Question About a Collection

[Anonymous]

Ok, I have a charge off from a HSBC card. It was then sold. After two years it comes up as a collection under LVNV Funding LLC. I did have a card and it is my debt. Here is my question. It comes under LVNV Funding on all reports under collections. I get a letter from Resurgebt Capital Services validating the debt and are trying to collect for LVNV funding. I then get a call and letter from Creditors Interchange in Buffalo NY trying to collect. Their letter says RE: The account with Resurgent Capital Services LP. The current Creditor: LVNV Funding LLC.

Now I reached a settlement with this Creditors Interchange for 1/2 the amount and it will go through at the end of the week. I'm worried about things since I don't know who should get paid. Too many parties involved.

[Anonymous]

Does the letter state that it is for the HSBC account? 

Have you already made the payment?

[Izaana]

I am new and learning, but if I understood LilMirth correctly, since you settled for less than the full amount, the balance can be sold to another CA and then they can come after you for that.....I think? have you already sent the settlement money?

[Anonymous]

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@Izaana wrote:
I am new and learning, but if I understood LilMirth correctly, since you settled for less than the full amount, the balance can be sold to another CA and then they can come after you for that.....I think? have you already sent the settlement money?

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That would be true depending on how the letter, if any, is written.  If there is no letter, then yes, chances of them coming after the deficiency is pretty high. 

If they said it would totally safisfy the debt and you would be relieved of further financial obligation, then it should prevent them from doing so. 

This is why it is important to get things in writing before any money exchanges hands.

Message Edited by guiness56 on 07-26-2009 07:26 AM

[Anonymous]

I will be sure to get things in writing. My concern is there are three parties in involved. LVNV Funding, which is on my report. I got a letter from Resurgent Capital requesting the money saying the creditor is LVNV Funding. Then I got a letter from Creditors Interchange saying RE: The account with Resurgent Capital and it shows the current creditor as LVNV Funding. I am a bit confused and don't want to pay the wrong place or get scammed. No I did not pay the bulk of this and paid $200 earlier this year to another collection agency that had it at the time.

I have a 1/2 settlement in place with Creditors Interchange this upcoming week but want to be 100% sure they are who should be paid, not Resurgent Capital or LVNV funding. The guy from this place says LVNV Funding is a cast of shadowy figures who just buy debt and hire places like them to collect.

[Anonymous]

Yes it states the original creditor is HSBC but the current creditor is LVNV Funding. I have paid $200 to an earlier collection agency this year which would prolong the sol. I set up a settlement for $1,250. I just want the monkey off my back so somewhere along the line I'm not sued. I don't have any experiences with that and don't want to find out if things like that actually do happen over something like this.

[Anonymous]

ok I'm reading other posts here about how paying the collection really doesn't help your fico. My man concern is not to get sued. Am I being a bit too worried? I don't want to pay the entire $2,400 at a later time.

[Anonymous]

The HSBC must always remain the OC.

Is HSBC still reporting?  If they are what is the Bal reported?

What is the DOFD?

A debt can be sold over & over but it can not be report past CRTP!

Do not talk to any CA!  Everything in writing!

Mail a DV to the CA reporting and any other CA that contacted you.  CMRRR

Never make any payment unless they have answered a DV.

[Anonymous]

I received something from Resurgent in the dunning letter that says," Validation of Debt" Account # xxxxxxetc for me acquired from hsbc is now owned by lvnv funding llc. At the time the account was acquired from blah, blah, blah your balance was blah blah blah.

Is this an actual debt validation?

[Anonymous]

I think HappyDays hit the nail on the head.

Personally I am just confused reading this thread, I can only imagine your frustration.  I wouldn't pay until I sent the DV letters and knew exactly who owned the debt and that my settlement was going to effectively close out this account.

It sounds like you have built a relationship with the CA that you agreed to pay a settlement amount, and for that reason only I might go ahead and call the rep you spoke to and explain that you are confused and just want something in writing not only from them but all the other parties that are trying to collect the same debt.  Then I would follow up and send the rep a letter captioning your phone conversations via CMRRR so you have written proof of what was discussed.

Once the debt is properly validated, I might try to get this rep to also agree to a PFD.  I know you are happy to just pay so you avoid possible lawsuit and that is respectable and first priority, but remember, after you pay you lose the ability to negotiate.  So you might as well try to kill 2 birds with 1 stone and do the PFD.