10-12-2010 11:48 AM
Asking for all the help I can get.
I just got a settlement letter in the mail from LVNV Funding for a gas card. Bal $1286.25, offering that I pay $514.50. What should I do, I have the money to pay it however they have three other accounts reporting on my credit report.
Will they send letters to settle the others or ask for payment in full?
Should I ask for pay for deletes?
10-12-2010 12:49 PM
I had a collection account through LVNV and they were not great to work with at all. They wouldn't even consider a PFD on my account. I did, however, have a $1600 collection account from an old Best Buy card that I defaulted on, and they ended up taking $241 as a settlement amount.
You might have a little more leverage on getting those others all taken care of for a lot less if you offer to pay them all at once.
Have you DV'd them?
10-13-2010 02:45 AM
Good questions. I hope my opinions arise to the level of good answers!
First, if they hold collection authority for other accounts, that is covered by FDCPA 810. You have the sole authority to specify the debt under which any payment is made, and how it is to be applied. . It is illegal for them to tie your offrered payment to one account as being contingent upon their terms of acceptance of payment.
You have three options
First, just pay the debt in full, one account at as time.. Then they are a done dawg,as far as any furhter action they can take on the debt on that account.
You can alternately take two other riskier, but potentailly more fruitful, risks.
You can offer them a PFD for less than the full amount. Less money out of your pocket, should they accept, and also deletion from your CR, if they accept. The ultimate win. But the risk is simple. They dont have to accept, and the next thing you may see is a service of legal notice of suit for the entire debt, plud fees.
A PFD offer for the full amount has a higher likleihood of acceptance, but costs you more money out of pocket to comply with your payment offer.
BUT, any PFD offer runs the risk of no consideration, or even response, by the creditor.
Then you have to evaluate the risk of legal action. What is the date of SOL commencement under your state law, and what is your state as to your expiration of SOL for this debt.
There is no way that anyone can give you firm advice on next step unless they can read the minds of your creditors/
So I offer options and risks, not advice.