collection

[Anonymous]

I have an old account with FCNB-Spiegel which I owed a balance . Unfortunately, I havent been able to pay this one off in the past. I have paid off other debts and taken care of a lot of accounts in the past to try and bring my scores up. They are in the low 600s, Equifax is in the high 600s. Anyway, this account has been closed since 02/2002.  I opened it in 11/1994. According to Transunion, it is due to drop off of the credit report in 01/2009. I have read numerous reports on the internet that FCNB-Spiegel had went bankrupt in 2003. Can anyone verify this?. So. a collection agency, Midland Credit Management, has sent me a letter wanting to settle, that they purchased the account. I have also found a lot of negative reports about this company on the internet also. My questions are, since I cant pay off the balance owed right now( 3000) , they are wanting to settle for 1800, should I sent them a letter asking them to verify the account? ( I have heard that they could have a hard time finding proof, since going bankrupt? Should I send the letter ceritfied? I definately dont want to have a judgement against me, I already have been approved for a home loan, but this collection isnt on the credit report right now. I want to be able to exercise all my rights. If they cant provide proof, will this collection go away. I will pay if I have too, I just want to make the best situation out of this, that wont affect my loan in the future if I need to reapply( loan good for 3 months). Any good advice / experience will be greatly appreciated. thanks

[Anonymous]

My husband had an account with FCNB back in 2002 as well. He had defaulted on the card and shortly after FCNB went out of business. Last month out of the blue Midland sent him a summons for this debt. He immediately DV'd and filed an answer with the court. Midland did not reply to the DV so at the court date the judge gave them 60 days to come up with proof that he owes. They were never able to come up with anything (probably because they have no where to go to get the info since FCNB is out of business) and the suit was dropped. I would DV them and dispute with the CRA as well. But you may want to check your states SOL first. I don't think they will be able to come up with any supporting documentation but I would feel safer knowing the SOL has passed. Midland is scum.

[Anonymous]

Spiegels credit card accounts are currently being handled by a new bank.  Now whether or not they have transferred you file over is another matter.  If you do decide to make payment, see if you can get a PFD.  the thingis you only have another year for the thing to die of natural causes if you choose to wait that long.

[Anonymous]

Thanks for the quick response, do you know how I can find out my states SOL. I live in Missouri The last activity date being shown is 09/2005

[Anonymous]

Here you go

http://www.fair-debt-collection.com/SOL-by-State.html#7

[Anonymous]

My states SOL is as follows:

Written aggreement that comtemplates the payment of money or property: 10 years

Open accounts: 5 years

Sale of goods under the UCC: 4 years   NOTE; the statue begins to run from the date when the breach occured for contracts and from the time of the last item in the account on the debtors side for actions on accounts.

Does this mean 10 years from the date the account was closed?  What about the open account 5 years. My account was closed in 02/2002, and has a last activity date of 09/2005, it was opened in 11/1994

[Anonymous]

A CC is an open account (per TILA) so 5 years from DOLA or DOFD (depends on the state - email the AG office and ask).