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Re: Providian


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Posted by Walt (68.106.21.79) on November 12, 2003 at 00:52:42:

In Reply to: Providian posted by Zdebt on November 06, 2003 at 06:52:49:

First, CACV pays top dollar for fresh charge-offs. If it were an MBNA or Chase account, they would have paid 10-12 cents on the dollar for it. Since it is a sub-prime Providian account, they probably paid 8-9 cents on the dollar for it.

Second, if you were worth suing, Providian would have sued you themselves. They must not have a POE place of employment on you where they could garnish your wages, or any large standing asset such as a house that they can place a lien on. They won’t just sue you for the heck of it. They want to have something to attach. Since Providian didn’t think there was anything worth attaching, don’t think that CACV will be so quick to sue either. They have years to sit on it until they find something to attach. In the meantime, they will harangue you on the phone incessantly.

Third, CACV uses rent-a-lawyer tele-debt collection tactics. Make sure this lawyer is even licensed in your state before you start to worry about them suing you. Their gig is to threaten you with a lawsuit forcing you to “pay up.” It is poker game of bluffing tactics. You can bluff them right back and take the stance of “So, Sue me.” Just be prepared if they call this bluff though. They have to sue you where you are.

Keep in mind, that since Providian sold the account, there is NO way to get that charge-off removed by paying CACV. All CACV can do is delete their own tradeline. They have no power to remove the original creditor chargeoff.

Lastly, avoid talking with them. They are collecting information on you that they will use to make the decision whether to sue you or not. Never tell them where you work or what your financial circumstances are. You don’t have to speak with them or give them any information whatsoever. Think Miranda.



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