topic Re: Help me understand in General Credit Topics

Help me understand

courtney091082 — Mon, 03 Mar 2008 17:54:45 GMT

I have an old acct with Cap1 that is charged off, now with a CA

CA is NCO,

CL was $300..which I am sure I had maxed out then went 30 day ... 60 day ... 120 day and so on.....

NCO says I owe $3397.97

WTF? Isn't that a little high? g

What can I do if anything have not DV'd yet...

Re: Help me understand

Anonymous — Mon, 03 Mar 2008 17:56:34 GMT

Make sure that you DV them and have them itemize the fees!! That isn't the first I have heard of a CA doing that. Slime balls.

Re: Help me understand

Anonymous — Mon, 03 Mar 2008 17:57:41 GMT

When was the account charged off and what state do you live in? Interest still accures even after the CO.

Message Edited by guiness56 on 03-03-2008 09:57 AM

Re: Help me understand

llecs — Mon, 03 Mar 2008 18:00:13 GMT

If they sent you an initial collection letter that states you have 30 days to dispute and so on and so forth, then sent that DV ASAP. I have a 100% kill rate with NCO just by doing that.

Re: Help me understand

Anonymous — Mon, 03 Mar 2008 18:02:57 GMT

What if you never get an inital collection letter, it just shows up on your CR?

Re: Help me understand

courtney091082 — Mon, 03 Mar 2008 18:05:15 GMT

I understand that interest is still accruing, but come on...$3000 intereste yeah right

I am in TX the 30 days to DV doesn't matter here, I think I can DV at anytime....

I plan on doing so now, this was a KMart Cap1 Card, our KMart went out of business...and I never had a CL besides $300 (it is not like that is a limit reduction, like I had a $2500-3000 CL to start with)

DOLA on my TU report is OCT 2003...SOL in TX is 4 yrs so that would have been OCT 2007...so I am out of SOL right?

Should I DV?

Re: Help me understand

llecs — Mon, 03 Mar 2008 18:10:41 GMT

guiness56 wrote:
What if you never get an inital collection letter, it just shows up on your CR?

Then I'd fall back to more of a defensive position and figure SOL, DOFD, etc. I'd also figure out what date the CRA says is the drop off date. If out of SOL, I'd DV and dispute, if I had one. If within SOL, I'd save the money for worst-case scenario, DV and dispute, if applicable, and DV again and again (over several months). If all else fails, then I'd ready a PFD in full.

I didn't start repair until Aug. and have an AFNI acct like this. Received the initial letter way back when but didn't care. Now it's on each CRA and DVs are unresponded to. So, only option I see is to PFD.

Re: Help me understand

Anonymous — Mon, 03 Mar 2008 18:11:31 GMT

seems you are past SOL - so DV them (and use Lonnster's letter)

Re: Help me understand

courtney091082 — Mon, 03 Mar 2008 18:12:35 GMT

llecs wrote:

guiness56 wrote:
What if you never get an inital collection letter, it just shows up on your CR?

Then I'd fall back to more of a defensive position and figure SOL, DOFD, etc. I'd also figure out what date the CRA says is the drop off date. If out of SOL, I'd DV and dispute, if I had one. If within SOL, I'd save the money for worst-case scenario, DV and dispute, if applicable, and DV again and again (over several months). If all else fails, then I'd ready a PFD in full.

I didn't start repair until Aug. and have an AFNI acct like this. Received the initial letter way back when but didn't care. Now it's on each CRA and DVs are unresponded to. So, only option I see is to PFD.

I thought they have to respond to a DV within 30 days or stop reporting?

Re: Help me understand

courtney091082 — Mon, 03 Mar 2008 18:14:25 GMT

Lady_Scarlet wrote:
seems you are past SOL - so DV them (and use Lonnster's letter)

Thanks I am going to DV today, I hope something good comes of this!!!

Re: Help me understand

llecs — Mon, 03 Mar 2008 18:14:39 GMT

courtney091082 wrote:

I am in TX the 30 days to DV doesn't matter here, I think I can DV at anytime....

Texas is very consumer friendly. I haven't studied the law, but they have their own verison of the FDCPA. I live in VA and we don't have anything going for us (except a shorter SOL).

Re: Help me understand

Anonymous — Mon, 03 Mar 2008 18:16:03 GMT

llecs wrote:

I didn't start repair until Aug. and have an AFNI acct like this. Received the initial letter way back when but didn't care. Now it's on each CRA and DVs are unresponded to. So, only option I see is to PFD.

Have you sent the CRA's HappyDay's delete for failing to validate letter?

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=79921

Re: Help me understand

courtney091082 — Mon, 03 Mar 2008 18:23:21 GMT

Thanks for posting the link, I was looking for something like that

Re: Help me understand

Anonymous — Mon, 03 Mar 2008 18:24:34 GMT

Your Name
Your Address
YourTown,, State ZipCode

Debt Collection Company Name
Their address
Town, State ZipCode

Date:

Re: Debt Collection Company Name; Acct # Debt Collection Company #; Original Creditor Name; OC Acct #

To Whom It May Concern:
This letter is being sent to you in response to a notice sent to me on DATE. Be advised that this is a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.
This is NOT a request for “verification” or proof of my mailing address, but a request for FULL MEDIA VALIDATION made pursuant to the above named Title and Section. I respectfully request that your offices provide me with competent evidence that (a) the account is valid, (b) the amount allegedly owed is accurate, and (c) I have a contractual obligation to pay Debt Collection Company Name for this alleged debt.
All of the following MUST be provided to adequately validate the authenticity of the alleged debt AND provide proof of my contractual obligation to Debt Collection Company Name for this alleged debt:
• Signed credit application between myself and the original creditor
• Copies of all signed vouchers from the date account was opened until default
• Copies of all statements from the date account opened until default
• Proof of the statute of limitations
• Proof of agreement that you were hired by the Original creditor (creditor as defined by the FDCPA) or
• A copy of the contract Debt Collection Company Name purchased the alleged debt.
• If the alleged debt was purchased, provide a copy of an agreement between Debt Collection Company Name and myself, signed by me, stating that I have a contractual responsibility to Debt Collection Company Name for the alleged debt
• Provide proof that Debt Collection Company Name is bonded/Licensed for debt collecting in the State of Your State
Be advised that failing to provide ALL of the media requested to validate the alleged debt will invalidate any and all claims Debt Collection Company Name is asserting regarding this alleged debt. If Debt Collection Company Name can NOT provide all of the validation media requested above, ALL collection efforts MUST be stopped and the account MUST be DELETED from the Debt Collection Company Name. If you can NOT validate your claim, you can NOT, by law, collect on it, or SELL it to another collection agency. Also, reporting a debt to the credit reporting agencies that can not be validated is a violation of the FCRA (Fair Credit Reporting Act), and carries a $2500 fine to be paid to me. I have two years to decide if I want to pursue this matter. PLEASE GIVE THIS MATTER THE ATTENTION IT DESERVES.
If your offices are able to provide all of the validating media as requested, I will require at least 30 days to investigate this information, and during such time, all collection activity must cease and desist.
I am also stating, in writing, that no telephone contact be made by your offices. If your offices attempt telephone communication with me, including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment, and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter by United States Postal Service.

Best Regards,

Your Name TYPED

Re: Help me understand

llecs — Mon, 03 Mar 2008 18:28:21 GMT

courtney091082 wrote:

I thought they have to respond to a DV within 30 days or stop reporting?

That's the debate here: Does reporting on a CR constitute collection activity?

Personally, IMO, I say no. The 30 days applies to a CRA when responding to the dispute process. Basically, they have 30 days to verify or delete.

The other 30-day set comes into play with regards to CA activity. By law, a CA must tell you in their initial communication with you that you have 30 days to respond or they will assume that the debt is valid.

IMO, again, once that initial 30 day notice has past and you don't respond, the the DV process no longer applies. Before I become misunderstood, I think it is OK to DV a CA anytime you want. But on a legal standpoint, 30 days was up.

What if you never got the notice? Well it can be argued, and I tend to agree, that the day you see the CA on your report, the 30 days begins ticking for you to respond with a DV.

A DV as defined by the FDCPA prevents a CA from engaging in collection activity during the time you send in the DV onwards. CAs have unlimited time to respond; they just cannot engage in collection activities. So again, to come full circle: Does reporting on a CR constitute collection activity?

Re: Help me understand

courtney091082 — Mon, 03 Mar 2008 18:28:33 GMT

Thanks Lady!!!

Re: Help me understand

Anonymous — Mon, 03 Mar 2008 18:31:30 GMT

Yes, I was just wishing I still lived in Texas, which is my home, and not WA.

Re: Help me understand

llecs — Mon, 03 Mar 2008 18:42:04 GMT

sidewinder wrote:

llecs wrote:

I didn't start repair until Aug. and have an AFNI acct like this. Received the initial letter way back when but didn't care. Now it's on each CRA and DVs are unresponded to. So, only option I see is to PFD.
Have you sent the CRA's HappyDay's delete for failing to validate letter?

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=79921

It's a good letter. Taking the fight to the CRAs is a good next step. I haven't proceeded that far. But as seeing that this debt is um, ahem, valid, I may not go there and lean towards a PFD intead. But if they continue to reject my PFDs in full, I'll consider all options. We are at the 6 yr mark on this.

Re: Help me understand

Junejer — Mon, 03 Mar 2008 19:12:58 GMT

@llecs wrote:

@courtney091082 wrote:

I thought they have to respond to a DV within 30 days or stop reporting?
That's the debate here: Does reporting on a CR constitute collection activity?

Personally, IMO, I say no. The 30 days applies to a CRA when responding to the dispute process. Basically, they have 30 days to verify or delete.

The other 30-day set comes into play with regards to CA activity. By law, a CA must tell you in their initial communication with you that you have 30 days to respond or they will assume that the debt is valid.

IMO, again, once that initial 30 day notice has past and you don't respond, the the DV process no longer applies. Before I become misunderstood, I think it is OK to DV a CA anytime you want. But on a legal standpoint, 30 days was up.

What if you never got the notice? Well it can be argued, and I tend to agree, that the day you see the CA on your report, the 30 days begins ticking for you to respond with a DV.

A DV as defined by the FDCPA prevents a CA from engaging in collection activity during the time you send in the DV onwards. CAs have unlimited time to respond; they just cannot engage in collection activities. So again, to come full circle: Does reporting on a CR constitute collection activity?

I positively disagree. I say that reporting to a CRA is absolutely collection activity. Why else would they even report to a CRA? They know that the collection is going to harm your report, and hopefully cause you to pay up...thus making this collection activity.

Re: Help me understand

Anonymous — Mon, 03 Mar 2008 19:27:53 GMT

FTC opinion letter and case law: TWYLA BOATLEY, Plaintiff, vs. DIEM CORPORATION, No. CIV 03-0762 UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ARIZONA, 2004, reporting to a CA is considered collection activity.

Collection activity cannot continue if they haven't validated (they can keep it there during the 30 days); there is nothing that says they can't put it on a CR before they send the initial letter or that they even have to send the letter (as long as they don't contact you) - so just finding it on a CR is a posibility even if reported years ago.