Have an issue with Dynamic Recovery Solutions? Need help?
Are you being harassed by a debt collector? Is someone from Dynamic Recovery Solutions contacting you by phone, mail, email, or Facebook? Are they threatening to sue? We explain all about Dynamic Recovery Solutions and whether they are legitimate and what to do if they contact you.
Dynamic Recovery Solutions is a debt collector. The company was founded in 2008, but managing partners brought over 50 years of experience to the table.
If you owe legitimate debt, yes, you should pay them. They are legitimate debt collectors. However, even legitimate companies have been known to sometimes act unfairly and violate things like the Fair Debt Collection Practices Act (FDCPA). So if you have been harassed or treated unfairly, consider filing a complaint or working with an attorney.
Yes, Dynamic Recovery Solutions is a legitimate company.
Dynamic Recovery Solutions purchases many types of debt, including banking, online lending, and telecommunications debt.
Don’t assume you can ignore Dynamic Recovery Solutions. If you ignore them, Dynamic Recovery Solutions can file a judgement against you to recover the money. What’s more, companies like Dynamic Recovery Solutions sometimes make mistakes or violate the most recent FDCPA regulations about when and how they contact you. If this happens, you can share your complaints with outside attorneys, or file complaints with the government. You can get legal help to sue the collection agency if that is insufficient.
Dynamic Recovery Solutions collects for many companies. Dynamic Recovery Solutions is a debt collector. That means they seek payment from consumers on delinquent accounts. They usually collect debts that are still owed to other companies, on behalf of those other companies. They focus primarily on banking, online lenders, and telecommunications companies.
Sometimes companies make mistakes. They might be calling you when you have no debt because they have incorrect information, usually incorrect contact information. This happens more often when people get new cell phone numbers and the number they are assigned happens to be associated with a delinquent account. If you don’t have any debt and they are trying to contact you, send Dynamic Recovery Solutions a request for validation. This forces them to prove the legitimacy of the debt and its association to you. If they can’t and they realize they have the wrong person, they have to stop trying to collect the debt and you can send them a communication called insufficient validation to confirm this.
If you believe you’ve already paid your debt, check your records. Sometimes the information hasn’t reached your credit report yet so Dynamic Recovery Solutions thinks they are collecting a legitimate debt when they are not. At the same time send them that same request for validation. If you continue to have problems you might consider hiring an attorney to help.
As a debt collector, some of the laws that Dynamic Recovery Solutions must follow include the FCRA, the FDCPA, and the TCPA.
That alphabet soup stands for the Fair Credit Reporting Act, which gives you rights to help ensure your credit report remains accurate; the Fair Debt Collection Practices Act, which protects you from being abused and deceived by debt collectors; and the Telephone Consumer Protection Act, which limits robocalls and other telephone spam.
If you think any of these consumer protection laws may apply to your situation, tell us about it.
If you believe the debt Dynamic Recovery Solutions is calling about has expired, you want to do the same thing: check your records. Every type of debt has a different statute of limitations. What’s more, the statute of limitations fluctuates from one state to another. So make sure you have the evidence to prove that your debt has expired.In the meantime send a request for validation to Dynamic Recovery Solutions. Sometimes companies like Dynamic Recovery Solutions think they are collecting on a non-expired debt when they aren’t, or they never bothered to check in the first place. If there was a mistake, they should be updated but if the debt has expired, you can send them a cease communications notice. An attorney can help you with this.
One of the easiest ways to settle for less is to communicate your financial hardship with the employees. Employees do not get paid much and they effectively work in a call center with very poor benefits. At most they get bonuses when they settle an account so they have financial motivation to help you reach a settlement no matter how small it might be.
If you owe a legitimate debt, the best way to get rid of them is to settle with them. With an account in collections you might be able to negotiate for a smaller settlement based on what you can legitimately afford.If you don’t think you owe any money, you can ask Dynamic Recovery Solutions for a validation letter where they have to prove the debt is accurate, yours, and hasn’t expired. If they can’t do that then you can send them another letter for insufficient validation which requests that they stop contacting you. These are all things that attorneys can help you with.
If your debt is current and legitimate, yes they can sue you. Usually they do this if you ignore attempts to collect. However, debt collectors like Dynamic Recovery Solutions are prohibited from suing or threatening to sue consumers for payment on a debt that is past the statute of limitations, although they can still ask for payment past that expiry date.
Aaron Epstein owns Dynamic Recovery Solutions.
The current CEO is Eric Bergelson.
Dynamic Recovery Solutions is headquartered in Greenville, South Carolina.
Dynamic Recovery Solutions collects debt from banking, online lenders, and telecommunications companies.
Employees are paid an hourly wage and a commission. This means they have motivation to settle your account especially if it’s coming up on a payday.
Have you looked at your credit score and found something labeled “Dynamic Recovery Solutions” on your report? If so, that means you had an account that was sent to collections. This account is likely labeled as delinquent and Dynamic Recovery Solutions is trying to collect payment on it.
You do not legally require an attorney but it can certainly make things easier. If you have an attorney you can reroute all communication so you don’t get those harassing phone calls anymore. Attorneys can send the appropriate validation letters or cease communication letters as necessary. Attorneys can also argue on your behalf when you try to reach a settlement and include important things that you might overlook like a tradeline deletion.Most people don’t realize that even if they come to a settlement agreement with a debt collector, that delinquent account remains on your credit report for seven years even though it has a zero balance. One way to get rid of this so that it helps your credit is to negotiate for a tradeline deletion where the entire account is removed from your credit report.
The FDCPA uses the word “verify,” but some other organizations use the word “validate.” No matter which word is used, it can mean two things. First, You “validate” a debt by sending a letter to Dynamic Recovery Solutions officially asking them for information that would confirm the validity of the debt. You or an attorney must do this within 30 days from the first time they contact you.Second, Dynamic Recovery Solutions then “validates” the debt on their end by providing you with this information. This shouldn’t take more than 30 days once they get your letter and once they get your letter they have to stop trying to collect on the debt until they send you a validation.
Settlement can take a few weeks, a few months, maybe even a few years especially if you are going back and forth with the company trying to prove that the debt on your credit report is not yours.
What you offer is based on your financial situation. If you are struggling financially, you can present evidence of your financial hardship. This can extend the settlement process but it is more likely to earn you a favorable, low settlement amount especially if the alternative for Dynamic Recovery Solutions is getting nothing. Normally however, debt collectors try to get a settlement anywhere between 40% and 80% of the original amount you owe. The newer your debt is, the more they will try to get in a settlement.
Firstly, you won’t just wake up one morning and have no money. There are legal steps they have to follow before they can take money from your bank account. Secondly, yes they can sue you. Suing you is how they get to the first step of taking money from your bank account or any other account you have. This is usually a last resort if you ignore their attempts to collect.
You can ignore Dynamic Recovery Solutions, but you shouldn’t. As mentioned, if you ignore them, even if there has been a mistake and the debt isn’t yours, they can still sue you. It will take considerable effort to reverse the damage if you reach this step compared to simply fielding their phone calls and letting them know they made a mistake.
When debt collection agencies like Dynamic Recovery Solutions collect debt from the original lender, they get information from your account which often includes your phone number, mailing address, and even an email address. They use all this information to try and contact you and collect on the debt.
Yes, you can probably pay your debt to Dynamic Recovery Solutions with a credit card. The company will work with you to accept different forms of payment. You might be charged a processing fee for using a credit card.
Long-term, paying off collections will improve your credit. As mentioned, delinquent accounts can hurt your credit score and the longer they stay delinquent, the longer it hurts your credit score. Settling a delinquent account still hurts your credit score for up to seven years unless you negotiate a trade line deletion in which case it gets removed entirely. So, settling and having a tradeline deletion will improve your credit score much faster.
Not necessarily. There is an expiration date called a statute of limitations. This statute of limitations exists for each type of debt. It might be 4 years, it might be five years, it might be 7 years or longer. It depends entirely on the state where you live and the type of debt you have. Once you reach whatever the statute of limitations is, then the debt expires. It doesn’t go away after this point, it just means companies like Dynamic Recovery Solutions can’t sue you or threaten to sue you in order to get money for it.
Your debt doesn’t just go away when you file for bankruptcy either. There are very specific steps for each chapter of bankruptcy. You can work with a bankruptcy attorney to determine which chapter is best for you and given that, how long it will take to settle. Once everything is settled, a process that can take up to five years or more, then any remaining debt you had at the time you entered into your settlement will go away. This does not apply to any newly acquired that you took on after you entered your settlement negotiations.
For a debt that has already been paid, is expired, or inaccurate, you can contact the credit reporting agencies to get the debt removed from your credit report or edited. If you want to remove debt from your credit score that you settled with Dynamic Recovery Solutions, negotiate a tradeline deletion with them to remove it entirely from your credit report.
The Ultimate Guide to Consumer Complaints
Learn More
