Okay here is my issue. I had a Providian CC with about 5.9k in outstanding debt. Prov CC was sold to WaMu. WaMu sold the debt to Hudson and Kesyes. This was about 11 months ago. H&K contacted me (an attorney thats works with them) and said..blah blah...if payment is not made or arrangements with 10 days, my client has ask me to start filing a lawsuit against you. They have my work number and place of employement, so it is a matter of time before the have my bank info and start proceeding. I can pay them back now but not the whole thing at once. I looked at thier website and it had a settlement offer page. The 1st offer I made was not even answered, the second whioch was 12 monthly payments was taken by them an agreed upon. Here is the issue, the orginal debt was for 5.9k. The debt the are settling for is 7.6k. The extra 1.7k was 24% interest from 2/07 til president. I know dc can impose % if it is in the oc agreement. Also NYS has a cap of I belive 16% interest. Can anyone tell me, can I dispute the interest and how in NYS, and I have not recieved any paperwork for this agreement and it has past the 10 days of settlement to lawsuit threat, can I acutually sue the lawyer because of false threats..No papers have been filed or servered to me as of yet! I even looked on my Credit report and H&K is listed and the balance of account is 5.9k. Thanks in advance!!
When did you first become delinquent on that cc ?Providian was bought by Wamu sometime in November/December 2004. What is the SOL in your state?
This is newYork law I think it is 6 years.......... New York Statutes of Limitation N. Y. Civil Practice Law and Rules: Chapter Eight of the Consolidated Laws, Article 2 - Limitations of Time: 211. Actions to be commenced within twenty years. (a) On a bond. (b) On a money judgment. (c) By state for real property. (d) By grantee of state for real property. (e) For support, alimony or maintenance. 212. Actions to be commenced within ten years. (a) Possession necessary to recover real property. (b) Annulment of letters patent. (c) To redeem from a mortgage. 213. Actions to be commenced within six years: where not otherwise provided for; on contract; on sealed instrument; on bond or note, and mortgage upon real property; by state based on misappropriation of public property; based on mistake; by corporation against director, officer or stockholder; based on fraud. 213-a. Actions to be commenced within four years; residential rent overcharge. 213-b. Action by a victim of a criminal offense. 214. Actions to be commenced within three years: for non- payment of money collected on execution; for penalty created by statute; to recover chattel; for injury to property; for personal injury; for malpractice other than medical or dental malpractice; to annul a marriage on the ground of fraud. UCC, Section 2--725. Statute of Limitations in Contracts for Sale. (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it. (2) A cause of action accrues when the breach occurs, regardless of the aggrieved party`s lack of knowledge of the breach. Contract for lease of goods: 4 years (N. Y. U.C.C. 2-A-506(1). S 203. Method of computing periods of limitation generally. (a) Accrual of cause of action and interposition of claim. The time within which an action must be commenced, except as otherwise expressly prescribed, shall be computed from the time the cause of action accrued to the time the claim is interposed.
Request Validation first I know the debt is mine and I will pay it back, but the interest I do not want to pay.Can I send them a DV letter even though I already agreed and started(without signature) a proposed payment plan. Also doesn't it have to be the first time that the DC contacts you. They have called and sent other form letters in the past which I have ignored
See if they'd be willing to modify the debt. If you have some extra cash (i.e. $1K to $2K), see if they'd accept as a down payment in exchange for reducing the debt to something like the following example. Say you owe $7,5K. Offer $1,5K down, in exchange they agree to Modify a remaining balance of $4K over a 60 month term at 8%. Suggestion only, you can get as creative as you want. More favorable option (if available) offer one time lump sum settlement in full for $4K or what ever you can afford. Always get in writing first.
You have to be careful here, as you have agreed to the interest rates twice, once in the original CC agreement (since it was Providian, this may have been the original card rate), and you agreed when you made an offer of settlement. Legally, they can charge the interest rate. Your best option is to try a renegotiation of the terms. However, you would need a compelling argument to make them change the original terms you agreed to.
Although the exact amount of time they have is unclear, if they don't follow through, this is making legal threats without the intent to carry them out, an obvious violation, it would seem, of the FDCPA. Proceeding with what? What do you mean by "dispute"? Can you ask for validation? Can you argue in court that the interest is unfair? What? Really, you can do anything you want: "I am not a number â?? I am a free man!" What "agreement"? The original contract that you don't have and can't recall ever receiving? See above, the Patrick McGoohan.reference.
The first thing you need to get is that what you want doesn't matter to the people you are dealing with. What they want is your money. They want as much of your money as they can possibly get. This is why they are adding on interest at rates you think aren't fair. Of course what did you originally agree to in your contract? You don't know, do you? This is your first problem. Of course it's their first problem too. You see, they most likely don't know what you agreed to either. If you have paid any money at all, you've probably reaffirmed the debt (see your state's laws). If you have paid, you have likely created an "account stated". Basically, you've agreed to whatever they claimed. I don't know what you are saying here.
pdidy already said "I already know the debt is mine and will pay it back". If the rate is legal, take my suggestion. If the rate is not legal, use that as ammo to get the debt reduced or to renegotiate new terms in writing to pay back.
When it's been through three hands, it's almost inconceivable that the proof they could bring in court would be adequate. They would need complete and accurate records, and witnesses from each owner of the debt that the records are accurate and they would need a chain of ownership of the debt. I figure at least three live, human witnesses on the stand to fully establish every aspect of the debt and its ownership. Even if they could do it, they wouldn't fly 'em in. JDBs simply bet that their cases won't be challenged in court. Where proper challenges are mounted, JDBs almost always fold, or lose ... the remaining wins for them are the result of judicial miscarriages in the form of prejudice against the defendant or judicial corruption. As to whether the OP has given away the store in his prior negotiations, it would take a review of NY law and the documents he signed. My suspicion is that he didn't give up anything of significance. P.S. - There are 49 other states to bank in.
The Facts Fact one: I had a Providain CC way back when, maybe 1997 and held it current til about 2005. At that time the I was about 120 past due. Fact Two: Providian sold to Washington Mutual about that time not that clear. Still in arrears. The account that was sold to H&K was 5.9k. My 3 credit reports show Providain transferring to WaMu and then WaMu selling to H&K. The original amount on Credit Report was listed at 5.9 and the current balance listed on CR was 5.9k(all three reported this and H&K as the account owner) Fact Three: The section labaled date opened on all three CR concerning H&K said 10/2007. The letter I have with a H&K letter head from a lawyer representing them indicates and amount of 7.3k with 24.9% interest dating back to 2/2007 til present. Fact Four: I went to their website and emailed them an offer. The first one I didn't hear from them, the seond one was for the full amount due and a lady emailed me back stating that they will accpet the offer. I then emailed back and stated I will not pay until I recieve an agreement offer in the mail. She emailed back stating that a contract has gone out for you to sign. This was a week and a half ago. Still nothing. Fact Five: The langauage in the H &K lawyer letter, stated that if I didn't respond and try and make arrangements to satisify this debt in full he will proceed with a lawsuit on behalf of his client. He gave me 10 days..It was within 10 days that I made this agreement but have not offically signed anything. My question is as follows: Given these facts, I do not want to be a deadbeat and refuse to pay but now that i can pay, can I use anything the lawyer did or any way the DC acted as leverage in order to get a reduced amount to pay, maybe even pay the orignal amount that landed me in this mess in the first place. Can I have H & K try and verify the debt even though we have been through this whole mess, and if they cannot do I have any leverage with them to try and settle for much less?
You should check your state laws about what reaffirms a debt, and what creates an "account stated" or something similar. The rules are different in different states. But you ARE already a "deadbeat", you refused to pay. So that's water under the bridge. However, you should consider, who decides how much you owe. Is it you? Is it the company or person who says you owe them? Or are there other things to look at, like the law, like the contract, like circumstances? They might accept the original amount and use the "interest" as a way to give something back to you, to make you feel better, to make pay quicker and with less hassle for them. Of course they might not. They might see you as a mark, willing to pay the original full amount, so why not hold out for the original full amount and interest? Especially since you can pay now, why not sue you and add in lawyer's fees that they can garnish or attach? You can try most anything. I think if you are beyond your 30 days, if they sent the letters and everything is correct, you can't win claiming it as a violation. I'm not sure, read the FDCPA, Also read your state laws. You could wait and see if they sue you. If they don't, you have a FDCPA violation. If they do, you are in a lawsuit that you might have avoided by not just waiting and seeing if they would follow through. So that's a stark choice only you can make.
Dumb JJAM can't figure out the quote thing. I disagree with flacorps regarding CA's ability to prove up debt even if the loan changed hands several times. Although it does make it more difficult for the CA to prove up the debt, it is not impossible. If your dealing with a CA that has it's ducks in a row, they wont need an expert witness from every prior Assignee either (unless one denies ever signing the document and the CA can't produce the original). Some CA's do fly their rep's to trials. Just some do more than others.
Response I recieved I recieved this via email when I tried to make arrangements with H& K. I noticed the origanl letter I recieved from the "LAWYER" Stated 24% per annum from 2/28/2007. This "legal document" states 9%. I know 9% is the legal amount they can impose as far as interest in NY. Also I checked my credit report and it states that WAMU sold this account to H&K 10/2007. That is the date that is reported on all three reports. Also as you can see it has no end date. So after seeing this should I sign this or try and negoiate a better offer. Also the amount on the org letter was 7555.74 and dated april 10th. So I guess they are charging interest. Any suggestions???? Dear XXXXXXXX Creditor: Hudson & Keyse Llc Assignee OfWashington Mutual Bank Our File # Balance: 7640.70 We have agreed to honor the following arrangements made by you to satisfy the above debt: $ 631.33 beginning May 5, 2008 and $ 631.33 each month by the 30th until above balance is satisfied _____. Please sign, notarize and return all enclosed original forms by mail to: Hudson & Keyse, LLC 111 John St, Suite 850 New York, NY 10038 Failure to return signed forms may result in the commencement of legal proceedings. Payment can be made via credit card or online check at wwwhkllcbiz, or over the phone by calling 1800 654-5391 or 212 227-1101; or can be mailed to Hudson & Keyse, LLC, P.O. Box 1090, Mentor, Ohio 44061. Thank You. Very truly yours, HUDSON & KEYSE, LLC Washington Mutual Bank By: Daniel Ehrenreich. Esq. Our File XXXXXXXXX Signed in Agreement: ____________________________________ XXXXXXXXXXXXXXXXXXXXX THIS IS AN ATTEMPT TO COLLECT A DEBT AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE - THIS COMMUNICATION IS FROM A DEBT COLLECTOR Enclosure: Pre Suit Settlement CIVIL COURT OF THE CITY OF NEW YORK COUNTY OF XXXXXXXX HUDSON & KEYSE LLC ASSIGNEE OF WASHINGTON MUTUAL BANK Plaintiff, vs. XXXXXXXXXXXXXXXXXX Defendant(s). ) ) ) ) ) ) ) ) ) ) ) ) ) INDEX NO.: Our File # XXXXXXXX AFFIDAVIT OF CONFESSION OF JUDGMENT CONSUMER CREDIT ACTION STATE OF NEW YORK ) COUNTY OF RICHMOND ) ss.: XXXXXXXXXXXXXX , being duly sworn, deposes and says under the penalties of perjury: 1. I am a defendant named in the above captioned action. I reside XXXXXXXXXXXXXXX 2. I confess judgment, pursuant to CPLR §3218, in favor of the above named plaintiff for the sum of $5909.13, plus interest at the rate of nine (9%) percent per annum from 02/28/2007, aggregating, and hereby authorize plaintiff to enter judgment therefor against me in Richmond County. 3. This confession of judgment is for a debt justly due to plaintiff arising from the facts set forth below. 4. On or about 05/27/1997, I entered into a contract with HUDSON & KEYSE LLC ASSIGNEE OF WASHINGTON MUTUAL BANK to provide me with financial services. Pursuant to this contract, I received and utilized a credit card with the number XXXXXXXXXXXXXXXXX. I agreed to pay for said financial services according to a financial services agreement. I have neglected to pay the outstanding balance to Plaintiff in the amount mentioned above. 5. This Confession of Judgment is not for the purpose of securing plaintiff against a contingent liability and is not an installment loan within the prohibition of CPLR §3201. ____________________________ Please sign above this line. XXXXXXXXXXXX Sworn to before me this _________ day of _____________, 200___ _____________________________ Notary Public
