Arrow confirmed my worst nightmare today. I recived a copy of: My signature Amount of debt with cost's outlined in detail Their contract with OC (Citibank N.A) And the cost they bought it at. They paid $150.00 for a $5600.00 charge off account. They are now charging me $7300.00 inc/ intrest. They also placed the account in disput with all CRA I should have never sent the letter validated the debt. Looks like now I am in hot water. I opened a can of worms. I do not have the money. Looks like they are going to sue me. The collector is a real SOB.. I am just worried about all the other validations I have sent out to other CA. So far validation has not worked very good for me. In fact it has opened up old wounds. It was just a matter of time before these CA scum found out about this way around the system.
I am sorry I don't mean to be a downer for everyone. But I believe we should post are results be it good or bad.........
BTW>>> $150.00 for a $5600.00 charge off is a good deal. They are making a bunch of money on these collection accounts. I guess they are giving their collectors better training. They are worse then the MOB.
they can't validate if they don't own the debt...to my knowledge proper validation: proof that CA owns debt proof that CA is licensed in your state proof that debt was not written off, insured contract signed by you if they sent you their contract with the OC then they are an assigned CA. if they are assigned they cannot validate because they do not own the debt. write them back and tell them that they failed to validate per the FDCPA as they do not own the debt and they must cease all collection activities, which includes reporting to the CRA's (FTC opinion) if they do not you can sue, use the contract they sent to you as proof, by sending that to you they have hung themselves briana
Can you please show us where anything like what you posted is written. The FDCPA pertains to 3rd party collectors, ie: an assigned ca.
The only thing they did not do is send me was if the debt was insured. They did enclose a copy of their LLC papers with bond info. The name of the President was blacked out. Funny, they also enclosed a pre-printed check sheet that said Validation Responce on the top of it. It was a template on Microsoft Word. It was copyright date of 6/2002. The collector marked each box off with a checkmark in pen. They must be handing it out to each collector. It was made by a company called FDCPA Protectors Corp. in the bottom right hand corner.
this is from creditinfocenter.com... ********************** Assigned or Purchased Debt In most cases, creditors assign debt collection to a collection agency, not sell the debts to these agencies. Most of all collections agencies work with assigned debts. What is an assigned debt? Major credit card companies simply don't have the time or resources to chase down all of their severely overdue accounts. Creditors hire collection companies to collect on these debts for them, as the collection agency usually has has a streamlined system and cheap labor to pursue such accounts. When this happens, the debt has been assigned to the collection agency. If a collection agency is successful at collecting the money on the account, they usually keep a percentage of what is collected as payment for services. Why should you care? In an assignment, the collection agency does not own the debt, and therefore you do not technically owe them any money. There is no way for a collection agency to prove that you owe them money because there is only an assignment of the debt and not a contract between you and the creditor. One loophole is some contracts have the wording "debtor agrees to be responsible for payment of this debt to creditor OR IT'S ASSIGNS". This IS a contract between you and the debt collector as well as the creditor and if they can provide you with a copy of a contract that states this, you are pretty much stuck and need to negotiate. ******************************* briana
I also called Citibank N.A a few days ago and they confirmed that Arrow owns the account now. On my bureau under the citi tradeline it states : Purchased and/or Transfered
i'm not sure how the whole insured thing works anyway. i guess if they collect money by a tax write-off or insurance policy then they can't collect maybe you could write back and demand that they show proof that the account was not insured or written off by the OC? would this work? does anyone know?... briana
When I asked if you could show me where this written, I was referring to law, not what someone decide to throw up on a website without any proof of their claim. This is from the FTC 6) The term "debt collector" means any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another. Notwithstanding the exclusion provided by clause (F) of the last sentence of this paragraph, the term includes any creditor who, in the process of collecting his own debts, uses any name other than his own which would indicate that a third person is collecting or attempting to collect such debts. For the purpose of section 808(6), such term also includes any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the enforcement of security interests.
i think there is a misunderstanding here. i am not saying that the FDCPA does not apply to assigned CA's. what i am saying is that the FDCPA requires the assigned CA's to validate the debt. since the assigned CA does not have a contract signed by you saying that you owe money to the CA, they cannot possibly validate. briana
I just think bottom line is they got me on this one. I know they are going to sue me. Arrow had some kind of caller Id system and when I called them they recieved my employers phone number. Now they have my place of employment. Now if other CA start skiptracing with them they will all know where I work. I wish I never started credit repair in the first place. You just can't beat the system. These CA are geting to be one step ahead of us. I might have to quit if they all start getting judgements. Go into hiding under a rock. Credit Repair is not worth it if you can't take the judgement in the end. Very Very Sad here. My husband is going to kill me. He knows nothing about this. I showed him this creditnet site and said if it was that easy everyone would be avoiding paying and then validating the debts. HE WAS RIGHT !!!!!!
So what you are saying is that no CA can ever validate a debt. I think they are smarter than that. Then we all could get out of debts sent to a CA. I wish that was possible.!!! hehe
I disagree. A ca is assigned by the oc to collect the debt. They therefore, are an agent of the ca. They validate the debt by obtaining the info from the oc and forwarding it to the debtor. If the debt is assigned to a ca by the oc, then they have every right to collect. And in 99% of the cases, the original contract will state," the creditor and/or its assignees".
i suppose if an assigned CA could come up with a contract with your signature saying you owed them money, they would be able to collect, you are right. briana
