Okay, first I want to speak about how remarkable this group has been for me.. Without it, I don't know where I would be.. When I first came a year or so ago, I was considering buying a home, but couldn't even get approved for a Capital One Credit Card (with a score in the very low 600's).. That being said, a little over a year later, I am a proud homeowner, driving a Mercedes Benz, and credit score sits comfortably in the mid-700's...
Okay, my issue today.. After all the cleaning of my credit, monitoring, and watching my scores take off, I get a Settlement Offer letter (I'm guessin this is a dunning notice?) from Convergent... It says the Current Creditor is LVNV Funding LLC... I called the number on the letter on Friday after reading the letter to see what this was about.. The customer service representative tells me it's about some AT&T Telecom phones from 1996... I said "WHAT!?!?!"
My question is, what if anything can they do about this?? 1996 was almost 20 years ago... Why are they attempting to come after me about this now??
They are looking to get a settlement to the tune of $221.20...
The letter has a very interesting paragraph on it, which I am not sure how to intepret.. It says:
"The law limits how long you can be sued on a det. Beacause of the age of your debt, LVNV Funding LLC will not sue you for it, and LVNV Funding LLC will not report it to any credit reporting agency"
Does this mean that they are just shaking trees to see what falls out? I don't want to just ignore it and have something appear on my credit report... I know it says that LVNV won't come after me, but what about Convergent??
You are apt to receie many different opinions on how to deal with such very old debt.
Unless something has occured to discharge a legit debt, it lives until discharged.
State laws set periods of time after which a consumer is no longer legally obligated to pay a debt, and thus can defend against any legal action seeking a court judgment by asserting expiration of the state sttute of limitations. The debt collector is saying that they realize the SOL has expired, and that they thus will not be seeking any legal action on the debt.
The FCRA also sets a period of 7 years plus 180 days from the date of first delinquency on a debt, after which any collection on a debt must be excluded from the consumer's credit report. Since that period has also expired, they are acknowledging that they cannot get their collection shown in your credit report.
A consumer can choose, based on those facts, to thereafter simply ignore any attempts to collect on an asserted debt.
If you apply for credit and others pull your credit report, they will not become aware of the asserted debt by way of your credit report, so chances are good that no one will become aware of the asserted debt.
However, the debt remains an issue, and could become a factor should someone become aware of the assertion.
It is possible for others to still become aware of the asserted debt by means other than simple pull of your CR.
Some lendors will, for example, ask for a listing of any unpaid, delinquent debt in their approval process.
You could arguably be requird to disclose the asserted debt.
Thus, in my opinion, it is still worthwhile to get the issue resolved as to whether the asserted debt is actually legitimate.
The first step would be to send them a debt validation letter under the provisions of FDCPA 809(b).
If their response refreshes your recollection that the debt is, in fact, legit, it might still be worthwhile to get it discharged, even though they wont bring legal action or get it reported to your CR.
There will not be many opinions on convergent. They are the dinosaur buyers of all debt. But you already got your answer. They do follow the law. As they told you. They can't sue you or affect your credit. It still does not mean you don't owe.
They bough it for a couple dollars.
They did same to me. I simple said don't call me agaior I get you fur harassment.
Or if you like I give you. 30 bucks to disapear. They accepted 30. Sent me receipt. And never heard from them again. There is nothing they can do. It's only up to you if you want to pay. Just seArch convergent. You will get all info you need.
I started ignoring LVNV years ago. They finally responded to me DV after nearly 20 attempts. Copies of bills sent showed no payments in over 7 years. I have not responded to them since and dont plan on it. I was always getting the rediculous 5-10% settlment offers. I figured they are just trying to get me to make a payment to reset SOL and will either try to collect the remainder or sell off remainder to another junk buyer. I'm still worried they will try to reage it to screw up what i already fixed.
i understand your fear. but once the Sol is done. its done. no one can bring it back up. no matter what they do. this company is the king of old debt. and all they want is a couple dollars. they will not bring it up. as most of their letters state. which is binding. if you have it in hand. so i would not worry. in fact. just tell them to go away. and they will usually abide.