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Trying to clean up Credit for son...

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  • Trying to clean up Credit for son...

    Ok, I'm not paying them. I'm in a 13. What I mean is I am going to help him figure out how to do it, write the letters, I will probably be asking lots of questions....
    Pulled his CRs this morning...couple of questions...
    He has one listed under collections that says it was assigned to them 8/2011... His last payment was 5/2011....
    Should we send them a DV letter and ask for settlement offers?
    He doesn't want wait for all this to "fall off"....
    He said he wants to take care of everything even if he can only do one at a time...
    Also, if a CC card shows as sold off and a JDB now owns it, are they both allowed to report it? Makes it look like a double whammy! And if he deals with the JDB and settles, does the original credit grantor have to report it as paid too? TIA!

  • #2
    Oh and another thing. We recently wrote a DV letter to an attorney on one card that was charged off in 2011. Just noticed that Midland says the acct was opened in 1/2014. Is that what you call "illegally resetting the debt"? And what do we need to do about that?


    • #3
      Yes they are both allowed to report the debt as long as one of the two shows a zero balance due. You can send a DV letter but there can sometimes be downsides such as they will have your current contact info to hound you more. Also expect to not get a response at all from them or just get a response that will seem like not alot of verification was sent (and is all they are required to provide upon request) and lastly if the debt is of a significant amount they may persue a lawsuit.

      The biggest mistake a newbie can make is PAYING them anything. It will RESET dates for reporting SOL and the legal SOL on the debt!

      It is also a HUGE misconception that if you pay them they have to delete it. They do not so tread carefully here.



      • #4
        Originally posted by mdl View Post
        Oh and another thing. We recently wrote a DV letter to an attorney on one card that was charged off in 2011. Just noticed that Midland says the acct was opened in 1/2014. Is that what you call "illegally resetting the debt"? And what do we need to do about that?
        That is not the date either SOL runs from, dont worry about it. It is the date the collector obtained the debt. Nothing for you to be concerned with.


        • #5
          Update: got the DV letter back from the CA atty and they have all the statements and the sale to them by the original creditor. However, they made no reference to a settlement offer. We don't want to sit around and let them file suit. After reading a CFPB article this morning that said the average jdb sale is 4 cents on the dollar to the first jdb, we are thinking of offering 10 cents on the dollar to the THIRD jdb just to get this off his plate. This would be about $160.00
          What do y'all think?


          • #6
            Boy as soon as it appears thE CA atty is about to file the letters pour in from other attys wanting to help you! My son is short tempered so I got him to give me POA to deal with them. Just sent an offer of 250 on 1600. 15%.
            In our 13 we got Bass to accept $300 on $7000.
            What do you think?


            • #7
              I wish I had seen your June 26th post. I think you offered too much. If the average is 4 cents on the dollar, you should have offered 4 cents or less. Let them come back with a higher offer. Too late now for that one. Paying a debt off at 15% is still a good result. It sounds like there are other creditors to deal with. I'd start lower next time.

              ETA: You are aware of the possible tax consequences of settling, right?
              LadyInTheRed is in the black!
              Filed Chap 13 April 2010. Discharged May 2015.
              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


              • #8
                I don't understand how you were able to settle a debt while in a 13. They would get a percentage based on your case that should match any other unsecured claim.
                I do believe the settled accounts stay on credit for some time so would a ch7 be a better solution for your son? Just because you settle does not mean the remaining debt can't be sold and collections continue.
                11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP


                • #9
                  The debt in the 13 was sold and secured. The JDB accepted $300. Our case is all priority and secures. Unsecured a are probably going to get nothing.
                  As for my son, he hasn't decided whether he wants to file, so he's just trying to settle. But he got his summons today, so we will wait for an answer from the attys on his settlement offer.


                  • #10
                    Yes he's aware of the tax issues. They are minor


                    • #11
                      Just an update. My son got a dismissal with prejudice against Midland on Friday. His court date was to be today.
                      They CAN be beat


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