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New Member
Posts: 1
Registered: ‎07-09-2008
0

Old Spiegel Collection

I had an account with Spiegel, with a DOLA in either 2002 or 2003.  Actually, I believe the account was owned by FCNB, which has long ago folded, or at least that's what I read here on the FICO forums last year.  Anyway, the original debt was for around $1200, and was evidently sold to Midland Credit Management.  I was never able to resolve it until last year when I wrote to them, offering to settle the account for the original $1200.  I didn't receive a response until several months later, when they made a counteroffer that was still much more than the original debt.  I was willing to settle the debt somehow, but after hearing so many negative things about Midland, and learning that the SOL for my state (TX) is 7 years, I just couldn't decide how to handle it.  I was afraid that even if I paid the debt, in part or in full, they would never report it as paid, and it would continue to haunt me.  Then, when I pulled my credit report tonight, I saw that on all three credit reporting agencies, the date the account opened is listed as 12/01/2007.  This is totally inaccurate!   

 

How is it possible that Midland is able to report the account as having been opened in 2007?  And how can I go about getting this corrected?  It seems to me that if they are able to report totally inaccurate data, how will my credit ever be improved?  I feel like I'm between a rock and a hard place here. 

 

New Contributor
Posts: 178
Registered: ‎07-13-2009
0

Re: Old Spiegel Collection

Looks like SOL for TX is only 4 years across the board.  See here:  http://www.bankrate.com/finance/credit-cards/state-statutes-of-limitations-for-old-debts-2.aspx

 

 

Secondly I do not believe the CA can demand more than the original debt amount ($1200) per the FTC

 


http://www.bankrate.com/brm/news/cc/20030519b1.asp

 

Debt collectors may not:

  • Collect any amount greater than your debt, unless your state law permits such a charge.
  • Deposit a postdated check prematurely.
  • Use deception to make you accept collect calls or pay for telegrams.
  • Take or threaten to take your property unless this can be done legally.

Source: Fair Debt Collection, a brochure for consumers from the Federal Trade Commission.

 


 

I am sure the pros will chime in, but from what I understand these 2 reasons should be good enough to get this dismissed and deleted.  I am sure they have a letter format you can copy.



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Common Abbreviations | SOL | Understanding Your FICO Score | Credit Scoring 101 | FTC: FCRA Links | FTC: FDCPA Links | Opt-Out | MyFICO Score Estimator | What Steps Do I Take? | State Resources
Regular Contributor
Posts: 131
Registered: ‎07-09-2009
0

Re: Old Spiegel Collection

Why is it then that Legal Recovery Law Office, the new Collection agency that has my old Capitol One bill, is         1.adding interest to the bill every month  2. telling me they are a "real" law firm and they are going to take me ot court and sue me (I dont "think" they are really a real law firm......they never even contacted me EVER, I had to find out myself who I owed the money to now since the last ones (NCO) I successfully sued for harassment using the law firm Krohn & Moss...I had to find and call them......she was threatening alot to sue...I told her....if  you  were really going to sue me why the heck did I "have" to find you?....LOL

 

And my other big bill is now in the hands of Western Control and they are saying on one credit reporting agency that I owe 3,001$ and the other two repporting agencies are saying I owe 3,670$?? when the original creditor says the charge off was 2,251$??

New Contributor
Posts: 178
Registered: ‎07-13-2009
0

Re: Old Spiegel Collection

There is a part in the FTC statement that says they can't charge more than the original debt UNLESS STATE LAWS PERMIT.  Might be worth checking out.  If they are mischarging it's grounds for dismissal.

 

Also read up on the FTC rules, the CA cannot threaten to sue and not due it. Again, grounds for dismissal.



...........................................................................................................................

Common Abbreviations | SOL | Understanding Your FICO Score | Credit Scoring 101 | FTC: FCRA Links | FTC: FDCPA Links | Opt-Out | MyFICO Score Estimator | What Steps Do I Take? | State Resources
Regular Contributor
Posts: 131
Registered: ‎07-09-2009
0

Re: Old Spiegel Collection

thanks

I'll go googling for a bit and see if I can find out what Michigan law says, but I doubt I will find anything. I have been to those state sites and jeez louise...I last about 2 minutes and thats it. there nothing but a link to a link to a link to a link and then  chapter this and that and its all legaleeze, which means greek to me

Regular Contributor
Posts: 131
Registered: ‎07-09-2009
0

Re: Old Spiegel Collection

just what I thought:smileysad: I spent 25 minutes on a goose chase googling laws. I cant find anything in the fdcpa Michigan jargon about charging interest
Moderator
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Old Spiegel Collection

[ Edited ]

SanAntonioRose wrote:

I had an account with Spiegel, with a DOLA in either 2002 or 2003.  Actually, I believe the account was owned by FCNB, which has long ago folded, or at least that's what I read here on the FICO forums last year.  Anyway, the original debt was for around $1200, and was evidently sold to Midland Credit Management.  I was never able to resolve it until last year when I wrote to them, offering to settle the account for the original $1200.  I didn't receive a response until several months later, when they made a counteroffer that was still much more than the original debt.  I was willing to settle the debt somehow, but after hearing so many negative things about Midland, and learning that the SOL for my state (TX) is 7 years, I just couldn't decide how to handle it.  I was afraid that even if I paid the debt, in part or in full, they would never report it as paid, and it would continue to haunt me.  Then, when I pulled my credit report tonight, I saw that on all three credit reporting agencies, the date the account opened is listed as 12/01/2007.  This is totally inaccurate!   

 

How is it possible that Midland is able to report the account as having been opened in 2007?  And how can I go about getting this corrected?  It seems to me that if they are able to report totally inaccurate data, how will my credit ever be improved?  I feel like I'm between a rock and a hard place here. 

 


Midland is correctly reporting.  The "opened" date is the date Midland opened it with the CRA.  It has no bearing whatsoever on when you opened the account or when it will come of the CR.

 

TX has a 4 year SOL on open accounts.  

 

What is the DOFD of the account?  This date is the deciding factor as to when it comes off your report.

 

 

Message Edited by guiness56 on 07-18-2009 12:04 AM
Moderator
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Old Spiegel Collection

STATE: MICHIGAN

Interest Rate

  • Legal: 5% (7% if in writing)
  • Usury Limit: 25%
  • Judgment: 1% over the US Treasury nore (it changes Jan. 1 & July 1) unless there is a contract in which event the rate of interest is governed by the contract.

STATUTE OF LIMITATIONS (IN YEARS)

  • Open Account: 6
  • Written Contract: 6
  • Sales (UCC) Contract: 4
  • Domestic Judgment: 10 renewable
  • Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)

Regular Contributor
Posts: 131
Registered: ‎07-09-2009
0

Re: Old Spiegel Collection

5% total, a month, year?? Do you know how that works?

But even so a 2,251K bill shouldnt be a 3000K less than a year later right?

 

usury?? 

Moderator Emeritus
Posts: 7,326
Registered: ‎06-18-2007
0

Re: Old Spiegel Collection

DOFD/DOLA is set by the OC not the CA.  You should always mail a DV  CMRRR first.

 

Tx has the best laws for consumers. IF they do not answer a DV within 30 days the state law takes over.

 

Tx SOL is 4 years    CRTP is the same for every state 7 - 7.5 years from DOFD.

 

Mail them a DV  and sit back and wait. They must answer or delete.

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