Cavalry Portfolio Services - Advice?

[ThisIsJamez]

Hi all,

I am definitely new to the forums here. I was hoping one (or more) of you could help me on my credit restoration journey. I currently have one debt in collections. I had a credit card with Bank of America while I was in college and it is now in collections. The collections agency is Cavalry Portfolio Services. They started reporting in August 2013 and sent me a letter in January 2014 that stated the amount and the original creditor, which I am completely aware of. I didn't know about DV, PFD, or GW stuff at the time and I didn't have the money to pay it. I secured my first job a few months back around the time that this started being reported on my credit report (I check via CreditKarma). Anyway, I have the funds to PIF, but I really want this mark removed from my report so I can start fresh. I really have been more responsible thankfully since college and I have stable income and automatic payments to my student loans. I do not have any other open accounts aside from my student loans (totaling 80K) and this open collection from Cavalry. What should I do - DV (even if it's beyond the 30 days), send a PFD (since I can pay in full, but lots of people say this is pointless), or PIF and GW after (since I have the funds available for this sole purpose? I have the contact info for the VP of Operations, but I'm not sure what to do and I am unaware of the steps I should take at this time.

Any information that you all give me would be extremely useful and I appreciate your assistance. Thank you.

[gdale6]

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@ThisIsJamez wrote:

Hi all,

I am definitely new to the forums here. I was hoping one (or more) of you could help me on my credit restoration journey. I currently have one debt in collections. I had a credit card with Bank of America while I was in college and it is now in collections. The collections agency is Cavalry Portfolio Services. They started reporting in August 2013 and sent me a letter in January 2014 that stated the amount and the original creditor, which I am completely aware of. I didn't know about DV, PFD, or GW stuff at the time and I didn't have the money to pay it. I secured my first job a few months back around the time that this started being reported on my credit report (I check via CreditKarma). Anyway, I have the funds to PIF, but I really want this mark removed from my report so I can start fresh. I really have been more responsible thankfully since college and I have stable income and automatic payments to my student loans. I do not have any other open accounts aside from my student loans (totaling 80K) and this open collection from Cavalry. What should I do - DV (even if it's beyond the 30 days), send a PFD (since I can pay in full, but lots of people say this is pointless), or PIF and GW after (since I have the funds available for this sole purpose? I have the contact info for the VP of Operations, but I'm not sure what to do and I am unaware of the steps I should take at this time.

Any information that you all give me would be extremely useful and I appreciate your assistance. Thank you.

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Since you have the funds to PIF I would send the DV and if its validated then try to arrange a PFD by mail... Stay off the phone do everything via US Mail.

[RobertEG]

Since the debt is legit, and thus you dont need any more info to evaluate its legitimacy, and since more than 30 days has apparently expired since they sent dunning notice, I see little to be gained by sending a DV.  It may in fact do more harm than good, as you may sit awating something that may never come, while interest continues to accrue and efforts to get their deletion have not even begun.

Unless you have an immediate requirement to satisfy the debt, such as if you are in a mortgage app process whre they are requiring satisfaction a a condition for any approval, you have time to pursue a PFD offer. 

Calling a management official is, in my opinion, prererable to mail.  It allows personal pleas, and assures response by a management official who has discretion to grant exceptions to any standard non-delete policy that may be in effect within their organization.  Mail requests are apt to get standard treatment.

[ThisIsJamez]

Please advise!!! I sent an email and called the VP of Operations last week and I got a letter in the mail today:

"Dear James ---.

Your account balance is past due. Please contact us to establish a repayment arrangement before we determine whether to place your account with an attorney.

Should your account be placed with an attorney, the attorney will determine if a lawsuit should be filed against you. If a lawsuit is filed against you, an attorney may demand the court to enter a judgement against you on this account. 

Please call us to discuss your account and establish a repayment arrangement.

Sincerely,

Jeff ---"

Thank you in advance.