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NYMCU 60 days to process a payment?? Get that charge off, OFF.

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visualfxpro
Regular Contributor

NYMCU 60 days to process a payment?? Get that charge off, OFF.

So I paid in full my 6 year ago charge off December 20th. STILL on my record AND I called MCU and they said they don't have the payment yet. **bleep**? It's 2022! What payment takes over 30 days to even be acknowledged? It's not even pending. So they use this law firm to collect debt, so I paid them. Not actually sure why I could not just pay the bank directly. So I was told they send payment to bank right away but it will take a little time, then on 1/15 MCU would do something and update my credit. It's now 1/21 and MCU has no record of the payment. Where is my money? It's over $5k paid and for all I know the money gets lost or something.

I have a letter from the lawfirm that shows I paid it all off and I sent it to credit bureaus and I'm waiting for responses.

 

Can anybody explain why in 2022, it takes so long just to transfer some money? What could possibly be happening? I'm applying for a mortgage now and need this off my record! BTW, they are saying 30-60 days might be how long this process takes.

May 2022: TU Fico 8: 692 | EQ Fico 8: 713 | EX Fico 8: 708
NFCU Flagship Rewards $25,000 | Capitol One $750 | TD Bank $1000 | Bank of America $3000 | Wells Fargo $500 | Amazon $4000

Charge Off from 2015: Municipal Credit Union $5300 ($6500 limit)[PAID IN FULL]
Credit Age: 4 years | Inquiries (6/12/24 month): 12 mo | Debt to Income ratio: 10%
Message 1 of 7
6 REPLIES 6
FireMedic1
Community Leader
Mega Contributor

Re: NYMCU 60 days to process a payment?? Get that charge off, OFF.


@visualfxpro wrote:

So I paid in full my 6 year ago charge off in mid January. STILL on my record AND I called MCU and they said they don't have the payment yet. **bleep**? It's 2022! What payment takes over 30 days to even be acknowledged? It's not even pending. So they use this law firm to collect debt, so I paid them. Not actually sure why I could not just pay the bank directly. So I was told they send payment to bank right away but it will take a little time, then on 1/15 MCU would do something and update my credit. It's now 1/21 and MCU has no record of the payment. Where is my money? It's over $5k paid and for all I know the money gets lost or something.

I have a letter from the lawfirm that shows I paid it all off and I sent it to credit bureaus and I'm waiting for responses.

 

Can anybody explain why in 2022, it takes so long just to transfer some money? What could possibly be happening? I'm applying for a mortgage now and need this off my record! BTW, they are saying 30-60 days might be how long this process takes.


If you paid in mid January. Its only the 22cd. 1 week. Not over 30 days. And how did you pay? You title says over 60 days. Which one is it?


Message 2 of 7
OmarGB9
Community Leader
Super Contributor

Re: NYMCU 60 days to process a payment?? Get that charge off, OFF.


@FireMedic1 wrote:

@visualfxpro wrote:

So I paid in full my 6 year ago charge off in mid January. STILL on my record AND I called MCU and they said they don't have the payment yet. **bleep**? It's 2022! What payment takes over 30 days to even be acknowledged? It's not even pending. So they use this law firm to collect debt, so I paid them. Not actually sure why I could not just pay the bank directly. So I was told they send payment to bank right away but it will take a little time, then on 1/15 MCU would do something and update my credit. It's now 1/21 and MCU has no record of the payment. Where is my money? It's over $5k paid and for all I know the money gets lost or something.

I have a letter from the lawfirm that shows I paid it all off and I sent it to credit bureaus and I'm waiting for responses.

 

Can anybody explain why in 2022, it takes so long just to transfer some money? What could possibly be happening? I'm applying for a mortgage now and need this off my record! BTW, they are saying 30-60 days might be how long this process takes.


If you paid in mid January. Its only the 22cd. 1 week. Not over 30 days. And how did you pay? You title says over 60 days. Which one is it?


Perhaps OP meant to say they paid it mid-December.

 

@visualfxpro, payments can take up to 60 days to get processed, especially when a law firm is involved. Also keep in mind there were several holidays in between when you paid and now (assuming you did indeed mean to say you paid mid-December), and obviously law firms don't work those days, and they may have even taken whole weeks off for the holidays. So it's not totally out of the question for things to be taking this long. That said, paying the charge off won't get it deleted. It'll only be updated to show paid and zero balance. I say this because your title and the end of your post both say "get that charge off off"/"I need this off my record." Paying it is great, but that doesn't automatically mean it'll come off your reports.


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Message 3 of 7
visualfxpro
Regular Contributor

Re: NYMCU 60 days to process a payment?? Get that charge off, OFF.


@FireMedic1 wrote:

@visualfxpro wrote:

So I paid in full my 6 year ago charge off in mid January. STILL on my record AND I called MCU and they said they don't have the payment yet. **bleep**? It's 2022! What payment takes over 30 days to even be acknowledged? It's not even pending. So they use this law firm to collect debt, so I paid them. Not actually sure why I could not just pay the bank directly. So I was told they send payment to bank right away but it will take a little time, then on 1/15 MCU would do something and update my credit. It's now 1/21 and MCU has no record of the payment. Where is my money? It's over $5k paid and for all I know the money gets lost or something.

I have a letter from the lawfirm that shows I paid it all off and I sent it to credit bureaus and I'm waiting for responses.

 

Can anybody explain why in 2022, it takes so long just to transfer some money? What could possibly be happening? I'm applying for a mortgage now and need this off my record! BTW, they are saying 30-60 days might be how long this process takes.


If you paid in mid January. Its only the 22cd. 1 week. Not over 30 days. And how did you pay? You title says over 60 days. Which one is it?


Sorry, paid mid December not January. In December they said 1/15, now it's 1/22 and the bank does not even know that I paid.

May 2022: TU Fico 8: 692 | EQ Fico 8: 713 | EX Fico 8: 708
NFCU Flagship Rewards $25,000 | Capitol One $750 | TD Bank $1000 | Bank of America $3000 | Wells Fargo $500 | Amazon $4000

Charge Off from 2015: Municipal Credit Union $5300 ($6500 limit)[PAID IN FULL]
Credit Age: 4 years | Inquiries (6/12/24 month): 12 mo | Debt to Income ratio: 10%
Message 4 of 7
visualfxpro
Regular Contributor

Re: NYMCU 60 days to process a payment?? Get that charge off, OFF.


@OmarGB9 wrote:

@FireMedic1 wrote:

@visualfxpro wrote:

So I paid in full my 6 year ago charge off in mid January. STILL on my record AND I called MCU and they said they don't have the payment yet. **bleep**? It's 2022! What payment takes over 30 days to even be acknowledged? It's not even pending. So they use this law firm to collect debt, so I paid them. Not actually sure why I could not just pay the bank directly. So I was told they send payment to bank right away but it will take a little time, then on 1/15 MCU would do something and update my credit. It's now 1/21 and MCU has no record of the payment. Where is my money? It's over $5k paid and for all I know the money gets lost or something.

I have a letter from the lawfirm that shows I paid it all off and I sent it to credit bureaus and I'm waiting for responses.

 

Can anybody explain why in 2022, it takes so long just to transfer some money? What could possibly be happening? I'm applying for a mortgage now and need this off my record! BTW, they are saying 30-60 days might be how long this process takes.


If you paid in mid January. Its only the 22cd. 1 week. Not over 30 days. And how did you pay? You title says over 60 days. Which one is it?


Perhaps OP meant to say they paid it mid-December.

 

@visualfxpro, payments can take up to 60 days to get processed, especially when a law firm is involved. Also keep in mind there were several holidays in between when you paid and now (assuming you did indeed mean to say you paid mid-December), and obviously law firms don't work those days, and they may have even taken whole weeks off for the holidays. So it's not totally out of the question for things to be taking this long. That said, paying the charge off won't get it deleted. It'll only be updated to show paid and zero balance. I say this because your title and the end of your post both say "get that charge off off"/"I need this off my record." Paying it is great, but that doesn't automatically mean it'll come off your reports.


You are telling me what they are saying but I don't understand why it takes so long. Holidays has no bearing unless I'm missing something and that is what I'm trying to understand. There is no payment method today that I know takes month.You can send money in minutes using Zelle. ACH can take a few days. Even a big check for a car when you include the time for dealer to deposit check and for funds to clear, a week would be long.

This is the digital age. We can send money accross the globe in seconds. What exactly are they doing for 30 days? Let's assume mutlple ACHs & credit. I paid with credit card on December 20th. That means law firm was good on 12/22. Then let's give them the next two days before Christmas to be busy or whatever since somebody needs to now notify and send money to bank. Let's give them wekend AND even the day after Christmas weekend, so now they  are at 12/28. Somebody needs to see the payment is made and cleared and trigger the payment to the bank after taking their cut. ACH is 2 days, so on the 30th the bank at least SEES the payment (they say they don't see anything even now).

January 3rd they should 100% see and have the money fully settled a full two WEEKS before their 1/15 process where they do whatever they do to finalize stuff like this. That did add 2 more weeks but that was just scheduling. They only do the final process on that date.

What accounts for the additional time? What activity is occuring that is taking up so much time to do a simple money transfer in 2022? That is what I don't understand.

As for update, FICO is adding this amount into my utilization so that is surely hurtly me credit big time, beyond just having a charge off. Like if this was $100 owed from 6 years ago, I'm sure my score would be much higher, however the balance was 85% of my card limit and it's even half of my current limits. So I'm hoping for a bump when my account shows $0-$100 total balance and no more active charge off.

I'm afraid however, all those months and months of "CO,CO,CO" in every month of the payment calandar would still be there to see. Hopefully it all goes away AS expected in November of this year based on 7 years since closed (it's the listed 'fall off date' on my report).

May 2022: TU Fico 8: 692 | EQ Fico 8: 713 | EX Fico 8: 708
NFCU Flagship Rewards $25,000 | Capitol One $750 | TD Bank $1000 | Bank of America $3000 | Wells Fargo $500 | Amazon $4000

Charge Off from 2015: Municipal Credit Union $5300 ($6500 limit)[PAID IN FULL]
Credit Age: 4 years | Inquiries (6/12/24 month): 12 mo | Debt to Income ratio: 10%
Message 5 of 7
bass_playr
Established Contributor

Re: NYMCU 60 days to process a payment?? Get that charge off, OFF.

It is time to cover your bases.  I would suggest getting payment confirmation from your bank--showing the amount of the payment and when it was made, as well as to whom it was made.  Take a copy of that and send it to the charge-off creditor.  It should take some time but IMHO it should not take anywhere near that kind of time.  Debt collection attorneys sometimes have a way of dragging their feet, and if that appears to be the case here, you can leverage against the law firm with the possibility of a bar complaint for misconduct if they start playing games.  The goal at this point would be to track down evidence that you paid--again, amount, when and to whom--and show all parties that you have this info.  

 

I've dealt with this on one occasion several years ago, a debt collector attorney accepted payment from me for an older debt on behalf of their client, the current creditor.  That attorney then dragged their feet on processing that payment, in fact they did not even inform their client that they had received payment from me.  It was so bad that 2 weeks after getting payment in full, that attorney filed a collection lawsuit on behalf of his client against me.  His client had no idea that I had paid.  I produced proof of payment in response to their lawsuit.  In my answer, I denied owing the debt.  I showed payment in full 2 weeks before they filed the suit.  I then included a demand for sanctions against that lawyer for not only filing a frivilous lawsuit, but also for playing games with my money.  The judge denied sanctions for them not informing the client about payment, saying that that was an issue for the client to argue.  But the judge did dismiss the suit with prejudice as he should have, and he also sanctioned the attorney all costs of the case (next to nothing for me at that point, only paid to file the answer and motion), plus $500 payable to me.  

 

I do believe that the creditor also filed a bar complaint against that lawyer, because he kept their money from me and caused them to incur the expense of filing against me when it was already paid.  Never knew what happened after that.  

Message 6 of 7
visualfxpro
Regular Contributor

Re: NYMCU 60 days to process a payment?? Get that charge off, OFF.

WOW! Holy smokes! Yeah, I need to get back on this again. Thanks for tips. I also have multiple disputes going on this with the credit companies.

 


@bass_playr wrote:

It is time to cover your bases.  I would suggest getting payment confirmation from your bank--showing the amount of the payment and when it was made, as well as to whom it was made.  Take a copy of that and send it to the charge-off creditor.  It should take some time but IMHO it should not take anywhere near that kind of time.  Debt collection attorneys sometimes have a way of dragging their feet, and if that appears to be the case here, you can leverage against the law firm with the possibility of a bar complaint for misconduct if they start playing games.  The goal at this point would be to track down evidence that you paid--again, amount, when and to whom--and show all parties that you have this info.  

 

I've dealt with this on one occasion several years ago, a debt collector attorney accepted payment from me for an older debt on behalf of their client, the current creditor.  That attorney then dragged their feet on processing that payment, in fact they did not even inform their client that they had received payment from me.  It was so bad that 2 weeks after getting payment in full, that attorney filed a collection lawsuit on behalf of his client against me.  His client had no idea that I had paid.  I produced proof of payment in response to their lawsuit.  In my answer, I denied owing the debt.  I showed payment in full 2 weeks before they filed the suit.  I then included a demand for sanctions against that lawyer for not only filing a frivilous lawsuit, but also for playing games with my money.  The judge denied sanctions for them not informing the client about payment, saying that that was an issue for the client to argue.  But the judge did dismiss the suit with prejudice as he should have, and he also sanctioned the attorney all costs of the case (next to nothing for me at that point, only paid to file the answer and motion), plus $500 payable to me.  

 

I do believe that the creditor also filed a bar complaint against that lawyer, because he kept their money from me and caused them to incur the expense of filing against me when it was already paid.  Never knew what happened after that.  


 

May 2022: TU Fico 8: 692 | EQ Fico 8: 713 | EX Fico 8: 708
NFCU Flagship Rewards $25,000 | Capitol One $750 | TD Bank $1000 | Bank of America $3000 | Wells Fargo $500 | Amazon $4000

Charge Off from 2015: Municipal Credit Union $5300 ($6500 limit)[PAID IN FULL]
Credit Age: 4 years | Inquiries (6/12/24 month): 12 mo | Debt to Income ratio: 10%
Message 7 of 7
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