2 credit cards I stopped paying on 3 yrs ago due t

11 Answers

Should I worry about paying if it's been more than 11 yrs and LVNV has sent me a recent letter on 9/22/14 to settle with credit card company Capitol one bank? Should I ask them to verify the debt? They are asking me to pay 90.03 for 3 months on a debt that was 1,350.38. They state I have their word that the account executive will treat me fairly and with respect


You have interest and late fees added which is completely legal.  You can contact the collection agency handling the account and ask then if they will settle.  Credit One has more than likely sold the account.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

You can't pay a measly $300 credit card balance???? WOW!!!!


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Definitely request validation of debt. If they produce it, offer to settle. But, I will tell you that LVNV will sue you, so try to get it settled as quickly as possible. LVNV is out to make money; they don't care about your hardship, they only care about making money.

Good luck!

http://www.debtconsolidationcare.com/companies/donaldson-williams-inc/

Here is your answer: (BUT YOU NEED TO FIGHT THE BASTARDS FIRST WITH A DEBT VALIDATION LETTER)  Don't try to settle right away, they may not even have a legal right to collect.  Which means if you pay them, you could still owe the original creditor the money.  Fight them off and they'll go away.  I've done it for the past 3 years.

Can debt collectors add surcharges (interest, fees, charges or expenses) to the original debt?

Section 808(1) prohibits collecting any amount unless the amount is expressly authorized by the agreement creating the debt or is permitted by law.

1. Kinds of amounts covered. For purposes of this section, "amount" includes not only the debt, but also any incidental charges, such as collection [53 Fed. Reg. 50108] charges, interest, service charges, late fees, and bad check handling charges.

2. Legality of charges. A debt collector may attempt to collect a fee or charge in addition to the debt if either:

(a) the charge is expressly provided for in the contract creating the debt and the charge is not prohibited by state law, or

(b) the contract is silent but the charge is otherwise expressly permitted by state law.

Conversely, a debt collector may not collect an additional amount if either:

(a) state law expressly prohibits collection of the amount or

(b) the contract does not provide for collection of the amount and state law is silent.

3. Legality of fee under state law. If state law permits collection of reasonable fees, the reasonableness (and consequential legality) of these fees is determined by state law.

4. Agreement not in writing. A debt collector may establish an "agreement" without a written contract. For example, he may collect a service charge on a dishonored check based on a posted sign on the merchant's premises allowing such a charge, if he can demonstrate that the consumer knew of the charge.

 

 


LVNV probably bought the debt for around $20. I would force them to validate which they probably can not do. If by chance they can supply solid proof of debt then I would offer them at most 50% of the original debt after you subtract all the bogus fees or about $150 per each card. What ever you settle on, get it all in writing. LVNV are bottom feeders so keep an eye on your report for erroneous entries. Also, watch out for improper service and judgments.


And probably over limit fees too - until it charged off. Probably $100ish per month for 6 months, then it charged off. That's puts you at around $900. Sounds right.

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.

Lates fees and interest can raise even a small balance way up especially in 3 year period.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Yes did online certified letter on Saturday. My credit rpt on transunion even states my credit limit was $300.


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