topic questions in Rebuilding Your Credit

questions

nmorton79 — Sun, 12 Oct 2008 06:09:30 GMT

Hello to all,

I have a few questions...Anyone is more than welcome to answer....

1) If I have an account that was sold either from the OC to a CA or from CA to CA, is the company who previously held the account obligated to remove their entry from my credit reports? Or, can I have multiple listings for the same account on my credit?

2) I have made a payment arrangement with the CA OCWEN for a HSBC loan. in this arrangment, they are to debit $300 from DH's checking. First payment came and went with no probs, but now I am having second thoughts after hearing from multiple places that we are never to let a CA auto debit from a bank account. The reasons the we did it this way is because the CA stated that they were in the final stages of collection and were ready to sue, and DH has applied for a job as a police officer and they look at your credit history too. So my question is, can I notify the CA in writing to stop the auto debit, and then send a certified check of money order every month? Do they have to comply, or can they continue to do as per the agreement that we made with them? DH plans to close out checking account after I send this letter out, and we would feel much better if we knew that the CA didn't have that kind of access anymore.

Much thanx to anyone taking the time to read and answer back. Any advice is greatly appreciated

Re: questions

Anonymous — Sun, 12 Oct 2008 07:45:07 GMT

1) This is a common question - you can have two entities reporting at any given time: the Owner of the debt (whether an OC or a JDB) and the Pursuer, sometimes a secondary CA pursuing on behapf of the first.

2) You are in a bad spot - you have a binding agreement with a CA now, and closing the account or stopping payments from that account would place you in breach - then the CA can certainly sue with a stronger case. I would try to renegotiate with the CA, but I doubt they will let you off the hook now. Having a CA with a hand in your back pocket is not a very reassuring feeling.

good luck

Re: questions

Anonymous — Sun, 12 Oct 2008 17:38:29 GMT

There can be 1 OC and 1 CA report at the same time!!! Just because an account has been sold to a CA does not make the CA an OC!!!!

The old CA should have deleted but they never do. Send them a DV CMRRR

As to the payments. Send them a letter CMRRR telling them no more auto deductions from your account. Contact your bank that they are not to auto deduct anymore that you will be paying them yourself! Keep a copy of the letter.

Re: questions

RobertEG — Mon, 13 Oct 2008 06:58:58 GMT

I dont know how the payment agreement was worded, but I dont think that there is any court in the land that would hold in in substantive breach of contract simply by changing the method of payment to an equivalent one of your choosing. The CA would looking silly for bringing any such action, for it inflicts no damage on them.

Re: questions

Junejer — Mon, 13 Oct 2008 12:43:32 GMT

HappyDays wrote:
There can be 1 OC and 1 CA report at the same time!!! Just because an account has been sold to a CA does not make the CA an OC!!!!

The old CA should have deleted but they never do. Send them a DV CMRRR

As to the payments. Send them a letter CMRRR telling them no more auto deductions from your account. Contact your bank that they are not to auto deduct anymore that you will be paying them yourself! Keep a copy of the letter.

Exactly.

Re: questions

Anonymous — Mon, 13 Oct 2008 15:53:53 GMT

Payment method CAN BE, and in many cases IS, a substantive term of an agreement - if the payment terms, for example direct debit or access to consumer account, have been agreed between the two parties, it requires a new agreement to modify them.

I do not understand under what doctrine it would be considered a consumer right to change it unilaterally.