Santander Collection

[MortgageMinded]

I finally start making progress and was in a position to settle with Santander by the end of the month.      

It seems they  have placed my account with a CA for about $4000 more to what I have owed them.  I received a DL today post dated to earlier this month and yes my account is within the SOL.   I have worked so hard to get my scores up and finally purchase a house to let this get in the way.   SO here is my quandry.   Do I DV this now?    What once was easy to settle may now have complicated the matter by doing nothing.  

I know several of you expressed trust issues but now I have another party involved and the price tag has escalated almost 30 percent.  

What does DV'ing this do for me at this point?    What is my best point of action to keep my credit scores up?   DO I make a settlement with the Collection Agency?  

Any help is GREATLY appreciated.....   Else, when this hits my CR, all I worked for is gone for at least a year or more.     

[polno1234]

 since you just got the dl i would go ahead and dv them and give santander a call to see if they still own it. you may still have the option of working with them. without knowing if the ca is acting on there behalf or has physically bought the debt its kinda hard to determine what to do.

[RobertEG]

Two basic paths could be followed.

You can contest the amount of the asserted debt, of which a DV might help, or you can pursue its payment, with possible offer of a PFD to obtain deletion of their reported collection.

If you wish to contest the amount of the debt prior to considering any offer to pay, then you can send a DV.

Several factors relate to what you may or may not obtain by a DV at this point.

First is whether your DV would be timely.  A DV is used when you want more info, such as an itemization of the asserted debt.

If your DV is timely, meaning it is sent either prior to having received dunning notice, or within 30 days after receipt of dunning notice, its effect is that it imposes a cease collection bar on the debt collector until such time as they choose to provide the requested debt verification, including an itemization of the debt, if also requested in your DV.  It imposes no period in which they must respond.

If your DV would now be untimely, it imposes nothing on the debt collector, and they can go on about their business wth no need to respond.

Itemization of the debt would provide you information needed in order to evaluate whether the amount they are asserting is permissible under the statute.

The statutory definition of what a debt collector can attempt to collection is specified in FDCPA 808(1).  That provision of the FDCPA basically states that a debt collector cannot attempt to collect ay amount, including interest or other fees, unless those amounts are specfically authorized in your account agreement that created the debt or are otherwise permitted by law.  With an itemization, you can compare their stated amounts with those authorized in your account agreement with the OC.

If you send a timely DV, you are in limbo until they choose to provide the requested validation.  The cease collection bar you impose on the debt collector will then prohibit them from any negotiations until they have first responded.

Thus, two basic considerations.... do you wish to pursue the amount of the debt prior to negotiating payment, and if so, would a DV at this point be timely?

[MortgageMinded]

Thanks for the response, never written a dv, is there an example? Also, I am going to contact OC on Monday and try to circumvent this, but my fear is that if I can't do this fast enough, it'll still hit my credit and this is not a company that will revoke it. I am also a little shy to pay the CA one amount and have the OC try to reneg the difference.

I am not sure if the CA will do a PFD and I don't have the funds in full to pull this off.   The timing couldn't be worse.   But if it puts things on hold, it may be worth DV.

[RobertEG]

Standard DV format, kept short and to the point:

"This is a request for debt validation under FDCPA 809(b).

This is NOT a dispute under the FCRA.

"In additon to verification of the debt, I also request an itemization of the asserted amounts of the debt."

[polno1234]

dv letters are listed in where did the stickies go.at the top of the forums. good luck  do a search on santander aswell. there is a wealth of info about them on here. goodluck. sending good vibes.

[MortgageMinded]

Thanks all, it's been a day. Hoping I can get this straightened out quickly. Best to all!!!