topic Re: Jefferson Capital Systems, Legit? in Credit Cards

Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 04:39:28 GMT

I have an old debt from MBNA loan that I took out back in 1998. The total amount on the debt is around $3500. Obviously MBNA has closed my account and sold it off to debt collectors now and it has been through several of them. Pinnacle recently had it and they were trying to charge me nearly $9,000 on the old debt.

The debt has now switched to Jefferson Capital Systems. I received a letter from them stating they would allow me to pay $76 a month which would come to a total of $1368 off the entire balance. After paying that much, they would then place the remaining amount on a credit card/line and allow me to pay it off like it was a credit card account or loan.

This seems like a really good deal to get rid of the biggest of the 3 monkeys on my back regarding delinquent credit. I'm just not sure if this is a legitimate deal though. It offers me convenience in getting this debt paid off and I know I will have to pay it off eventually and so far this has been the best offer received from a debt collector.

I have done some minor research on the Internet and I have seen some negative things said about them (as with all credit and debt companies) but I have also seen some pretty positive things said about their services.

Has anybody used this company before to get out of a debt? Anybody know if this is a legitimate company with good intentions? Any information or assistance would be greatly appreciated. Thank you.

Re: Jefferson Capital Systems, Legit?

llecs — Fri, 14 Nov 2008 04:45:45 GMT

http://ficoforums.myfico.com/fico/board/message?board.id=creditnews&message.id=1926&query.id=123010#M1926

Re: Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 06:18:44 GMT

if this is from 1998 then it is way old, depending on your state the statute of limitations is likely 3-10 years so more likely than not this is obsolete and since older than 7 years shouldnt go on your credit either

Re: Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 14:33:53 GMT

@Anonymous wrote:
if this is from 1998 then it is way old, depending on your state the statute of limitations is likely 3-10 years so more likely than not this is obsolete and since older than 7 years shouldnt go on your credit either

That's the thing, the original creditor claim on this debt is set to go off my report next year but now Jefferson Capital Systems owns the debt and is reporting it to credit bureaus as it is on my credit reports. What options do I have?

Message Edited by phillyeagle on 11-14-2008 06:33 AM

Re: Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 14:34:11 GMT

@llecs wrote:
http://ficoforums.myfico.com/fico/board/message?board.id=creditnews&message.id=1926&query.id=123010#M1926

So, is this a good thing or a bad thing?

Message Edited by phillyeagle on 11-14-2008 06:34 AM

Re: Jefferson Capital Systems, Legit?

llecs — Fri, 14 Nov 2008 14:39:36 GMT

hayhayday wrote:
if this is from 1998 then it is way old, depending on your state the statute of limitations is likely 3-10 years so more likely than not this is obsolete and since older than 7 years shouldnt go on your credit either

I read it as the loan was opened in 1998. It could have gone south much later than that.

Re: Jefferson Capital Systems, Legit?

llecs — Fri, 14 Nov 2008 14:41:50 GMT

phillyeagle wrote:
@llecs wrote:
http://ficoforums.myfico.com/fico/board/message?board.id=creditnews&message.id=1926&query.id=123010#M1926

So, is this a good thing or a bad thing?
Message Edited by phillyeagle on 11-14-2008 06:34 AM

As evidenced by the info in there, it isn't a good company. I read through the FTC complaint and there's some real horror stories in there.

Plus they have been opening TLs with your own debt. But now they are closing those TLs. Salute Visa and Aspire Visa are great examples and many in here have been impacted by that.

Re: Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 14:45:15 GMT

@Anonymous wrote:
That's the thing, the original creditor claim on this debt is set to go off my report next year but now Jefferson Capital Systems owns the debt and is reporting it to credit bureaus as it is on my credit reports. What options do I have?

Once 7 years has passed from the DOFD, all related collection accounts should be removed from your CRs.

Re: Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 14:48:25 GMT

@llecs wrote:

I read it as the loan was opened in 1998. It could have gone south much later than that.

Yes, it was opened in 1998 but went south in 2003. On my credit reports, the original creditor's claim was last updated in November of 2003 and it is estimated to come off my report on February 2010 but what does that all mean? Is that good for me? What options are there?

Re: Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 14:50:35 GMT

Also, I'm not up on the acronyms used here. What is TL and DFOD and such? Is there a thread that explains acronyms used anywhere?

Re: Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 15:03:18 GMT

@Anonymous wrote:
Also, I'm not up on the acronyms used here. What is TL and DFOD and such? Is there a thread that explains acronyms used anywhere?

TL = Trade line

DOFD = Date of First Delinquency

http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&thread.id=23

That thread has a list of common abbreviations.

Re: Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 16:13:53 GMT

Thanks for the information on acronyms, that will come in handy as I use the forum.

Still confused about the other things though.

TY again!

Re: Jefferson Capital Systems, Legit?

hopefulinde — Fri, 14 Nov 2008 17:49:57 GMT

They offered me the same type of deal for my Imagine card, but I didn't take it. It turned up at another letter was sent out offering a steep discount on what I owed, so I took it. I didn't want trade a lousy card in for another lousy card. Plus it didn't sit right in my stomach.

Re: Jefferson Capital Systems, Legit?

jmbfl — Fri, 14 Nov 2008 22:04:42 GMT

@Anonymous wrote:
@Anonymous wrote:
That's the thing, the original creditor claim on this debt is set to go off my report next year but now Jefferson Capital Systems owns the debt and is reporting it to credit bureaus as it is on my credit reports. What options do I have?

Once 7 years has passed from the DOFD, all related collection accounts should be removed from your CRs.

It is seven and a half years from DOFD,

SOL runs from DOLA and varies from state to state.

These folks are real bad actors. They are a collection agency that works in conjuction with an issuer of sub-prime credit cards. That issuer has been cancelling card programs and closing accounts left and right. They both are subjects of FTC and AG investigations and penaltes. I would find out what the SOL is for this debt in your state. If you are clear of it leave this matter alone. If you move up the DOLA you will reset the SOL.

Re: Jefferson Capital Systems, Legit?

Anonymous — Fri, 14 Nov 2008 22:20:37 GMT

@jmbfl wrote:
@Anonymous wrote:
@Anonymous wrote:
That's the thing, the original creditor claim on this debt is set to go off my report next year but now Jefferson Capital Systems owns the debt and is reporting it to credit bureaus as it is on my credit reports. What options do I have?

Once 7 years has passed from the DOFD, all related collection accounts should be removed from your CRs.

It is seven and a half years from DOFD,

SOL runs from DOLA and varies from state to state.

These folks are real bad actors. They are a collection agency that works in conjuction with an issuer of sub-prime credit cards. That issuer has been cancelling card programs and closing accounts left and right. They both are subjects of FTC and AG investigations and penaltes. I would find out what the SOL is for this debt in your state. If you are clear of it leave this matter alone. If you move up the DOLA you will reset the SOL.

I've never been quite clear on this but how do I find out what the SOL is? I am in Arkansas. Some people have told me that I am clear of it and others have said it's unsure. I am looking at my credit report online and it states the following:

BANK OF AMERICA

4060 OGLETOWN STAN
MAIL CODE DE5-019-
NEWARK , DE 19713
(800) 421-2110

Balance:

$3,***

Date Updated:

11/2003

High Balance:

$3,***

Credit Limit:

$1,500

Past Due:

>$399<

Pay Status:

>Charged Off as Bad Debt<

Account Type:

Revolving Account

Responsibility:

Individual Account

Date Opened:

03/1999

Date Closed:

11/2003

Loan Type: Line of Credit

Remark:

Account closed by credit grantor

Estimated date that this item will be removed: 02/2010

As you can see, it list no DOLA. I have been told you must be very careful when it comes to the SOL because just mentioning in a phone conversation to a debt collector and such can reset it. What's the best way to go about handling this?

Re: Jefferson Capital Systems, Legit?

nmorton79 — Fri, 14 Nov 2008 23:26:14 GMT

Jefferson offered the same deal for my imagine card, so I took it(0% apr and no annual fee...pretty good if you ask me...). I have to say that I have not had a sngle issue with this, and that I am 2 payments away from reaching my goal. I plan to ask for a PFD if I agree to pay the amount that they plan to "forgive". Once the balance of the card is paid, I plan to sock drawer the card.

Re: Jefferson Capital Systems, Legit?

Uniqua — Sat, 15 Nov 2008 00:52:26 GMT

Phillyeagle, do you have a "hard" copy of your CR? If so, that information should be on there.

As far as SOL, read the following: Arkansas Statute of Limitations

I'm guessing that since the estimated date of removal is 2/2010, the DOFD was somewhere around 2/2003. The SOL for written contracts (AR) is 5 years and the SOL for oral contracts (AR) is 3 years. Looks like their past both to me. They probably bought this debt from BofA for pennies (literally) and are now trying to reap 150% profit off of you. That number may be highly imagined, but you get my drift. IMO, I wouldn't give these people a dime. Once you pay, it will start the ball ticking all over again -- another 7 years of this debt sitting on your CR. Is this what you want? I'm all for paying back debt we incur, but sometimes we have to live and learn. Take this as a learning experience and do whatever steps necessary to garden your credit wisely in the future.

Re: Jefferson Capital Systems, Legit?

Anonymous — Sat, 15 Nov 2008 01:04:48 GMT

@Uniqua wrote:
Phillyeagle, do you have a "hard" copy of your CR? If so, that information should be on there.

As far as SOL, read the following: Arkansas Statute of Limitations

I'm guessing that since the estimated date of removal is 2/2010, the DOFD was somewhere around 2/2003. The SOL for written contracts (AR) is 5 years and the SOL for oral contracts (AR) is 3 years. Looks like their past both to me. They probably bought this debt from BofA for pennies (literally) and are now trying to reap 150% profit off of you. That number may be highly imagined, but you get my drift. IMO, I wouldn't give these people a dime. Once you pay, it will start the ball ticking all over again -- another 7 years of this debt sitting on your CR. Is this what you want? I'm all for paying back debt we incur, but sometimes we have to live and learn. Take this as a learning experience and do whatever steps necessary to garden your credit wisely in the future.

You say pay it and suffer through 7 more years of the debt on my credit report, are speaking of them or the original creditor? If I don't pay it eventually, doesn't it always stay on there from it just passing from one debt collector to another?

What would you do?

Re: Jefferson Capital Systems, Legit?

Uniqua — Sat, 15 Nov 2008 01:16:03 GMT

What I am saying is that once you pay it, it will be updated on your CR and it will remain on there another seven years (unless you get in writing from the CA that they agree to remove the CO upon payment of the agreed upon amount). Right now, as it stands, it is due to fall off in a little over a year (may come off sooner than that). So, if it were me, I wouldn't pay anything on it. Seems like they know the SOL has run out. Otherwise, they would have sued you by now and gotten a judgment against you. They are sweet talking you. The sweeter the deal sounds the more likely you will pay up. Any payment from you is a profit for them.

Re: Jefferson Capital Systems, Legit?

Anonymous — Sat, 15 Nov 2008 03:39:56 GMT

@Uniqua wrote:
What I am saying is that once you pay it, it will be updated on your CR and it will remain on there another seven years (unless you get in writing from the CA that they agree to remove the CO upon payment of the agreed upon amount). Right now, as it stands, it is due to fall off in a little over a year (may come off sooner than that). So, if it were me, I wouldn't pay anything on it. Seems like they know the SOL has run out. Otherwise, they would have sued you by now and gotten a judgment against you. They are sweet talking you. The sweeter the deal sounds the more likely you will pay up. Any payment from you is a profit for them.

So when the original creditor's claim comes off my report what then? The amount owed just disappears? What after it comes off my report?