Letter from Cavalry SPV I, LLC

[Anonymous]

Hello,

I just received a letter from Cavalry SPV I, LLC.  They purchased the Citibank, N.A account.  They listed the oringinal instution, original acct #, Calvary acct #, and outstanding balance of $12766.84.

The letter states:

"We understand that all of the account balance may not be repaid at this time.  If some of the bill can be repaid, even if it is through monthly payment plan, we would like to hear from you.  We work with our customers to find affordable repayment arrangements. 

Unless you notify Cavalry within thirty days after receiving this letter that you dispute the validity of this debt or any portion thereof, Cavalry will assume this debt is valid.  If you notify Cavalry in writing within thirty days from receiving this notice that you dispute the validty of this debt or any podrtion thereof, Cavalry will obtain verification of the debt or a copy of a judgment, if applicable, and mail you a copy of such verification or judgment.  If you request it from Cavalry in writing within thirty days after receiving this notice, Cavalry will provide you with the name and address of the original creditor, if different from the current creditor."

What do I do???

[Anonymous]

First question comes to mind. Is the debt yours? You said "They purchased the Citibank, N.A account." This could mean a few things to folks looking in from the outside.

If not then you could dispute it with them and force them to verify the debt. If it is, then you should call them and see what kind of arrangements they are willing to make, specifically if they would do PFD arrangements. I am about to call a creditor that is on my wife's stuff to see if that is something we can arrange, with a settlement offer.

Good luck.

[Anonymous]

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@Anonymous wrote:

Hello,

I just received a letter from Cavalry SPV I, LLC.  They purchased the Citibank, N.A account.  They listed the oringinal instution, original acct #, Calvary acct #, and outstanding balance of $12766.84.

The letter states:

"We understand that all of the account balance may not be repaid at this time.  If some of the bill can be repaid, even if it is through monthly payment plan, we would like to hear from you.  We work with our customers to find affordable repayment arrangements. 

Unless you notify Cavalry within thirty days after receiving this letter that you dispute the validity of this debt or any portion thereof, Cavalry will assume this debt is valid.  If you notify Cavalry in writing within thirty days from receiving this notice that you dispute the validty of this debt or any podrtion thereof, Cavalry will obtain verification of the debt or a copy of a judgment, if applicable, and mail you a copy of such verification or judgment.  If you request it from Cavalry in writing within thirty days after receiving this notice, Cavalry will provide you with the name and address of the original creditor, if different from the current creditor."

What do I do???

---

As Okele pointed out - your course of action depends on whether its actually a legitimate debt or not. If you do not think its legitimate, send them a DV (Debt Validation) request. It you KNOW its your legitimate debt, try to make a settlement (or payment arrangement) you can live with. OTOH, if you KNOW that it is NOT yours, and it might be the result of ID Theft, then use the ID Theft provision of FCRA 605B to get it off your reports, if its there.

[RonM21]

I'm with the other two posts. If it isn't yours then a DV is needed. If it is, then try to work with them as best you can. Maybe it will help in the long run in how they handle your situation.

[Anonymous]

It is my debt, I just want to know what is the best way of getting this taken care of?  Do I right a PFD, I would like to see if they could settle for half or even $8,000.

Not sure what the best approach is.  I don't want to be summoned....

Thanks

[RobertEG]

If you send a request for debt validation within the thirty day period after their dunning notice, it imposes an automatic cease collection bar on the debt collector.  FDCPA  809(b).

It does not impose any requirment to send validation, or set any period in which they must reply.

It does bar them from any negotiations on any terms of payment, including a settlement or a PFD, until they have first decided to send the requested debt validation.

Thus, if your plan is to attempt negotiation of the debt, then sending a timely DV would prevent the debt collector from responding.

If the debt is acknowledged as valid and you are seeking a pay for delete, I would not recommend sending a DV request.

[Anonymous]

Thank you for responding RobertEG,

what would be your recommendation if this was your issue? Sending a PFD or DV?

Thank You

[RobertEG]

A PFD.

[Anonymous]

With a PFD, do i have to pay the total amount they are asking for, or can I try to ask for a lower payment?

Thanks again!

[Anonymous]

i have delt with Cavalry in regardes to two Citi Accounts that were charged off. Surprisingly from my dealings with them with two accounts equal lying almost 11,000 with them I did come up with a settlement plan for less than half of that with them deleting the CA after payments were made. They were as nice as you can be for a collection agency. Just FYI they won't and cannot agree to delete the original citi bank reporting from your credit report. But you might be willing to offer a settlement for pay for deletion and ask them to verify that citi agrees to delete the trade line- it never hurts to ask.