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I have received a letter from Portfolio Recovery for a credit card from Capital One that was charged off. I am wondering if I should send a DV to them. I do plan on paying it but don't have the money to pay at this time. Should I just wait and contact them once I am able to pay? It is not quite past the SOL for my state.
if you contact them they will want a payment within the month that or otherwise they want something down then you can spread out the payments throughtout the year depending how much you owe, they want something down by the end of the month though.
If you send your DV within 30 days of their collection (dunning) notice, you will impose a cease collection bar on them until such time as they provide the requested debt verification. I presume they have already reported their collection, so a DV at this time would not affect their prior reporting.
If you either want their statement of debt verification or want them to cease collection activiities until they verify, then send a DV.
A DV might result in review of their next step that otherwise may have remainded dormant, such as initiating legal action, so it has potential drawbacks.
Additionally, if they choose not to respond to your DV, and simply defer further collection activity, the continued cease collection bar will also preclude any PFD negotiations should you later decide to offer payment and they have not yet verified.
What is your primary purpose for sending a DV?
Well I just thought that was the first thing I should do since some have had luck with creditors not validating.