Finally one of my accounts has charged off - question

[DownNotOut]

Chase finally charged off one of my accounts. It's about a $6000 card. Anyway, I got a letter from Integrity Financial Partners (LOL, how funny is a collection agency named Integrity?!) It's the typical 30 days to contact us, blah, blah, blah letter.

I am not really interested in validating this debt. I mean, I know it's mine and I don't think they will have any problems validating it. I'm just trying to put them off for a while longer. I'm waiting to see if our mortgage company comes through with a modification or not before I file. I've been waiting 5 months already and I have no idea how much longer it will take.

Should I even bother with a DV letter? I was thinking of just going with a C&D. But would it be any help at all to send them a letter along with that explaining my situation to them (i.e. I don't have a job and am 4 months behind on mortgage, so the chance of them getting any money is nil, etc...)?

What do you guys suggest?

Thanks!

[CompTweaker]

Chase finally charged off one of my accounts. It's about a $6000 card. Anyway, I got a letter from Integrity Financial Partners (LOL, how funny is a collection agency named Integrity?!) It's the typical 30 days to contact us, blah, blah, blah letter.

I am not really interested in validating this debt. I mean, I know it's mine and I don't think they will have any problems validating it. I'm just trying to put them off for a while longer. I'm waiting to see if our mortgage company comes through with a modification or not before I file. I've been waiting 5 months already and I have no idea how much longer it will take.

Should I even bother with a DV letter? I was thinking of just going with a C&D. But would it be any help at all to send them a letter along with that explaining my situation to them (i.e. I don't have a job and am 4 months behind on mortgage, so the chance of them getting any money is nil, etc...)?

What do you guys suggest?

Thanks!

If they are not representing the OC, then it sounds like they are a JDB. In one of my situations, I DV'ed and never heard from them again....in another situation, I didnt DV and got sued. But in the long run of that particular lawsuit, it seems maybe I should have DV'ed them because once I sent them discovery requests, they responded with a letter that they were working on complying with that and they never did. Not one shred of evidence I owed the debt and that they had the right to collect it (and they dismissed the lawsuit). Now discovery is much different from a DV. I believe in a DV, they can send copies of statements and that may qualify for valid DV. But after a lawsuit has ensued, a discovery request delves much deeper and requires much more evidence from the plaintiff (JDB).

My opinion on sending a DV is that it can depend upon your financial situation (how you appear to a JDB....assets you own, state you live in and if that state allows wage garnishment), plus other factors the JDB may be considering....like when and who they should go after or avoid wasting money chasing money.

I'd say DV them. And whatever you do, dont explain your situation or admit to any debt....REMEMBER, it is their job to prove you owe the debt and that they have the right to collect it (the latter coming into play if it comes to a lawsuit) As far as you know, they could have pulled your credit report, saw the charge off, and said hey, lets go after this debt. So NEVER admit or explain anything about your situation to a JDB, they dont feel sorry for any debtor and are only out for $$. But its all up to you what you really want to do.....just sharing my experiences and opinion. Good luck

[treehugger1]

I doubt the account has been SOLD. I would assume the CA is collecting as an assignment for the OC. Send these folks a DV. You have civil rights regardless of whether or not you think you owe the debt. Excercise your rights and send a DV. Keep it simple.

[BigJohn]

Chase finally charged off one of my accounts. It's about a $6000 card. Anyway, I got a letter from Integrity Financial Partners (LOL, how funny is a collection agency named Integrity?!) It's the typical 30 days to contact us, blah, blah, blah letter.

I am not really interested in validating this debt. I mean, I know it's mine and I don't think they will have any problems validating it. I'm just trying to put them off for a while longer. I'm waiting to see if our mortgage company comes through with a modification or not before I file. I've been waiting 5 months already and I have no idea how much longer it will take.

Should I even bother with a DV letter? I was thinking of just going with a C&D. But would it be any help at all to send them a letter along with that explaining my situation to them (i.e. I don't have a job and am 4 months behind on mortgage, so the chance of them getting any money is nil, etc...)?

What do you guys suggest?

Thanks!

Have you 'been beating the door down' on the one redoing your mortage?

I know one woman locally who was trying to remodify her loan. It got to the point her home was suppose to be auctioned off in a few days. She asked me what she should do? It turned out she was contacting the wrong person. When she got hold of the right person, she got the modification and got everything resolved.

[kenshirley]

My daughter tried for 11 months to modify her loan. The banks got their money, they don't care.
She is going to file BK and just let the house go. She's been out of work for almost a year anyway.

[CompTweaker]

Clearly, such as BB2U's case, if you're armed with the knowledge of your local RCP's, statutes, and the time to remain involved with it, then feel free to explain your situation with the DV (sounds like BB is on to something ). My previous response is for those who arent able to dig too deep into going head to head with an OC or JDB, and of course, individual situations and factors will apply

[DownNotOut]

I doubt the account has been SOLD. I would assume the CA is collecting as an assignment for the OC. Send these folks a DV. You have civil rights regardless of whether or not you think you owe the debt. Excercise your rights and send a DV. Keep it simple.

Yes, this is true. At the top of the letter they have listed the original creditor and account number. And this was a WaMu card that was taken over by Chase and they listed both WaMu and Chase as creditors. I'm pretty sure it's just been "assigned" to this collector. I will send them a simple DV to start with.

Thanks everyone for your thorough responses. It's always great!

[DownNotOut]

Have you 'been beating the door down' on the one redoing your mortage?

I know one woman locally who was trying to remodify her loan. It got to the point her home was suppose to be auctioned off in a few days. She asked me what she should do? It turned out she was contacting the wrong person. When she got hold of the right person, she got the modification and got everything resolved.

Yes, technically . I've been on them every two weeks checking on the status, always making sure I'm speaking to someone in the loss mitigation dept., etc..

Anyway, as an update to this, I woke up Friday morning to an email from IndyMac stating that they have mailed me a modification package and that it is due back to them by 10/24. So, we'll see what they have come up with.

Thanks!

[DownNotOut]

My daughter tried for 11 months to modify her loan. The banks got their money, they don't care.
She is going to file BK and just let the house go. She's been out of work for almost a year anyway.

Thanks kenshirley for the info. I know, I've read and heard lots of modification horror stories. If we were in a different situation, we'd let the house go, but as it is right now, we still have equity and I'm not going to just walk away from that. So, whatever mod they give me, even if it is just temporary, buys us some time to get the ch. 7 done and then later sell the home and move to the mountains!

[DownNotOut]

Clearly, such as BB2U's case, if you're armed with the knowledge of your local RCP's, statutes, and the time to remain involved with it, then feel free to explain your situation with the DV (sounds like BB is on to something ). My previous response is for those who arent able to dig too deep into going head to head with an OC or JDB, and of course, individual situations and factors will apply

Your response was great Comp. The consensus seems to be to DV them so that is what I'm going to do, albeit, keep it simple!

Thanks again!

[OHBOY]

What does OC, RCW JDB, C&D ect. stand for ?

Just stumbled across this highly interesting and important thread. Please forgive me, but I am stumped with all of the abbreviations.

What does OC, RCW, JDB,C& D stand for ? Sorry, still a bit naive on all of this.

If anybody feels like taking the time to explain, please allow me to THANK YOU(!) in advance for helping out.

[CompTweaker]

Just stumbled across this highly interesting and important thread. Please forgive me, but I am stumped with all of the abbreviations.

What does OC, RCW, JDB,C& D stand for ? Sorry, still a bit naive on all of this.

If anybody feels like taking the time to explain, please allow me to THANK YOU(!) in advance for helping out.

OC: Original Creditor
RCW? not sure.... maybe RCP: Rules of civil procedure (meant as in how your local RCP's are governed, it differs state to state)
JDB: junk debt buyer
C&D: cease and desist further communication

You are in for some serious information digging, but theres plenty of folks around who can help you to a certain extent....you sound like one willing to invest the time into digging ( and you must dig a lot) just understand I speak for myself when I say this, I'm not a lawyer.....but one isnt required to arm yourself with the knowledge of your rights and how to proceed in exerting and defending/protecting them. This forum and the link in my sig will help get you started....Good Luck