To Settle or Not to Settle.....?

[gutero]

I have an old Citi card with an CA now... outstanding balance is $3228.  Date of last activity was 4/2010.  The CA mailed me a settlement offer, first for around $800, more recently for $1100, give or take.  Should I take it?? 

Pros and cons!

[Cadillac-XTS]

If I was you I wouldnt do anything until you can get them to agree to a PFD

[gutero]

I feel like I don't have any leverage with a PFD....  I guess it doesn't hurt to try though right?  I guess I just worry about them taking back the offer.

[gdtobefree]

When you got the first letter did you do anything? DV? or even inquire about it in some form?

If you ignored it then the second offer would be the only leg you have to stand on. 

Proper procedure would be to:

Send them a DV asking for the full accounting of the account, you want to make sure 1. they have a legal right to collect the debt, 2. They haven't added any late fees, interest or anything other funky fees to the balance, and 3. to make sure that it is indeed your account.

If you agree with their DV, then work on your settlement offer BUT make sure you include a PFD in your offer and you want their answer in WRITTING!!!!!!! 

Paper trails can be your best friend and get you out of a bind. 

Remember this, a debt collector, junk debt buyer only paid PENNIES on the dollar for the old debt that they are going to try and sucker you for the ENTIRE amount which they are not entitled to!!!!!!!!!!

That's how these scum bags stay in business 

[gutero]

When you got the first letter did you do anything? DV? or even inquire about it in some form?

 I really didn't, no.  Called once, never got a live person on the line.  I wouldn't count that.

If you agree with their DV, then work on your settlement offer BUT make sure you include a PFD in your offer and you want their answer in WRITTING!!!!!!! 

By settlement offer do you mean anything above and beyond a PFD? 

And what's the purpose of a DV if I know full well that it's my debt?  Am I just killing time?