Validation received, please help

[Toonie]

I sent a DV to CVF (CA who bought old CapOne acct) and they validated the debt.  I am working on my letter back to them; however, here is my question:   Since I sent them a DV letter via CMRRR and they deleted the information from my report upon receipt of this DV request (I'm assuming while they researched it and completed their response back to me).  Do I state in my letter that I agree to pay the debt if they agree to what?  1. Not report to the CRA's; 2. Pay for delete (although it is no longer there); or 3. Agree to not report to the CRA's and/or  remove any negative information they may have placed on my report?   I'm just not sure how I should handle this but want to make sure I cover my bases with them if they are willing to settle.   Thanks for any feedback.  Much appreciated!!

[AndySoCal]

If they have removed the reporting you can do the PFD. Like you said there is nothing to delete. You might be able to get them to agree to your option 1 but for payment in full. Also check to see if the debt is in the statue of limitations or not in your state first.  Also is Cap 1 reporting the account as well?

[Toonie]

CapOne is still on report, however reporting a zero balance/charged off. I was thinking of attempting GW with them once I handle the issue with the CA. The SOL has passed so I'm assuming they cannot come after me.

[AndySoCal]

I doubt Capital One will do anything for you on this accout via good will.   Also be very careful about this debt  see think below

http://www.bankrate.com/finance/debt/6-ways-not-to-reset-old-debt-1.aspx

[pizzadude]

You could probably just go with a standard PFD letter as suggested ~ just tweak it to state that they will agree to not report it.

Have they sent you any settlement offers after they validated the debt ?
Since this is older out of SOL debt you shoukd be able to negotiate a much better deal with CAs.

[Toonie]

AndySoCal and pizza dude, that you both so much for your replies.

AndySoCal, I was planning on tweaking a letter I found here for my response back to the CA and the letter does state that the validity of the debt is disputed. Hopefully this would keep the CA from restarting the SOL. I'm in Georgia.

pizzadude, the CA didn't mention settlement amount in the DV letter but they did list a balance of $1307.22. I was thinking of offering them around 65% but stating only if they agree not to report and not to sell remainder owed to another CA. Would you think I'm on the right track in handling this? This debt would fall of my report later this year...the DOFD is 5/2005, so I guess instead of GW to CapOne should I just let it age off?

Thanks.

[pizzadude]

Unless you have a looming house or auto purchase, I would just leave it alone.   Since it is so close to the end of CRTP and it is also out of SOL, the CA really doesn't have much leverage.  If they are harassing you with calls just send them a letter telling them to only send snail mail and not to telephone you.

[rckstrscott]

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@Toonie wrote:
AndySoCal and pizza dude, that you both so much for your replies.

AndySoCal, I was planning on tweaking a letter I found here for my response back to the CA and the letter does state that the validity of the debt is disputed. Hopefully this would keep the CA from restarting the SOL. I'm in Georgia.

pizzadude, the CA didn't mention settlement amount in the DV letter but they did list a balance of $1307.22. I was thinking of offering them around 65% but stating only if they agree not to report and not to sell remainder owed to another CA. Would you think I'm on the right track in handling this? This debt would fall of my report later this year...the DOFD is 5/2005, so I guess instead of GW to CapOne should I just let it age off?

Thanks.

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I agree with Pizzadude, they are so close to falling off and if uncollectable under the law, why worry about it with such urgency?

I understand making amends on past obligation, but with it so close to the reporting period end, I doubt a it will ever report again at this stage from the collection side regardless of if you send them a PFD.

Scott

[Toonie]

They haven't called or harassed me yet. They just showed up on my report after an AmEx card approval and that is when I send the DV letter. Their validation does state I have 30 days to dispute validity. I have been rebuilding and was hoping to purchase a car within 3-6 months. Do I simply play the game and send a letter just stating I dispute validity? Btw, my DVD letter did advise them not to call and only to correspond via mail.

[rckstrscott]

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@Toonie wrote:
They haven't called or harassed me yet. They just showed up on my report after an AmEx card approval and that is when I send the DV letter. Their validation does state I have 30 days to dispute validity. I have been rebuilding and was hoping to purchase a car within 3-6 months. Do I simply play the game and send a letter just stating I dispute validity? Btw, my DVD letter did advise them not to call and only to correspond via mail.

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Everyone is different, but if its not showing on your report after the DV, it means the hedged their bet and removed it cause they might not have required documents to ACTUALLY validate it.. Portfolio Recovery tried that on me for a 11 year old debt. I sent DV, they sent back angry letter but deleted from report, nothing since and that was 18 months ago.

I would personally roll the dice on this one. If it isn't showing, just let it go.

-Scott