OK, Iâ??ll try to make this quick (too late!) â?? I am getting ready to apply for a mortgage and have 1 debt on my report from my divorce 6 years ago that is still hounding me. It was a NationsBank Visa account that became a BOA account. It went into collections at $7000 and BOA charged it off at $10,421 in August of 2003 and tranfered it to some CA. They are reporting that they submitted it to collections on 5/2007, but this must be the most recent CA - it was actually charged off and sent to the initial CA on 8/2003. (This has been transfered between numerous CA's numerous times) Here's the BOA info: BANK OF AMERICA I 04-97 20647 0 CLOSED R-9 COLL/P&L 05-07 03 03 12 84 06-04 Hist: 05-07 999999999999999999999999 CLSD APP Ctgy: CREDIT CARD Term: REV Lmt: 8600 Lates: ADDT'L LATES PRIOR TO 5-05 ACCT SUBMITTED TO COLLECTION COLL 05-07 ACCT TRANSFERRED CHARGE OFF CHRG $10421 CHRG 08-03 ACCT PURCHASED BY ANOTHER LENDER It then went through numerous collection agencies, none of them pursuing it too heavily. Here is the CURRENT owner (Who has had it since 11/07), showing the amount as $45363!!! [AGENCY DELETED] I 10-07 45363 N/A 45363 Y-9 COLL/P&L 05-09 - - - 65 Hist: 05-09 99999999999999999-9----- LACT 05-09 APP Ctgy: COLLECTION Term: REV CN: BANK OF AMERICA NA ACCT SUBMITTED TO COLLECTION COLL 11-07 PAST DUE PAST $45363 Based on the original Charge off date of 08/2003, it is outside the statute of limitations to sue me in Florida. Also, the current Collection Agency has yet to contact me â?? No calls, letters â?? Nothing! This has been the case for years - This account has just continues to be sold from 1 agency to another, each one jacking up the amount with interest. Questions: - Since I have NOT heard from the CA, what is your advice as to the best course of action to get these cleaned up off of my report (Both BOA and the CA)? It appears that these CA are selling to each other to increase the amount and give the illusion that it is less that the SOL. - What is the law about racking up this kind of interest - This is more that SIX times the original debt! - If I compute a 25% Interest since this started, it still doesn't come close to this amount! I have read the board quite a bit researching this and know that I should start with the CRA, but I also donâ??t want to make a mistake and â??wake upâ? this account (if thatâ??s even possible). Most of the posts talk about what to do if the CA contacts you, but I haven't heard a peep from anyone on this in YEARS! Thanks for your time! JJ
When was the first missed payment that was never brought current?That's the date you go by for the 7 years!I don't believe a ca can report terms as you had no contract with them.If its out of sol then i would dispute with them.They may be a sleeping dog,but your a wide awake dog.The reporting date they have is when they reported it after getting it from some one else.
