cancel
Showing results for 
Search instead for 
Did you mean: 

Charged Off Accounts

socal_david
New Member

Charged Off Accounts

I have questions for 2 separate issues regarding charged-off accounts.

 

1.) I have an account with a creditor that is 9 ys 2mo old. They have the account listed as a charge off yet I see the balance increase every month I'm thinking it may be interest charges? Can they do that as if listed as a charge-off? I read that if the balance does increase they should be mailing me  ( according to the TILA) balance statements which they do not? Do I have a legal remedy or what's the best plan of action?

 

2.) The 2nd one is from a CA Resurgent Capital Services managing account for LVNV. In their correspondences, since JAN 2021, they have this exact statement included " you may ask for a contract or other document evidencing your agreement to the debt". I have been requesting either or from both since JAN 2021. I only receive a billing statement and account summary, not the contract or an agreement. Then a letter from Credit Control came recently in August with the same verbiage. Again, I requested a contract or agreement. Resurgent answers back on behalf of Credit Control with yet again just a billing statement and account summary. I've requested the contract 4 separate times from JAN 2021 until this month OCT 2021. If that statement on what I can request is on their letterhead don't they have an obligation to provide it as validation or else delete the account as I also requested. Do I have a legal remedy or what course of action should I take next?

*** Already filed a complaint with the CFPB in May--no response

Message 1 of 11
10 REPLIES 10
FireMedic1
Super Contributor

Re: Charged Off Accounts

Resurgent (LVNV) settled or paid they will delete the collections off your reports. Call Resurgent who handles LVNV:

"If an account is paid in full or settled in full after we begin credit reporting, we will submit a delete request to the credit reporting agencies after the payment resolving the account is processed. Note: We do not control the timing within which the credit reporting agencies process our requests."

Make an arraigement with LVNV/RRS and get it off your reports.

Now on to CO. From the American Bar Assc:

"A debt collector may not collect any interest or fee not authorized by the agreement or by law. The interest rate or fees charged on your debt may be raised if your original loan or credit agreement permits it. Some state laws and some contracts allow interest to be charged and costs to be added. If you still have the contract, it may say what interest rate can be charged or how much it can increase. State law may also limit the amount of interest charged."

The biggest question is. Who is this original creditor? When was the DoFD on this account? Is there any collection agencies associated with it?






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 2 of 11
gjean78
Regular Contributor

Re: Charged Off Accounts

If it's a charge off, there shouldn't be any increase in the balance. Send a dispute letter to the bureaus and send a letter to the company to let them aware of the situation.  Bill statement is not a proof of validation. Send them a letter that state that. After you send the letter to them file a complaint again with the CFPB. Here's an example 

 

Dear debt collector

I am writing you a 2nd to give you a last chance to correct your mistake. I have disputed this account as inaccurate and unverified with you, and you have come back to me and stated that you were able to verify this debt. You stated that you have found this account to be reported correctly. How is this possible? 

 

I still have the paper statements you sent me on (Date 00/00/0000) in my possession. The information on the papers were irresponsive to my demand of debt validation. I requested proof that shows that I owe you money, the papers you sent did not contain anything that support that. In fact, your company name is not even in any of the paper you sent. I was never given any signed contract or evidence of obligation to pay this debt to your collection agency. Since it’s obvious you didn’t check your files, it’s proven that you're lying about the validation of this debt, I advise you to go over your file to correct your mistake and delete your collection from my report.

 

I enclose copies of the paper statement you previously sent me. In the event that you refuse to delete this account again, and continue to list the item on my credit report, I will find it necessary to sue you for actual damages and declaratory relief under the FCRA. According to this regulation, I may sue you in any qualified state or federal court, including small claims court in my area.

 

While I prefer not to litigate, I will use the courts as needed to enforce my rights under the FCRA. 

 

I look forward to an uneventful resolution of this matter.



Message 3 of 11
FireMedic1
Super Contributor

Re: Charged Off Accounts

@gjean78 

Lets see what the OP says. Disputing anything thats accurate will come back verified, updated, and new. And then score loss occures. It will look like a new CO.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 4 of 11
gjean78
Regular Contributor

Re: Charged Off Accounts


@FireMedic1 wrote:

@gjean78 

Lets see what the OP says. Disputing anything thats accurate will come back verified, updated, and new. And then score loss occures. It will look like a new CO.


<Mod edit:  Please see note below.  --UB> As long as it's not the original creditor that hold the debt, there is no reason to pay any collection company.  This  Forums help a lot with data point on company.



Message 5 of 11
socal_david
New Member

Re: Charged Off Accounts

Thank you @gjean78 although I appreciate firemedic's input it didn't sound totally correct to me as well after doing some reading. You'r answer basically confirmed some of my readings, as well as fill in the gaps too so, thank you.

Message 6 of 11
gjean78
Regular Contributor

Re: Charged Off Accounts


@socal_david wrote:

Thank you @gjean78 although I appreciate firemedic's input it didn't sound totally correct to me as well after doing some reading. You'r answer basically confirmed some of my readings, as well as fill in the gaps too so, thank you.


You're welcome @socal_david. Glad you take the time to do your own research because you'll learn a lot by doing.  There's law that put in place  to help protect us customers against these companies, you just gotta know your right and how to go about it.



Message 7 of 11
SoonerSoldier33
Frequent Contributor

Re: Charged Off Accounts


@socal_david wrote:

Thank you @gjean78 although I appreciate firemedic's input it didn't sound totally correct to me as well after doing some reading. You'r answer basically confirmed some of my readings, as well as fill in the gaps too so, thank you.


There is verbiage in the original terms and conditions of many credit products that state a lender may keep adding fees and interest after an account is charged off. If this verbiage is in the original contract, they don't have to stop interest and fees just bc they charged off the account. They're perfectly within their rights to keep racking it up as long as the balance remains unpaid, provided that language exists in the original contract in the fine print.

 

You can request all the debt validation you want, but after the initial contact, dunning notice, and your first 30 day time frame to respond has passed, a collector isn't required to respond to debt validation requests. Request away. Some will comply, and some won't. They don't have to. If you want to tiptoe on the border of fraud and YouTube credit 'repair' tactics to remove legitimate debts from your credit reports, have fun, and we wish you the best. That kind of discussion is not welcome here, however.






Team Garden Club as of Oct 2021
Message 8 of 11
UncleB
Moderator

Re: Charged Off Accounts

Quick reminder from your friendly neighborhood moderator...

 

On this forum, you cannot advocate or discuss using the dispute process to get accurate info removed from a credit bureau report.  

 

If you have any questions about this or need clarification, feel free to send me or any moderator a PM and we'll be happy to help.

 

--UB

Message 9 of 11
FireMedic1
Super Contributor

Re: Charged Off Accounts

@socal_davidI answered both questions that you asked of copied and pasted with quotes from the law and Resurgents (LVNV) agreement to delete the collections off your reports. I didnt make them up. Need to know who is the creditor and/or collection agency thats charging interest. Were here to help people get out of a jam. But as you see above me. Theres ways to do so to clean it up. The more info we have the easier it is for us to help you and stay within forum rules. 






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 10 of 11
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.