Rebuilding Your Credit

[fishbjc]

I've been offered two settlements so far, my balance with LVNV is $2200, they offered $1495.  A medical at 20% off (not reporting), and VW offered a savings of $1,000 for my lease turn-in.  it's what I've been waiting for.  It's not reporting and I've been paying $100 a month on it.  I've turned my taxes in and should be a nice refund since I've paid the Federal an additional $3k.

Now......do they have to tell me, up front, if they are doing a 1099?  Or should I get LVNV under $600?

[awdsmama]

Oh boy, the bottom feeders are about to come out!   I notice them in February a lot too....sorry Portfloio and Asset you aren't getting a dime on a 12 year old debt but keep spending your $$ mailing me the letters LOL

[Kathy4NU]

I noticed it too!!

I received a settle offer on Tuesday for a debt that is 12 years old!!!!

They offered $1600 on a $2000 bill (the original bill was $400).  They even put on the bottom of the letter that they cannot report to the credit bureaus nor sue me because of the age of the accounts.  I wonder if anyone really falls for these.  Now if it was a settlement for $400 I probably would have done it to clear my own conscience.

[fishbjc]

I'm going to go for the LVNV b/c it's reporting, but the others.....I may just utilize that 3k to pay on debt that's reporting.

I owed the DMP almost $20k 18 months ago, I'm down to $7k after LVNV and the little ones I have chipped away at.

[_jb_]

Sorry I have nothing to add here, but can't for the life of me figure out what LVNV means (other than the company that comes up on google). Care to enlighten me anyone?

[fishbjc]

LVNV is Resurgent, a CA. 

[guiness56]

No, they don't have to tell you up front they are issuing a 1099-C.  If they send one to the IRS, they have to send one to you.

[SamsungHDTV]

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fishbjc wrote:

I'm going to go for the LVNV b/c it's reporting, but the others.....I may just utilize that 3k to pay on debt that's reporting.

I owed the DMP almost $20k 18 months ago, I'm down to $7k after LVNV and the little ones I have chipped away at.

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I'd suggest to you attempt to negotiate a PFD letter so that they don't report after you pay them off.

[coterotie]

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fishbjc wrote:

I've been offered two settlements so far, my balance with LVNV is $2200, they offered $1495.  A medical at 20% off (not reporting), and VW offered a savings of $1,000 for my lease turn-in.  it's what I've been waiting for.  It's not reporting and I've been paying $100 a month on it.  I've turned my taxes in and should be a nice refund since I've paid the Federal an additional $3k.

Now......do they have to tell me, up front, if they are doing a 1099?  Or should I get LVNV under $600?

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Are you outside the SOL on the LVNV?  If so, point out that they only paid $66 bucks for the account, anything more than that number is gravy for them.  Then low ball them.  They may try to say they will ask the OC, but likely, the OC won't see a dime of the money.  So tell them you're onto that scam as well.  Then gradually increase the amount you will offer, while at the same time increasing the requirements on them.  $100 for PIF, $200 for PIF with deletion,  $300 for PIF, deletion, no 1099.  You get the idea.

I negotiated contracts with lawyers for a living for 20+ years.  I always won.

[ficophobic]

So, is that why I'm getting the letters and threatening phone calls?  Well, I'm not getting a refund.  I owe the IRS too.