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Established Member
Posts: 33
Registered: ‎12-11-2012
0

DV question

I was wondering if you should DV if you know the debt is yours? I'm not encouraging inaccuracy, but I've heard from debt management things I've read that sending a DV is a standard practice for any debt. I have some debts I know are mine, but I'm not quite sure the amounts are accurate.


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Senior Contributor
Posts: 3,322
Registered: ‎05-05-2011
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Re: DV question

You'll get more help with this topic under the Rebuilders thread. You can always DV, but even if they don't respond, it doesn't mean that you an get an inaccurate item off if your CR. 

 

if you're just concerned with the amts, you'd be better off contacting OC. In general, you want to limit or avoid calling CAs. if you're sure the debts are yours, your best bet would be to PFD, if you have the $. 

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Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Senior Contributor
Posts: 4,189
Registered: ‎03-24-2008
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Re: DV question

+1 and I would also like to add......If the amounts are higher, it could be from interest being added to the debt.

 

 

 

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Established Member
Posts: 33
Registered: ‎12-11-2012
0

Re: DV question

Thanks! I think I'll DV just to be sure. Do you DV the OC or the CA or Both? I have a credit card (JCPenney) that now has NO reference to JCP, but Portfolio Associates. The only reason I know it's probably JCP is by the amount. Do I DV Port. Assoc.?


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Moderator
Posts: 13,756
Registered: ‎04-15-2011
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Re: DV question

DVs are for CAs only, so yes you would DV Portfolio.



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Epic Contributor
Posts: 20,270
Registered: ‎03-19-2007
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Re: DV question

[ Edited ]

Sending a DV is not, in my opinion, "standard practice" in all situations when dealing with a debt collector.

A lot depends upon how the consumer wishes to proceed with their next step.

 

The DV process is intended to require debt collectors to cease collection activity until such time as they have provided the consumer sufficient information to evaluate their obligation of the asserted debt, to get a statement of its current amount, and, if unsure of the origin of the debt, the name of the original creditor.

 

In their dunning notice, they are required to state the amount of the asserted debt, and identify the current creditor.  If the consumer recognizes the debt obligation and agrees with its amount, little additional useful information will most likely be provided.  The debt collector is not required to provide supporting documentation in their verification, so the consumer cannot expect proofs to be provided.

 

What the DV then provides, if timely, is a respit from active collection on the debt.  And that respit is only achieved if the DV is sent within 30 days of receipt of dunning notice.  If untimely, it can be ignored, and most likely will create frustration on the part of the consumer due to their lack of response.

 

If the DV is timely, the cease collection bar imposed can cut two ways.  While in effect, it bars the debt collector from conducting any negotiations on any PFD offer, so if the consumer wishes to pursue a PFD negotiation, that is put in limbo until debt verification is received.  Such might be the case, for example, if rapid CR deletion is needed for qualification for needed credit.

 

 

 

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