Sent CC OC, DV letters. Got back 1000 pages of statements! What happens next Please?

[slvnomore]

Sent CC OC, DV letters. Got back 1000 pages of statements! What do I do next? What is the next smart move?

Thanks for all your advice.

OC #1 Chase

1) I sent a DV letter to CA sent by OC, They kicked it back to OC. Chase.

2) All 3 chase cards sent me copies of all statements. with a form latter.

No other contact no calls.


What does this mean?

What should I do next?

OC #2 FNB

Lawyer says client is FNB. sent me a CA letter,

I sent back a DV

they answered on the 30th day with a copy of my last statement from FNB. and
same form letter demand for payment.


What does this mean?

What should I do next?

Thank you so much for your valuable time and specific advice. much appreciated!

[LadyInTheRed]

What is your goal?

[slvnomore]

Great question! to make this go away!

wish i knew...lol no assets, self employed, medical hardships.

Ok goal #1
is to dispute and win


Goal 2 settle with them for 5-10%
the ocs offered me 30 to40% but i didn't have it. 14K !
but i could poss come up with 2k each over time. long shot i know.

Goal 3

if they wont settle or they sue i would declare no assett bk7 as i easily meet means
this is last choice as i am undergoing lots of medical hardship currently and the bills are not done.

Thanks for any advice, I dont know what is smart to do next.

[df04527]

I would sit back and wait. If they have validated the debt and you do not have anything that disputes what the statements reflect there is nothing else to do but wait for a lawsuit.

If you want to negotiate a settlement then make contact and see if they are willing but understand this could push a lawsuit faster as an offer to make settlement could be construed as you validating the debt indeed belongs to you.

[DYLAN150]

Over the past 2 years I have sent out about 11 DV letters. 2 came back with statements and I never heard from them again. One of those got sold to a junk debt buyer.

[slvnomore]

someone mentioned sending a second DV letter. if they have sent me the statements. What would a second DV letter look likE?
any one have a sample? thx!

[LadyInTheRed]

Great question! to make this go away!

wish i knew...lol no assets, self employed, medical hardships.

Ok goal #1
is to dispute and win.

Then, as already suggested, wait for them to sue you. But, if you incurred the debt, winning will be difficult.

Goal 2 settle with them for 5-10%
the ocs offered me 30 to40% but i didn't have it. 14K !
but i could poss come up with 2k each over time. long shot i know.

Good luck with that. 5 to 10% is very low and they aren't going to settle unless you can make lump sum payments. Even if you can settle, can you afford to pay income tax on the forgiven amount? Do you want to replace dischargeable debt with non-dischargeable tax debt?

Goal 3

if they wont settle or they sue i would declare no assett bk7 as i easily meet means
this is last choice as i am undergoing lots of medical hardship currently and the bills are not done.

If you are still incurring medical debt and have no assets or wages that can be garnished, even if they do sue, you may be better off letting them get judgments and waiting until you have recovered fully before filing BK.

[slvnomore]

Thanks for all the great replies. I really appreciate all the time wisdom and effort that goes into them. I am still so new.

I will answer best i can.

1) I am still looking for samples of the the 2nd DV letter and what it should say.

2) Yes 5-10% is low. I was thinking of hiring a bk att and having them send one last offer. if not then BK

3) yes the forgiven debt 1099 can be dismissed if you declare insolvency at the time of settlement from what i understand.

4) it was mentioned that if i tried to settle that might prompt them to sue. the offers that i have send only mentioed the offer they had made, that it was too high, and to please make a better offer so i am not forced to file ch 7 bk. As is see it if the BK att is sending the final offer of this or nothing for them to sue would seem futile. However, nothing I have encountered has been logical! lol

Thank you so much for your wisdom, tips, course corrections, and patience as i learn. ; )

[dina13]

If you have no assets, what is there to worry about? Just make sure you're collection proof (take out most of the cash from the bank, etc.), and just go on with your life until you're done with medical problems and ready to declare ch.7.

I've read somewhere on this forum about someone writing creditors a letter explaining that they have no money, no income, and no assets, so suing them is just a waste of money, and that creditors left them alone. I don't know if and when it's wise to supply them with info like that, but I'm just sharing what I read.

From personal experience, we didn't respond to any letters and calls (after first few calls we just turned the ringer off), and went on with our lives. I decided to ignore all letters until we get sued (just to save some brain cells). It took them 18 months until they sued us, and then we filed ch.7. By the way, we're also self-employed.

[Floridagail]

I did that and I was sued at 18mos. Hubby ignored his bills he was sued after 30months. We never responded what so ever. Let it go thru the system. In my opinion you are speeding up the lawsuit.

[GoingDown]

If you have no assets, what is there to worry about? Just make sure you're collection proof (take out most of the cash from the bank, etc.), and just go on with your life until you're done with medical problems and ready to declare ch.7.

I've read somewhere on this forum about someone writing creditors a letter explaining that they have no money, no income, and no assets, so suing them is just a waste of money, and that creditors left them alone. I don't know if and when it's wise to supply them with info like that, but I'm just sharing what I read.

From personal experience, we didn't respond to any letters and calls (after first few calls we just turned the ringer off), and went on with our lives. I decided to ignore all letters until we get sued (just to save some brain cells). It took them 18 months until they sued us, and then we filed ch.7. By the way, we're also self-employed.

I did that and I was sued at 18mos. Hubby ignored his bills he was sued after 30months. We never responded what so ever. Let it go thru the system. In my opinion you are speeding up the lawsuit.

It is interesting how different people have such varying degrees of success with this.

For me, sending them a letter telling them I was judgment proof and explaining how I knew they would never get a penny out of me even if they got a judgment against me worked perfectly. None of the creditors and junk debt buyers I sent that letter to ever sued me. And now even the longer 6 year statute of limitations in Arizona has long since expired on these worthless debts.

My guess is that it varies from creditor to creditor. Some of them employ a shotgun approach to lawsuits and sue every debtor regardless of what they do about it and regardless of whether the debtor will ever be able to pay them back. A HUGE waste of money and resources, in my opinion.

Others actually do asset and employment searches before they file a lawsuit, and these are the creditors/junk debt buyers who would probably read the letter and investigate the matter before moving on to a lawsuit. And that is what happened in my case. They were calling former employers asking about me and my employment status. I sent them the judgment proof letter and never heard from them again.

I also think it is important that your credit report shows that you are not paying any of your bills. I made the mistake of actually talking to a debt collector on the phone at first and she pulled up my credit report and asked my why I couldn't pay my credit card bill when it was obvious that I was still paying my car loan. That helped me make the decision to stop making that payment and let them repossess the vehicle. I couldn't afford to keep making the payments anyway, and so I went out and bought a used and cheap truck instead.

So, after that, my credit report showed that I was not making any payments at all to anyone. I think that helped in my case.

I made it clear to creditors/junk debt buyers that I

1. Had no wages to garnish

2. Had no real estate to put a lien on

3. Had no checking account / savings account for them to seize

4. Knew my rights under the FDCPA and TCPA and that I was recording all calls (legal in Arizona) and would file a complaint against them with the Arizona Department of Financial Institutions (a part of the Arizona Attorney General's Office) if they continued to call me. So, I told them to cease and desist from any communication with me. That right there takes away their most important and their easiest way of ever getting paid.


If I was them and I received a letter like that, I would try to verify the information, and if it was true, I wouldn't want to waste any more time, money, or effort on someone who was not going to pay me any money. After all, debt collectors are trying to make money. It is a sound business decision to move on to lower hanging fruit, people who are easier to collect from.

[GoingDown]

Thanks for all the great replies. I really appreciate all the time wisdom and effort that goes into them. I am still so new.

I will answer best i can.

1) I am still looking for samples of the the 2nd DV letter and what it should say.

2) Yes 5-10% is low. I was thinking of hiring a bk att and having them send one last offer. if not then BK

3) yes the forgiven debt 1099 can be dismissed if you declare insolvency at the time of settlement from what i understand.

4) it was mentioned that if i tried to settle that might prompt them to sue. the offers that i have send only mentioed the offer they had made, that it was too high, and to please make a better offer so i am not forced to file ch 7 bk. As is see it if the BK att is sending the final offer of this or nothing for them to sue would seem futile. However, nothing I have encountered has been logical! lol

Thank you so much for your wisdom, tips, course corrections, and patience as i learn. ; )

The 2nd DV letter is a waste of time. Don't bother with it.

Personally, I wouldn't bother with settling or even offering to settle with them. That might make the sharks that they are smell blood in the water.

I would just sit back and wait and see if they actually did sue me. Then I would file bk. Get ready to file bk just in case, so it won't be a panic situation. But in the meanwhile, just play chicken with them and see if they flinch first.

That's what I did, and six years later, poof! They are all worthless debts now. And I never paid a penny to any of them.

I got one 1099-C from HSBC Mastercard after they sat on their hands for 3 years without any significant collection activity, but I told the IRS I was insolvent (and I was insolvent at the time) and didn't owe any taxes on it.

[slvnomore]

thanks for all the advice. The 2 asking for a better settlement letters went to the 2 OC's. still have not heard from them.

The lawyer was from my town and said they worked for FNB. I sent them the standard DV and they sent the reply and a copy of the latest statement. Now I am pondering what to do next. It seems like the two channels don't talk to each other?