Thanks Shogun. I just checked the SOL for California and it looks like it's 4 years. There is nothing on my CR from them. In the letter they offer me three settlement options:
1) $157.70 to settle account and it will be considered satisfied.
2) Two payments of $131.25 to settle account and it will be considered satisfied.
3) Four payments of $85.31 to settle account and it will be considered satisfied.
Should I just not respond at all or settle for one of the offered amounts? I just barely moved and don't want them hounding me. If I pay, I also don't want the hassle of them putting a tradeline on my CR and then having go about getting a deletion.
What Shogun said. Also if I may add, consider freezing your reports. CAs typically start HPing in these settings. OP receieved a HP while on the phone with "asset" too. In most instances, I think its mostly safe to begin most CA responses with a DV. This typically sets the tone and lets them know you are in the game. Once you are past SOL and CRTP, I think playing hardball is pretty much the next step.
Any updates on this? Did you make any payments?
I just moved and literally the first mail I got was from Dynamic Recovery Solutions asking for $525 in full. I had never heard of these guys before. I took out a payday loan sometime in 2006 and I thought I had paid it off. I called the original creditor this morning and they told me that they sold the debt in 2007 for $315 to Paragon Way. Of course, none of the numbers I found only for Paragon Way are working.
So it seems like I have a legitimate debt, but I'm not sure of how to approach Dynamic Recovery. They haven't pulled my credit report, but now I'm worried that they may do so and will start flooding my mailbox. I'm fine paying it off but would have to do it in installments and not with my checking account. Did you receive any letters from them? They sent me a bill with info on how to pay online.
Sorry to disapppoint but I have no update on this situation. I decided to think it over for a little while to decide how I would proceed but I just never came back to it. I have gotten calls from random numbers but I do not answer and they never leave a message so I really don't know if Dynamic Recovery Solutions has attempted to contact me again. Lately I've really been stewing about the HP and about what "permissible purpose" means for a zombie debt. I've been thinking about taking a shot at disputing the HP with the CRAs. I've drafted a letter explaining that in my opinion, a hard pull is a reporting action that other potential creditors can see and one that negatively affects my score and so it is therefore is a violation of the FCRA's excusion rules for debts beyond the 7.5 year mark. I'm not sure if I have waited too long to pursue the HP or the rep's intimidation. We will see. I'll update here.
Can someone tell me... Are there any rules or database for old debts like this?
Who is policing this industry to insure that people are not being swindled by scam artists?
I think if any JDB can purchase debts there should be a way to verify who currently owns the debt and that the debt is then immediately released from ALL other lists upon settlement.
Forgot to mention... I have never received any piece of mail from DRS about this or any other debt. In fact when I asked the rep on the phone to send me something so that I could remit payment through USPS she refused.
Send them a DV in writing, ask for the OC and their address and an itemization of the account. If the DV is timely they have to provide all of that.
The FDCPA is who governs 3rd party collection agencies, including JDB.