Clout Visa M & I Bank - CA Eastern Asset

[Anonymous]

Ok, I know I messed up big but, hopefully someone here can help me. Charge off reported as such:

M&I BANK

Condition:            Derogatory                  Derogatory                 Derogatory

Balance:                  $4654                          $4654                          $4654

Type:                  Secured loan                                                 Credit Card  

Pay Status: Collection/Chargeoff     Collection/Chargeoff       Collection/Chargeoff

Can they report this debt this way if the account has been charged off? Shouldn't the balance be 0? It isn't a secured loa so that is also wrong. I just disputed with S&P CA because, they were listed on my credit report. Paying a settlement with Eastern Asset on this account. How exactly should I handle this? Should I dispute this account with the OC as there is no reporting from the collection agency Eastern Asset and they planned to sue me. I agreed to settle the debt. They claim the debt rose to $6,000. They agreed to settle for $3400.00.  Please enlighten me what should I do from here?

[Anonymous]

I believe CA and OC can post at the same time on your CR.  A charge off just means they wrote it off their profit sheet as a loss, the balance would remain the same, it wouldnt change to 0...  I would try PFD.  Is this still in SOL?

Message Edited by fender on 05-06-2008 07:03 PM

[Anonymous]

Yes, this is still in SOL and I am currently paying Eastern Asset whom is the CA. They aren't listed on my credit report but, they did mail all paperwork to me. I'm currently paying them now and will be done in September. It's killing me but, it will be paid.

[Anonymous]

I dont really understand everything you said in your first post, im not sure if this debt was sold?  Did you say another CA was reporting it?  Did they threaten to sue or serve you?  Good luck with it, i have a 4k debt with amex that i was sweating until it went past sol a few months ago *whew*

[Anonymous]

I have been receiving lots of letters in the mail from Eastern Asset and they threatened to sue. Due to being new to all of this I can assume my rights were violated. I am currently in a settlement with Eastern Asset for this credit card with Clout Visa. I pulled my credit report the other day and found that there was no Eastern Asset on my CR but a collection agency dated back in 2006 was with S&P. I have never received anything from this company (S&P) and now am praying that I'm paying the right person. In turn I disputed with them as I have no knowledge of any account with them. I wish I would have known this before I agreed to make the payment to settle this debt when they were never even on my CR.

[Anonymous]

Hmm, If you DO owe them money and they are not reporting, its a blessing!  I would demand them validate the debt, you can search DV (debt validate) and come up with plenty of letters.  Also ask for an itemized list for what they are claiming you owe.  I would not pay another penny until you are sure you are paying the right person!  I would try to contact the other CA and possibly the OC, and find out if it was sold.  Ive had plenty of people threaten to sue, to no avail, but.. people do get sued of course. 

[Anonymous]

Fender,

Thanks a bunch as I'm over here worried sick. I don't understand how I could have been so naive. At first I just kept ignoring the calls and woke up one day and said I'm tired of not being able to answer my phone. I decided that it was in my best interest and it was time to get my credit straight. At this present time I have a credit history with more positive then negative. My only downfall is my debt to income ratio so just as soon as I get my tax refund I'm paying off some of these cards as this is what is hindering and lowering my score.

I'm dead serious and have been living pay check to pay check to do this. I want some relief and the only way I can do this now is to pay these bills off.

[Anonymous]

What did you find out about Eastern Assett.  They've been contacting me regarding my old clout account and I don't know what to do.  Are they legit?  Thanks.

[Anonymous]

The OC account on your reports...MUST show a $0 balance...if it was sent to a CA...dispute it as incorrect balance...

[fused]

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slyhouse08 wrote:
The OC account on your reports...MUST show a $0 balance...if it was sent to a CA...dispute it as incorrect balance...

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Actually, not entirely true. Since the OC is the only party reporting this debt at this very moment, they can report a balance. Once a CA hit the reports for the same debt, then yes, the OC reporting the CO (derog tradeline) must report a $0 balance.