improving fico scores is the goal it  has to be deletion of all chargeoff's, not just one cc. any other baddies. is it a thin file. how many revolving positives tradelines r there.

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So maybe "few" is not the right word! He has 8 cc that have been CO. He is within SOL because the DOFD is anywhere between 12/2012 and 4/2013. He was going to BK but couldn't due to raise/promotion. I am working on improving his FICO score for a mortgage hopefully by summer 2016. I am hoping that I can settle and get a PFD from the CA but are you saying that it won't remove the CO reporting by the originial CC?

He currently has only 3 positive tradelines, 1 other tradeline w/ several lates (last 07/2013 120 days), and I got his utli down to 70%. I got him 2 cards via shopping cart trick in hopes to get a boost. File is not thin. AAOA is 6 years but if all those cards get deleted then it will go down for sure.

[CreditGuy03]

If it does have arbitration then what?

[wa3more]

Send a certified letter to OC/CA or attorney saying you elect private contractual arbitration. Sometimes its better to just initiate for the $250 fee.It's insurance against a suit.

JAMS is the preferred forum. If your contract has JAMS/AAA and you elect and they threaten suit or sue, you can sue them.

Arbitration is used for leverage due to its expense and works well for debts under 15k or so.It's even better if you have any FDCPA/FCRA or other violations.