Validation letters won't do anything for you. You need to contest the debts within the first 30 days of them contacting you. PRA will PFD. Not sure about LVNV. And it's an almost 0 chance of getting the OC to delete.
One thing I never understood on here is everyone thinking SoL gives you leverage. It really doesn't. Just admitting to owning a debt can restart the SoL in some jurisdictions.
My advice is to knock out PRA first. Then if you want to try and leverage SoL, research what can restart it, and be prepared to pay the full amount if they're savvy. Regardless, try to negotiate PFD if the company doesn't already do it.
@Ddent8 wrote:Looking on where to start and information is greatly appreciated. First I have 3 credit card debts with thr original creditors. Amex $2,271(4 years old ), Discover $4856 (5 years old ), and kohls $3077(4 years old). I have 5 collections, three with portfolio recovery $963, $650, $1222; LVNV Funding $$992 and The Bureaus $758 which are all about 5 years from date of first delinquent. I live in Louisiana and the statue of limitations is 3 years according to Google. Do I first send out a proof of validation letter to the collection agency. Before I ask for a pay for delete with them. And considering their age how low of percentage should I go. As to the OC ones, would they even budge on a pay to delete or most likely not or do I have any wiggle room to bargin for a lower payoff amount since I'm past the statue of limitations.
Thanks 😊
In my opinion, if you know you owe the debt... pay it.
For the collection agency's that offer pay for delete, the only reason to request debt validation is if you have doubts about the legitimacy of the collection agency to legally collect on the debt.
It is possible the debt validation could potentially reveal that a particular company doesn't own the debt they are trying to collect.
American Express in my experience was unwilling to accept a reduced amount and doesn't offer PfD.
Discover has been known in the past to accept 50% of current balance. Also not known to offer PfD.
Capital One (Kohl's) will often settle for less than owed. There have been a few reports that capital one has removed negative information following a Goodwill Campaign (far from common, but does happen).
From what I've read, LVNV will PFD. LVNV uses Resurgent Capital Services to service their accounts. According to Resurgent Capital Services website:
"If an account is paid in full or settled in full after we begin credit reporting, we will submit a delete request to the credit reporting agencies after the payment resolving the account is processed. Note: We do not control the timing within which the credit reporting agencies process our requests."
You might be able to settle for a lesser amount with them also. Good luck on your rebuild!
@Brian_Earl_Spilner wrote:Validation letters won't do anything for you. You need to contest the debts within the first 30 days of them contacting you. PRA will PFD. Not sure about LVNV. And it's an almost 0 chance of getting the OC to delete.
One thing I never understood on here is everyone thinking SoL gives you leverage. It really doesn't. Just admitting to owning a debt can restart the SoL in some jurisdictions.
My advice is to knock out PRA first. Then if you want to try and leverage SoL, research what can restart it, and be prepared to pay the full amount if they're savvy. Regardless, try to negotiate PFD if the company doesn't already do it.
@Brian_Earl_SpilnerRecently LVNV no longer takes payments and redirects to Resurgent. This just happened recently. Kinda strange. Caught me by surprize. Appears they are done and redirecting what they owned before and passing it on. But Resurgent kept the PFD alive as seen above. https://www.lvnvfunding.com/
The SOL is the time frame that a creditor (OC) can go legal. Since your past that. You cant be sued. Get the PFD collections done. Then go after the CO accounts. 1 account in CO status is considered a maxed out revolving account. Now if you want higher scores go ahead and settle those accounts. AMEX will let you back in with their Optima program but they have to be PIF. Discover will be a while if PIF. Revolver util counts more than 1 collection that will be left over that doesnt PFD which is The Bureaus. Unless they changed their tune. Doesnt say anything on their site. Make sure you can settle before you attempt to contact them.
There’s a lot to think about before you decide. The Federal Trade Commission notes that if you make a payment or agree to payment arrangements in certain states, the debt is revived. That means the statute of limitations is reset, allowing the collector to legally sue you for the remainder of the debt.
@Brian_Earl_Spilner wrote:Validation letters won't do anything for you. You need to contest the debts within the first 30 days of them contacting you. PRA will PFD. Not sure about LVNV. And it's an almost 0 chance of getting the OC to delete.
One thing I never understood on here is everyone thinking SoL gives you leverage. It really doesn't. Just admitting to owning a debt can restart the SoL in some jurisdictions.
My advice is to knock out PRA first. Then if you want to try and leverage SoL, research what can restart it, and be prepared to pay the full amount if they're savvy. Regardless, try to negotiate PFD if the company doesn't already do it.
LVNV will PFD they have a stated policy.
