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I knew that, sorry. Don't know where that came from lol.
No sorry needed. I appreciate all of your help and advice. Thanks!
This is too hinky. Do not pay them a dime. A legitimate CA who owns a legitimate debt will not behave in this manner. I would immediately contact the FTC and your state AG and report them. Should they call back I would inform them of these actions and ask if they wish to proceed.
@Shogun wrote:This is too hinky. Do not pay them a dime. A legitimate CA who owns a legitimate debt will not behave in this manner. I would immediately contact the FTC and your state AG and report them. Should they call back I would inform them of these actions and ask if they wish to proceed.
+1
Grrr! I just checked Equifax.com and there was an alert. This POS pulling my CR added a HP causing my score to drop 4 points.
Hi Hopingsoon,
Any updates on this? Did you make any payments?
I just moved and literally the first mail I got was from Dynamic Recovery Solutions asking for $525 in full. I had never heard of these guys before. I took out a payday loan sometime in 2006 and I thought I had paid it off. I called the original creditor this morning and they told me that they sold the debt in 2007 for $315 to Paragon Way. Of course, none of the numbers I found only for Paragon Way are working.
So it seems like I have a legitimate debt, but I'm not sure of how to approach Dynamic Recovery. They haven't pulled my credit report, but now I'm worried that they may do so and will start flooding my mailbox. I'm fine paying it off but would have to do it in installments and not with my checking account. Did you receive any letters from them? They sent me a bill with info on how to pay online.
@raggamuffin wrote:Hi Hopingsoon,
Any updates on this? Did you make any payments?
I just moved and literally the first mail I got was from Dynamic Recovery Solutions asking for $525 in full. I had never heard of these guys before. I took out a payday loan sometime in 2006 and I thought I had paid it off. I called the original creditor this morning and they told me that they sold the debt in 2007 for $315 to Paragon Way. Of course, none of the numbers I found only for Paragon Way are working.
So it seems like I have a legitimate debt, but I'm not sure of how to approach Dynamic Recovery. They haven't pulled my credit report, but now I'm worried that they may do so and will start flooding my mailbox. I'm fine paying it off but would have to do it in installments and not with my checking account. Did you receive any letters from them? They sent me a bill with info on how to pay online.
Please be careful when dealing with people like this. Don't sign anything nor agree to anything without thoughtful consideration. Don't enter into a payment plan. This is an old debt, and depending on your state, probably passed the SOL and nearing the CRTP anyway.
Research the SOL of your state, then verify if it is outside the SOL, if it is, offer a 20% payment to end the debt to start with.
Quick question, are they on your CR?
Thanks Shogun. I just checked the SOL for California and it looks like it's 4 years. There is nothing on my CR from them. In the letter they offer me three settlement options:
1) $157.70 to settle account and it will be considered satisfied.
2) Two payments of $131.25 to settle account and it will be considered satisfied.
3) Four payments of $85.31 to settle account and it will be considered satisfied.
Should I just not respond at all or settle for one of the offered amounts? I just barely moved and don't want them hounding me. If I pay, I also don't want the hassle of them putting a tradeline on my CR and then having go about getting a deletion.
I'm not sure of the timeframe if they could put it on your CR. I'm not sure of the CRTP. However, you could offer them a modified PFD, that they won't put it on your CR, but I wouldn't go by their terms. I'd offer around $50 or so.