Hi all, I've let myself be a newbie for a few weeks Now I have some questions regarding a strategy that I am hoping you all can help me with. Simply put: My DMB Credit Card debt was marked as CO and was SOLD to a CA (Unifund) and I ignored it as I could not pay it due to massive layoffs at my company. 2 years later I am back on my feet and would like to resolve this Questions: 1) Do I send validation to collection agency or the original CC? Since my debt was SOLD I assume the original Credit Card could care less, but it is not clear to me who I should contact first â?? OR - if I should contact BOTH for verification? 2) My DMB charge-off is marked as past due $0 - Balance is $0 and they transfer/sold my debt. Date of last payment: October/2006 â?? amount due: 4,000. I assume they sold it to Unifund â?? thatâ??s the account I need to verify. Unifund has a different a) Account #; b) Dates: date reported: 10/2007. A year later? c) and a different amount than what is listed on the DMB. Granted, they are probably adding charges that I need to verify, but should everything ELSE match up exactly in the Equifax report? This is a little confusing. 4) Once I pay the CA (and I assume they are the ones I will pay since the debt was sold to them) is there any way to negotiate the removal for the CO from DMB? 5) Lastly, can DMB take the debt back from the CA if I agree to pay it to DMB? Has anyone tried this? That seems like it would work out best for everyone involved â?? just wonder if that EVER happensâ?¦..it's weird your debt can be bought and sold.... At the end of the day I owe the $ and I am will to negotiate it down (and get it in WRITING!) as well as demanding that the CA item be removed from the report. I must also go through the verification process since there are some issues with reporting that seem off. I am prepared for the worst, hoping for the best. Also, I just want to say thanks to everyone on this forum - there is enough information here to fill a book! Warmest regards, G.
Have you received anything from either the OC or U? If you have YES, you would send off a validation request CRRR. Is this correct that you paid in October of 06? Unifund is a piece of work and they usually will attempt to mark the account as a factoring account as well. Are they? They use different account numbers, but the DOLA and OC should be as in the original TL. I am having a elder moment. ; ) What is DMB? Not really as it is a great way to make a lot of money easily... : ( Unifund does not play fair for sure and I sincerley doubt they will have any paperwork on this debt. : ) Good Luck Woofer
Thanks a bunch Woofer! Not from the OC after they sent it to collections. I just got a few letters and phone calls from Unifund. Then I got a letter from a lawyer in Buffalo November 2006 representing Ascension Inc. That actually confused me - it mentioned DMB but all the other names seemed unfamiliar so I just filed it - I just dug it out - it's pretty threatening actually. But who is Ascension? Anyway, I wasn't sure if I sent the request to CRRR first or after I contacted the CA. And on what grounds do I dispute it with the CRRR? Should I just say I don't recognize this account and dates? That would be true enough. Yes. That don't seem to have a record of that - at least it's not listed on my credit report. Well what do you know - I think it is: Type of Loan: Factoring Company Account (debt purchaser) I am not exactly sure what that means even after researching it Direct Merchants Bank. HSBC Bank NV DMC. It's odd as CA's account number starts with the word "house" I thought HSBC stood for Honk Kong and Shanghai Banking Corporation. I started out just wanting to pay this off - but there are so many players: DMB, Unifund, Ascension and some lawyer in Buffalo???? This is like a freaking detective work - no wonder people get in over their heads with this stuff!
Oc Once debt has been validated on an account that an OC has charged off and you are negotiating with the CA on a settlement - is it possible to get the OC charge off removed at the same time? I think I read this somewhere on this forum previously - wondering if I can make that part of my settlement...or did I dream it? Thanks!
For a JDB to have any effect on an OC's TL, the JDB and the OC need to be tightly tied together ... some OCs own "captive" JDBs, while others have strong "forward flow" contracts with a particular JDB. In those cases, the JDB may be able to make things happen at the OC. As for an OC getting an account back from a JDB, it does happen, however it happens in the context of the account being misrepresented to the JDB at the time of sale. The JDBs buy baskets of defaulted cards sharing characteristics that are described and defined in the sale agreement document. Those that can be shown not to meet the yardstick can be returned for credit, just as you or I would return a sweater to the store if it was the wrong size or color.
To simplify, request validation from both Unifund and Acsension. Dispute the tradeline (Unifund and Direct Merchant's Bank) through the credit reporting agencies. You may get a few deletions and/or violations that you can leverage in settlement or institute a civil action over.
