Pay For Delete Credit One and LVNV

[todd99]

Hi I’m looking for some feedback in regards to approaching a PFD with LVNV. The original Creditor is Credit One Bank which sold the debt to LVNV. We all know both companies are fully owned subsidiaries of Sherman Financial Group, LLC. The SOL has passed but the bad marks will remain for another 7 months. And I really can't afford to wait that long. By Nov-Dec I need to apply for a loan.

I am thinking to type the PFD with both Credit One and LVNV listed in the PFD and requiring that both companies accept the PFD or a representative that can agree on behalf of both companies. I state both companies are subsidiaries of Sherman Financial Group.

I do plan to send the PFD to both Credit One and LVNV and cc: Sherman Financial Group if I can find a good address for them.

Is this a good route? I’ve read all the posts that I could find regarding these two companies (well three).

The two things I have going for me are the SOL and the fact that the bad marks are under a year from being dropped off. I see it as a win win. The PFD letter I am typing is based on templates and other successful PFD’s posted. I do stress that I am not acknowledging the debt and am leaning to adding that I will take every action afforded to me under the FCRA to have these items removed from my CR should they not agree.

Should I approach Credit One first then LVNV? Go for it? Wait it out? Any thoughts?

Any replies are much appreciated.

Thanks.

Todd (Not my name)

[Shogun]

If the debt was sold to LVNV then a PFD would do no good with Credit One, they no longer own the debt.  I assume that both are posting on your CR?

[RobertEG]

Expiration of the credit report exclusion period on the reported collection will prevent others from becoming aware of the unpaid debt by simply pulling your CR and seeing an unpaid collection.  However, credit report exclusion does not terminate the debt.  It will remain until discharged, and thus could still impact your future endeavors for credit if the potential creditor becomes aware on the unpaid debt via other means.

While expiration of SOL may be a strong incentive for them to settle or grant a PFD, termination of inclusion of their collection in your CR most likely wont have that impact.

They can still continue collection on the debt.

I would make the PFD offer to the debt collector.  If they dont accept, I would not necessarily leave the debt unpaid simply based on credit report exclusion of the reported collection.

[todd99]

Hi Shogun, yes both Credit One and LVNV appear on my CR.

[todd99]

Hi RobertEG, yes I do want the debt settled for reasons as you mention. I think I will go with PFD for LVNV and then follow up with Credit One with a GW letter or something. Thanks for the input.

[todd99]

No luck with the PFD letter but I noticed that in the comments section of my EX report that its listed as in dispute now. This is upsetting. But after doing more reading that I realize I am in the same boat as many others that filed complaintsto resolve.

The OC CreditOne lists the account as a charge-off dated Aug of 2008 and continues to report a balance of $617.00. The first delinquent pymt that lead to the charge-off is listed as JUL 2007.

LVNV reports as a DebtPurchase dated  JAN 2008 and a current balance of $1,293.00.

I think I'm going to roll my sleeves up and do a little more reading on this.

grrr..

Edited to say: I just looked at my TU and it shows a 0 balance, the way EX displays it is a little confusing..