Re: Advice on Letter from Attorney, please
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Posted by Paul
(216.127.82.99) on May 23, 2004 at 18:38:47:
In Reply to: Advice on Letter from Attorney, please posted by LittleWays on May 23, 2004 at 15:55:23:
You shouldn’t have sent a validation request on such a fresh charge off. RMA was just a contingency collector and would have sat on that account for six months with nothing more than letters and phone calls. You’ve greatly increased your likelihood of being sued by AMEX. AND you’ve accelerated the timetable. Settlements are like poker games. Any of them will settle, but it depends on the hand they and you are holding. Look at your assets and jobs. If they’re lienable or garnishable, then they may go the legal route. Also look at all your other accounts. Are you paying on your cars and Citibank credit card? If so, AMEX will get jealous and not be willing to settle for a percentage if you are paying everyone else. Don’t count on an Original Creditor not having the documentation to win a court case on a less than a year old charge off. That strategy works with the 2 cents on the dollar garbage debt buyers who get little documentation. The Original Creditor is most likely going to win in court. Save whatever violations you’ve collected. That may give you some negotiating ability, but $1k technical violations aren’t going to put a big dent in a $15k judgment.
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