HSBC vs PORTFOLIO RECOVERY ASSOC.

[rycoop]

Question of the day:

I have disputed an CA on my CR from Portfolio Rec. Assoc. showing a balance of 1193.95. I never recieved any notices from them or any information when they placed this on my CR. I know this is from a charge off HSBC acct. I also disputed that acct on my CR, since they BOTH show on there. The HSBC shows as a charge off/sold acct and then the Portfolio Rec shows up with a huge balance and naturally the same acct number as HSBC.

On Dec 19th I got a letter from HSBC saying they recieved a dispute from one of the 3 major CRA stating that I was disputing this your reported acct info. We have completed our investigation and identified the acct in question as your Orchard Acct which has been sold. HSBC Bank sold this acct to Port. Rec. (phone #). Because at one tiem your acct was owned by Household bank, the item on your CBR will be identfied as HSBC Bank FKA HHLB.

On Dec 28th I got a statement from Portfolio Recovery Associates, LLC stating this:

Dear **************

Re: Additional Informatin concerning your acct

Acct reference: ***************

This letter contains additiona informatin concerning the acct referrence above.

Seller's name and Orginial Creditors name:

HSBC/Orchard Bank/Non Prime

Acct holders name: ME

Acct holders add: Mine

Date of loan: 10/17/2004

Acct holders last 4 digit of ss #: Mine

PRA purchased this acct: 7/19/2007

The current outstanding bal is: 1193.95

Contact us toll free at 1-800-772-1413 to discuss payment arrangements.

Soooooo... here's the question.... What should I do? PFD? DV?? Neither is the OC. HELP..... I'm not trying to be lame here but this is the BIGGEST baddie on my CRA and I want it GONE FAST!!!!!!

Thanks guys

[Anonymous]

Dates are important.....what is the DOFD or DOLA???  What is your SOL??

If you do not have the money to PIF never touch any derog. on your CR!!

IMO  a DV is sent to a CA before a dispute.

You can find the DOFD or DOLA on your TU and EX CRs

SOL

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

[rycoop]

HappyDays,

Here's what TU says:

HSBC NV

Balance: 

$0  

Date Updated: 

07/2007  

High Balance: 

$1,198 

Credit Limit: 

$0 

Past Due: 

$0 

Pay Status: 

>Charged Off as Bad Debt<  

Account Type: 

Revolving Account  

Responsibility: 

Individual Account  

Date Opened: 

10/2004 

Date Closed: 

10/2006 

Date Paid: 

07/2006 

My SOL in WA state is 3 yrs on CC.

Should I DV???

[Anonymous]

---

rycoop wrote:

HappyDays,

Here's what TU says:

HSBC NV

Balance: 

$0  

Date Updated: 

07/2007  

High Balance: 

$1,198 

Credit Limit: 

$0 

Past Due: 

$0 

Pay Status: 

>Charged Off as Bad Debt<  

Account Type: 

Revolving Account  

Responsibility: 

Individual Account  

Date Opened: 

10/2004 

Date Closed: 

10/2006 

Date Paid: 

07/2006 

My SOL in WA state is 3 yrs on CC.

Should I DV???

---

HSBC is the OC you only DV a CA.     I have sent a DV to an OC before I knew the differance.

The date closed means nothing!!!  when an account is closed because of non payment  the DOFD and DOLA would be before it was closed!

Look at your TU and EX CR....it should show the drop date   will remain on account untill 2009

[rycoop]

Happy Days,

HSBC is not the original creditor as it was an Orchard Bank acct that they took. That's my understanding. This is all it says. I'm seriously confused and I'm sorry to seem so dumb. Should I call the credit card co and ask the DOFD & DOLA? I don't have any idea what those dates may be.

On TU it says

Loan Type: Credit Card

Remark: 

Purchased by another lender

Estimated date that this item will be removed:   06/2013

[Anonymous]

---

rycoop wrote:

Happy Days,

HSBC is not the original creditor as it was an Orchard Bank acct that they took. That's my understanding. This is all it says. I'm seriously confused and I'm sorry to seem so dumb. Should I call the credit card co and ask the DOFD & DOLA? I don't have any idea what those dates may be.

On TU it says

Loan Type: Credit Card

Remark: 

Purchased by another lender

Estimated date that this item will be removed:   06/2013

---

You are not dumb!!  I know this is confusing.

An OC would be any creditor that you had credit with (Some CCC go by 1 name  but is owned under another company name).They buy & sell CCC the same way that they do Morgages and banks.

HSBS either owned Orchard or bought them out. When they buy them they also buy their debt. This means that they are now the OC

A CA is an outside company that is not owned by the OC in any way!

Portfololio is a CA.

Did you stop paying in 2006??  if so then it would drop in 2013.......you would still be within SOL.

From what you say the CA  owns the account. You have to deal with them & since you disputed it....they know that you know about it.

First check with your state & see if they have laws that govern int. rate and fees that can be charged in this matter. Some do & some don't.

The next step would be to DV the CA...........they will answer.....then all you can do is ask for a PFD for less then they want....remember they did not pay the full amount that you owed. They have the right to file a lawsuit up until the last day of the month of SOL.

The OC  can stay on your CR until 2013!!  all you can do is GW and they usually  will not delete it.  DO NOT disput it as it will update every time that you do. It will hurt less after 2 years and less  again after that.

Message Edited by HappyDays on 01-04-2008 04:38 PM