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I received my first letter and settlement offer ($690) from LVNV for a HSBC debt ($1,700). The letter states I have 30 days to dispute the validity of the debt and includes the message "The law limits how long you can be sued on a debt. Because of the age of your debt, LVNV will not sue you for it".
The DOFD is back in 08 and this should fall off in early 2015
Where do I go from here? Send a DV? If so, what should the DV letter state?
Thank you
Whether to send a DV depends upon whether you wish to negotiate on the debt.
If you have issues over the legitimacy of the debt or its amount, the DV process is the first step.
However, if you send a timely DV, it imposes an automatic cease collection bar on the debt collector, precluding them from continuing any collection activities until such time as they choose to provide the requested debt verification. So it will put negotiations in limbo.
If satisfaction of the debt is on your agenda, you may wish to pursue settlement options, such as requested CR deletion or, if settled for less, not reporting that fact to the CRA, then a DV might not be the next step.
If you send a DV, it need state no more than "I request validation of the debt under the provisions of FDCPA 809(b)."
The only additional inclusion might be for the name of the OC, which is not automatic in a DV request.