Should I send DV letter?

[WiPackFan]

First, I haven't posted much on these boards, and I hope I'm in the right place...

A couple weeks ago, I received a letter from General Revenue Corp. about two private student loans that defaulted and were charged off in 2007.  I have a couple questions:

1. Will sending a DV letter have any impact on how soon they start reporting?  Will it cause them to report sooner?

2. Which state's statute of limitations would I go by if I lived in WI at the time, but took out the loans to go to school in MN? 

Thanks

[Shogun]

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@WiPackFan wrote:

First, I haven't posted much on these boards, and I hope I'm in the right place...

A couple weeks ago, I received a letter from General Revenue Corp. about two private student loans that defaulted and were charged off in 2007.  I have a couple questions:

1. Will sending a DV letter have any impact on how soon they start reporting?  Will it cause them to report sooner?

2. Which state's statute of limitations would I go by if I lived in WI at the time, but took out the loans to go to school in MN? 

Thanks

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1.  A DV would be considered timely, and no collection attempt, (reporting included), could be done until they validated the debt.

2.  They usually file in the state your currently live in, but could use either.

[WiPackFan]

Thanks for the quick reply!

[DaBears]

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@WiPackFan wrote:

First, I haven't posted much on these boards, and I hope I'm in the right place...

A couple weeks ago, I received a letter from General Revenue Corp. about two private student loans that defaulted and were charged off in 2007.  I have a couple questions:

1. Will sending a DV letter have any impact on how soon they start reporting?  Will it cause them to report sooner?

2. Which state's statute of limitations would I go by if I lived in WI at the time, but took out the loans to go to school in MN? 

Thanks

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Hi WiPackFan and welcome to the forums!!! The DV would be considered timely and would put a cease collection bar on them until they validate. Did you take the loans out while living in WI or MN?  Under the Wisconsin Statue of Limitations this is what it says once the SOL has expired in your state. 

Under Wisconsin § 893.05, a creditor may not file a lawsuit on a debt after the Wisconsin statute of limitations expires. Nor may a collection agent or original creditor collect on the debt either. If a collection agent or original creditor attempts to collect expired debt create a cause of action under Wisconsin law as well as under the federal FDCPA because any collections actions misrepresent the legal status of the debt. This consumer-friendly rule is an exception only Wisconsin and one other state share (Klewer v. Cavalry Invs., LLC, 2002 U.S. Dist. LEXIS 1778 *7 (W.D. Wis. 2002) and Gervais v. Riddle Associates, 479 F. Supp. 2d 270 (D. Conn. 2007)).

Community Leader, 

DaBears

[WiPackFan]

Very good info, DaBears.  I was living in WI the entire time, so that is a relief.  Unfortunately, I think the SOL here is 10 years for this type of debt (hopefully, I'm wrong).

  I was basically wondering if sending them a DV letter would cause them to report earlier than they already would have, if they are going to report at all.  I received a similar letter from a different CA almost a year ago, and they never reported to the CRA's. 

I know its a gamble, but should I put off the DV and hope they don't report for a while? I only need to keep this off my report for the next couple months, so I can hopefully close on a house.  I would hate to send them a DV letter and have that be the cause for them reporting.

Hope this makes sense

[guiness56]

If you do not currently live in WI those statutes do not apply.  Your current states SOL would apply.

Once they receive the DV they cannot report until they validate.  However, between now and the time they receive the DV they can.

Just because one CA doesn't report doesn't mean the next one won't.  I would send the DV only if you can afford to PIF.