topic Re: Questions about Vance Huffman Collectors and SOL debt. in Rebuilding Your Credit

Questions about Vance Huffman Collectors and SOL debt.

Anonymous — Wed, 26 Nov 2014 00:20:02 GMT

Hi there,

I have been lurking on this board for a while trying to pick up tips but now I have a question:

I have an old Wells Fargo CC charge off from August 2008 that is in collection with Vance Huffman Law Firm. I know the SOL in Texas is 4 years so this is definitely way past that. I also know that the debt will be removed next year due to the 7 year limit.

The problem is that we are in the mortage process and of course that is when this Vance Huffman thing popped up. They did call once but sent no letter telling me they were hitting my credit.

My husband and I are concerned as to how this will look to the lender. This is old debt but it looks new.

Does anyone know about Vance Huffman? Will they do a PFD or GW? Also I keep hearing conflicting things about paying old debts and your credit score dropping. Lastly can I do a debt verification letter without a dispute being listed on my credit report -- I know that will mess up our mortgage chances.

Thanks in advance everyone!

Re: Questions about Vance Huffman Collectors and SOL debt.

LShawn08 — Wed, 26 Nov 2014 01:06:05 GMT

@Anonymous wrote:
Hi there,

I have been lurking on this board for a while trying to pick up tips but now I have a question:

I have an old Wells Fargo CC charge off from August 2008 that is in collection with Vance Huffman Law Firm. I know the SOL in Texas is 4 years so this is definitely way past that. I also know that the debt will be removed next year due to the 7 year limit.

The problem is that we are in the mortage process and of course that is when this Vance Huffman thing popped up. They did call once but sent no letter telling me they were hitting my credit.

My husband and I are concerned as to how this will look to the lender. This is old debt but it looks new.

Does anyone know about Vance Huffman? Will they do a PFD or GW? Also I keep hearing conflicting things about paying old debts and your credit score dropping. Lastly can I do a debt verification letter without a dispute being listed on my credit report -- I know that will mess up our mortgage chances.

Thanks in advance everyone!

-Throwing my hat in the advice ring-

Paying old debts is only bad if the debt gets updated, that is, you don't want a update of paid or something, you want a entire removal, if it's been sitting on your credit report already. If it gets updated instead of just deleted, yes it will look new and knock your score some points. How much is the debt, if I may ask and how soon are you looking at this mortgage ?

I also didn't believe debt validation's caused disputes to happen. I believe they must send you a dunning notice, within a 5 day period of placing a item on your credit report, did they even do this ?

Re: Questions about Vance Huffman Collectors and SOL debt.

Anonymous — Wed, 26 Nov 2014 01:06:48 GMT

Thanks!

We are hoping to qualify by late December -early January. The CC was $1400 which we can save up and pay off but I don't want to jepardize our mortgage chances (ive heard horror stories of 100 point drops). If its just a few points thats okay.

Yeah no dunning letter at all. And it is on my credit report with TU and EX.

Re: Questions about Vance Huffman Collectors and SOL debt.

LShawn08 — Wed, 26 Nov 2014 01:23:36 GMT

I believe they are in violation, as they are "supposed" to give you notice that they are trying to collect a certain debt and then send you a letter within 5 days of placing it on your CR, that gives you the "30 day window" to either say "hey no this isn't mine or ignore it", as people do.

If you complain and say hey they didnt send me a dunning notice, they will do nothing but probably just send you a dunning notice and nothing gets done.

Your mortgage is on the line, so only do what you feel is most comfortable. If you can save up the money in a short period of time, I would just offer them a PFD/Pay for Deletion on the premise that they delete immediately.

The sooner you can pay, the better, just in case you have to or need to, escalate the deletion to happen sooner

Re: Questions about Vance Huffman Collectors and SOL debt.

RobertEG — Wed, 26 Nov 2014 02:17:51 GMT

A DV ia not a dispute under the FCRA, and is not even made of record in your credit file. It is a debt collection practices matter between you and the debt collector.

However, sending a DV may be more deterimental than helpful.

Sending a DV will place a cease collection bar on the debt collector, which will prevent any negotiations with them on terms of payment until the first provide validation.

You appear to acknowledge the debt, so I would not recommend sending a DV.

The debt will not be removed once the collection has become excluded, so you it can still be an issue in any mortgage app process, even after CR exclusion.

Your crrent lendor may do a final pull of your CR prior to settlement, and presence of the new collection may result in their requirment to pay as a precondition for any final settlement.

I would contact the debt collector and make a PFD offer.

That would both result in discharge of the debt and CR deletion, if accepted.

In view of the fact that you are in a mortgage app process, I would call them (preferably, a management official).

Lack of dunning notice within 5 days after reporting is a violation, but does not compel deletion of their reporting.

Any sanctions that might come about as a result of a complaint to the CFPB would be secondary to your current issues.