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Our son had a debt from Home Depot in the amt of $2280.36 with the last charge dated 1/9/06. According to our records, he received a statement 1/15/07 with a opening bal. of 2591.46 accumulating late charges and interest totaling 2666.64. This debt was bought by LVNV Funding LLC and they engaged Rubin @ Rothman, LLC for collection action in the amt. of $3874.84. Our son was offered a payment plan on in a letter dated 9/28/09 but a judgement was rendered on his house on 8/31/09. We wanted to settle this and offered $2800.00 to a rep. of Rubin % Rothman who claims she called LVNV Funding with the offer and they refused and they won't accept anything less than $3874.84 with interest accum. at a rate of 9% annually, which will not cease and judgement remain. Our son is unable to pay in full but we will pay the $2800 if his credit is restored and no lien is on the property. What do you suggest?
State/Country relating to Question: New York Already Tried: phone call to Rubin @ Rothman, LLC, Islandia, NY 11749
unfortunately, you are not in a position to make demands against the creditor at this point. If the creditor does not want to accept anything less than the amount owed, it does not have to and this is very little you can do to compel them to change their minds other than going back and forth with settlement sums, hoping that the creditor will accept.
Attorney
Negotiate, Draft, and Review many complex commercial agreements each year.
We don't want to invest any more in this answer but would like to know how we can even deal with the company that owns the debt (LVNV Funding who purchased this debt at probably pennies on the dollar as you know) to make a settlement. We don't believe the law office made an attempt to call them because who would refuse $2800 which is even more than the orig. charges and if we ignore this for the remainder of 7 years, wouldn't the statue of limitations come into effect and since he doesn't plan to sell the property anytime soon, LVNV would get nothing.