Quote Quoting azlegal3
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According to my credit report the original account is labeled as a "revolving charge account". It is pretty much like a credit card. It was also my understanding that the Statute of Limitations (SOL) in Arizona for these types of accounts is 3 years. I got my information from a book by Kevin Trudeau.
You should read the reviews and complaints about his books. Lots of hype and misinformation.

Quote Quoting azlegal3
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BTW, I have already received a message from LVNV via the Better Business Bureau which contained a few old billing statements. This message also states that this account was "charged off" on May 31, 2012 with a balance of $420.00.
A "charge off" is just an accounting thing that allows a tax deduction for a bad debt. You still owe the money.

Quote Quoting azlegal3
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LVNV is now claiming that my balance owed is just over $1000.00.
The debt will continue to grow with interest, fees, and costs over time. The longer you wait to address the debt, the bigger it gets.

Quote Quoting azlegal3
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If I do go to the courthouse I'm positive that their case files will reflect much of this same information.
You'd probably be wrong. You still need the case file.

Quote Quoting azlegal3
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What do you think I should do now? Should I try to negotiate (per the recommendation of Dogmatique)?
Up to you.

You can offer as little or as much as you want to see if they'll settle for a discounted amount. Just make sure you make you have the cash to back it up. And get the agreement in writing that it's full and final settlement of a disputed debt.

Quote Quoting azlegal3
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Doesn't LVNV have to prove that they own the debt?
Not until they are in the courtroom.

Trouble is, by the time you get there the debt will have grown more with their lawyer fees.

Since you obviously owe the money, you'll probably lose, they'll get a judgment for a lot more than they are asking now, and if you can't pay they'll garnish your wages and levy your bank accounts.