COLLECTION NOTICE

[nathan]

I have a ca from asset acceptance that is due to fall off in sep08 on exp and nov08 on tu. Today, I just received a collection notice from Ocwen loan servicing llc telling me that they have been assigned to collect this debt on behalf of asset and urging me to settle for half the amount. Original amount is 2429.19. They are urging me to reply within 30 days and they will provide verification or judgment against me. At the end of the letter, it says disregard if the debt is subject of bankrupcy or has been discharged. What is the best approach for me to take? I do not have the money to pay. The original creditor was providian and the account was charged off and already droped off my reports. Does anbody know what the sol in MN for cc is? Is cc considered a verbal or written contract? If it is past sol, can i just tell them to go to hell? Asset has been softing me and they have noticed that my reports are getting better and they want to ruin me. btw i just paid them 157 ca after they refused to pfd. please i need your advice before i act. Account was opened in 2000 and dola is April 2001. I Know if asset had the opportunity to get a judgment, they would have tried, so i think Ocwen is just a scavenger. This is the first time i have heard of this collection agency.

[Junejer]

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@nathan wrote:

I have a ca from asset acceptance that is due to fall off in sep08 on exp and nov08 on tu. Today, I just received a collection notice from Ocwen loan servicing llc telling me that they have been assigned to collect this debt on behalf of asset and urging me to settle for half the amount. Original amount is 2429.19. They are urging me to reply within 30 days and they will provide verification or judgment against me. At the end of the letter, it says disregard if the debt is subject of bankrupcy or has been discharged. What is the best approach for me to take? I do not have the money to pay. The original creditor was providian and the account was charged off and already droped off my reports. Does anbody know what the sol in MN for cc is? Is cc considered a verbal or written contract? If it is past sol, can i just tell them to go to hell? Asset has been softing me and they have noticed that my reports are getting better and they want to ruin me. btw i just paid them 157 ca after they refused to pfd. please i need your advice before i act. Account was opened in 2000 and dola is April 2001. I Know if asset had the opportunity to get a judgment, they would have tried, so i think Ocwen is just a scavenger. This is the first time i have heard of this collection agency.

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Hi Nathan. A CC is an open contract. The SOL for MN is 6 yrs for an open contract. If you are 100% positive that this is past SOL, then you can just tell them to EC&BATM (eat crap and bark at the moon). The reason why Asset is on your back right now is b/c you just paid another collection with you. So, as you surmised, they figure that you are softening, so they might as well give it a try.

Ocwen is known as a mortgage loan servicing company. Again, if you are 100% sure that you past SOL, you can write the proverbial FOAD letter.

[nathan]

Ok I just checked my report again and I noticed that asset has reaged the dola to apr07 and date opened 2003 instead of 2000. I have disputed this account like four times without success. Being that it is due to fall off in sep and nov, can Ocwen reage it again to really damage my report? i never did a dv with asset and i now believe that they didn't sue because they may not have all the information. Should i dv ocwen, or just ignore them. Is it legal for both ca to report the same debt by trying to disguise it? This particular debt has been reported by almost all the ca out there and they have all fallen my report except for asset still hanging tight. the only reason i paid the $157 is because it is due to fall off in 2010 and i could affort it. i have already disputed tu and exp hoping i may be lucky to get a delete. I have tc and i will be monitoring everyday to dispute immediately if this guys try to snick it in my report. What should i do now?

[Junejer]

I am a little unsure about all the details now Nathan. I originally thought that the $157 was for a different debt. I am misreading this?

Who is reporting on your CR now? Is it just Asset or is it Ocwen too? What you need to focus on is the DOFD of the debt. The open date is rather irrelevant to you, as it is the date that the CA opened its account. The DOFD is set by the OC, and that is what determines when the CRTP ends. If it has already fallen off and has been re-inserted, the CA is in violation and will cost them $. Do you have proof of when it had fallen off? I had a CA report on me for about three or four years on EX. It was for a timeshare that I sold in 2000, yet the HOA wanted to collect HOA fees for 2001-2004 (yeah right). Anyway, the CA fell off in Oct 2007, then tried to get back on there in Nov. I DV'd them (even though I didn't know it was called a DV then) and disputed with the CRA at the same time. It has gone away. I got the dunning letter from them, stating that it was gone from both EX & TU.

Again, if you are sure that it is beyond SOL, I would DV Ocwen.

[nathan]

Byrdman, The $157 is a different debt i just paid a fews days ago to asset. i have two accounts with them and i paid the $157 because i could affort it and it is the one hurting my score very bad. The one ocwen is trying to collect is for the other account(2429). On my exp, it is clearly stated that this account will be removed in sep2008 and in tu, it says nov2008. my question is even if ocwen succeeds to report this account also, will it change these removal dates. Can they disguise the account to look like a different account. I know oc and ca can report at the same time, but can two cas do the same? if they do can i use the letter they sent me as prove that asset has relinguish the debt to ocwen? Exp and tu just give the date opened and dola. Where can i find the dofd? I am afraid i have too many question, but thanks for your concern.

[PayYouNever]

Did you get a PFD for the $157? If not, you shouldn't even have paid that, because your CBR was updated something activity on an account that's not going to disappear anytime soon, hence you score dropped maybe 50 to 75 points.

You need to seriously research the SOL on the account, becaue if you're in the clear then you can fight this off, by sending a rights violation letter to the CRA stating that the CA is reporting incorrect information - regarding the DOLA and DOFD. If you have copies of previous reports showing that that the fall off dates have changed, then you should include copies of those reports in your CMRRR letters to EQ, EX and TU.

Any additional correspondence that you have with the CA has to be in writing. Get the PFD in writing, because you probably didn't get that with the $157 debt -- and that's why it's a red scar that will fade over the next two years.

[nathan]

One more question. i now live in Pa and the sol is 4 yrs, but the account was opened in MN which is 6yrs. if they were to sue me will they follow the MN sol or the PA sol. i just want to make sure that this debt is past sol and then i will tell them to go to hell. Can they sue me in Mn even though i no longer live there? Thanks for any insight.

[nathan]

Oh my!! can i lose points just for paying the 157 collection. They refused pfd, so i just decided to pay it because i didn't want creditors to be seeing an unpaid collection for 157 especially when i plan to get a mortgage soon. I knew i wouldn't gain any points for paying, but not lose points as a result. i thought the only update will paid as oppose to unpaid.

[Anonymous]

an unpaid collection and a paid collection will NOT help your scores!! FICO sees them as the same!

A creditor may file suit in the state where you live OR in the state where you took the account out in.

If your CR says that it will drop this year....send A DV  CMRRR  to both CAs!!!!  The longest SOL for you would be 6 years from DOFD.....going by what you say your CR says   you are past SOL!

A creditor can always sue BUT  your defense would be....past SOL!

Im sure that they would love to accept 50% of the debt....they know that you are past SOL!

Message Edited by HappyDays on 03-14-2008 06:34 PM

Message Edited by HappyDays on 03-14-2008 06:35 PM

[Junejer]

Nathan, sorry about last night (Friday night=family night), I had to bow out early. The other posters gave you great advice. I would follow it to the letter. To answer part of the question that I didn't see answered is two CAs reporting at the same time. ILLEGAL, therefore $ to you. Only one CA can report on a debt at a time. Like I said in the earlier post and HappyDays reiterated, DV CMRRR those CAs.