collection inquiry after DV... should I be nervous?

[jcstarkey8826]

Law offices of Kevin Shine (square two financial Collection company) has a hard inquiry posted OCT 26.

I DV'd them back in march, certified return receipt, and never heard a word from them. Was trying to save up the money to pay it and give me some time to keep it off my reports until then. I have saved 30% of the debt (3k).

What does the inquiry mean? Im just wondering if I should offer them the 30% I have saved or leave it be until they contact me. I just dont want this to go on my reports, the original charge off is from a Key Bank student loan, and they have sold the debt/written it off to square two. They sold it in November 2011, and sent first dunning notice in march. DV'd the day I got the letter by fax and certified mail. Havent heard a word since.

Should I contact them to offer what I have in hopes of keeping it off my report, or should I wait it out and continue to save until I have a better offer to give?

[madmann26]

It can't hurt to ask them about a settlement. If you do, ask them about removing the hard pull as well.

[Shogun]

You sent them a DV right when you got the first dunning notice?   Now they have done a HP without having answered your DV?  I do believe that is an attempt to collect the debt without validating it and is a FDCPA violation.

[madmann26]

/bong smash

[jcstarkey8826]

thats what I was thinking, but It just happened three days ago. My fear is that they mailed it out already and I should get the validation soon. I dont know what to do though.

[jcstarkey8826]

Just an update: I emailed their compliance email (the only info I could find) because my fax wouldnt go through. kept saying their line was busy.

I saw their BBB complaints, and the first one I read mentioned that they offered the person a 38% settlement. So I figured I would email them my 30% settlement offer, and if they accept, great, or if they up it to 40% or something I can have that within 30 days. Hopefully I can get this debt behind me, It was a huge mistake that I honestly had no idea about. College kid mistake.

I also mailed them a letter, hopefully they will accept my offer or give me another settlement offer. I always wonder how much they pay for debt? lol

[madmann26]

It's pennies on the dollar.

They're making their money. Don't worry.

[jcstarkey8826]

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@madmann26 wrote:

It's pennies on the dollar.

They're making their money. Don't worry.

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Ok, well cross your fingers for me. This is my only debt out there, and Its been such a dark cloud for the longest. They havent reported a collection yet, so Im hoping to get the settlement. I included that they not report to any CRAs if they agree to the settlement. That would be fantastic!

[Shogun]

Good work there!  Best of luck!

[jcstarkey8826]

AHHHH, sorry to keep this thread going, but theres more... I just received an email back and the letter agrees to the settlement, but doesnt say anything about removing their hard inquiry, or not reporting it to the CRAs.

Should I pay to be done with this, and just hope that they dont report a collection? Like I said, they arent reporting anything right now, if I pay they would have less of a reason to, right?

What would you do? I dont want to miss out, and would love to get this off of my chest!