HELP! OLD CC COLLECTION DEBT/RIPOFF SCAM!

Anonymous · ‎05-03-2010

I have gotten my credit clear of everything except one old credit card collection. It was a credit card bill that I had with Providian Financial back in 03. They sued me and went to court in 04 and I did nothing about it (dumb youth). I have been doing research on this bill and it was sold to Great Seneca which along with Providian is defunct. Sherman Acquisitions Financial now has it and it is in judgment/collection on my credit reports due to be taken off my credit in December 2010. This is the only bill that is holding me up from financial freedom. The only thing is that I cannot find any recent information on Sherman. There is plenty of information on them as a rip-off artists on ripoff.com and such on the internet but no information on the actual company. What do I do? They have a website that list a single email address, but no physical address or phone number. I want this to go away. Help! Has anyone had dealings with this company? Waving the flag here!

Providian was supposed to be sold to WaMu which is now Chase. I called Chase since I have three accounts with them, but they have no clue as to where to go for advice/help.

Anonymous · ‎05-03-2010

@Anonymous wrote:
I have gotten my credit clear of everything except one old credit card collection. It was a credit card bill that I had with Providian Financial back in 03. They sued me and went to court in 04 and I did nothing about it (dumb youth). I have been doing research on this bill and it was sold to Great Seneca which along with Providian is defunct. Sherman Acquisitions Financial now has it and it is in judgment/collection on my credit reports due to be taken off my credit in December 2010. This is the only bill that is holding me up from financial freedom. The only thing is that I cannot find any recent information on Sherman. There is plenty of information on them as a rip-off artists on ripoff.com and such on the internet but no information on the actual company. What do I do? They have a website that list a single email address, but no physical address or phone number. I want this to go away. Help! Has anyone had dealings with this company? Waving the flag here!

Providian was supposed to be sold to WaMu which is now Chase. I called Chase since I have three accounts with them, but they have no clue as to where to go for advice/help.

I'm not sure I understand.

Are you saying that there is a judgment against you and you now want to pay the judgment off?

Anonymous · ‎05-03-2010

http://settlementscams.com/debtcollector.pdf

Anonymous · ‎05-04-2010

Do you have your official credit reports from the CRAs? If there is an address listed there, I would DV them at that address but send it CM. If there is no address listed, I'd write to the CRAs and request it. I personally wouldn't go out of my way to contact them unless you can get an address through the CRAs.

iwantbettercredit · ‎05-04-2010

Sherman acquisition although they are ruthless, they are a legit company. They are not scam artists, they just do not play nice when it comes to collecting money. If a judgement was entered and sherman is good at getting judgements, then it is going to stay on your report for 10 years from the date of judgement. Even if you pay it, it will stay on showing paid but it will still be there. IF you want it to not hurt you anymore, my suggestion would be if you owe, pay it. If you leave it unpaid it will fall off eventually but will hurt worse in the long run.

Good Luck!

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Anonymous · ‎05-04-2010

@iwantbettercredit wrote:
Sherman acquisition although they are ruthless, they are a legit company. They are not scam artists, they just do not play nice when it comes to collecting money. If a judgement was entered and sherman is good at getting judgements, then it is going to stay on your report for 10 years from the date of judgement. Even if you pay it, it will stay on showing paid but it will still be there. IF you want it to not hurt you anymore, my suggestion would be if you owe, pay it. If you leave it unpaid it will fall off eventually but will hurt worse in the long run.
Good Luck!

It will fall off in 7 more months and then it cannot hurt him.

RobertEG · ‎05-04-2010

I really dont see any ripoff. They are taking legit actions to collect a legit debt. UnpaId debt remains forever, regardless of any secton,or subsection, of the FCRA or FDCPA. You seem to acknowldege the debt. Someone paid their own money, out of pocket in the past to cover your prior debt. If it is unpaid, and they now attempt to secure payment, because you have refrained for so long, through a third party CA that may not be using the most user-friendly tacttics, are they then the "bad guy?"

I, personally, choose to "clear" my debt by paying debt owed, not by wrangling about FCRA and FDCPA avoidance of non-payment implicatons.

Why dont you just pay?

Anonymous · ‎05-06-2010

I thought I was part of the lawsuit against Providian which is why they went into bankruptcy and were bought out for giving "subprime " rates. I have paid everything else off my credit and will pay this if needed. The problem is figuring out who to pay or finding someone to reach a settlement with to pay it off. Sherman Acquisitions has a proven history off taking paid off debts or old cases and trying to make the client "double pay" only to pocket the money themselves. When you look up a debtor on the internet and the first five or so sites have rip-off in the address, I felt like I should ask questions before being duped. I am far from unreasonable, and I pay what I owe, if I owe. Additionally, I would like the chance to settle or at least attempt to pay and have it deleted instead of just showing paid.

Anonymous · ‎05-06-2010

o6, thank you for the link, I found that one too. I was going to reach out them once I got some imput on from everyone here. I wanted to see if anyone else had dealt with them and the results of that first.

Anonymous · ‎05-06-2010

@Anonymous wrote:
o6, thank you for the link, I found that one too. I was going to reach out them once I got some imput on from everyone here. I wanted to see if anyone else had dealt with them and the results of that first.

If you are concerned that Sherman will screw you over (or even if you are not), I would highly recommend the following:

1. Never pay a judgment unless you immediately get in return a signed and duly notarized 1) General Release and 2) Satisfaction of Judgment. No exceptions. Ever.

If you have problems finding the original judgment creditor or have doubts over one who claims to be the judgment creditor, try the following:

1. Contact the judgment creditor's attorney as listed in the court files; or

2. Notify the court clerk that you are unable to locate the judgment creditor. In many cases you can pay the court clerk and they will record a satisfaction of judgment. The court clerk will then attempt to reach the judgment creditor and, if their efforts fail, the money reverts to the state presumably to help widows, infants and orphans. Presumably.