Hi Folks, I'm new but have learned a great deal in the short time I've lurked. I preface this short story with the assurance that I'm normally a highly intelligent person, but I acted foolishly in my enthusiasm to address my indebtedness and clear my record. >> My FICO is hovering below 600 and I want to get a VA mortage (out of rental hell!) in a few months. << My worst blemish is a CC debt from Bank One for $5,800. I received a letter from their attorneys and got on the phone (wrong) with one of their stooges and told them (after being told I was being recorded in their Atlanta GA office) that I "didn't dispute the debt but I just wanted to clear up my credit as soon as possible." I gave the stooge my lawyer's # and said they could contact him to settle this... The fact is, I do not have documentation from Bank One, they were not cooperative (awful on the phone) and I would like to ask for validation, which the attorney's letter states I'm entitled to, --> but I'm afraid I just reneged my rights by giving them my anxious mea culpa over the phone! THE ATTORNEYS LETTER: Dear "Fatman", The above-referenced outstanding debt on the account has been referred to me for review. Please contact my offices if you wish to resolve this matter or have any questions about the debt. The original contract you entered into with Bank One, Delaware, NA provides for the resolution of claims or disputes by means of binding arbitration: *Aribtration: (1 paragraph definition) My client will honor this contract provision. In the event that we are unable to reach satisfactory amicable arrangements, the filing of an aribitration claim will be evaluated as our client's contract remedy. My firm is not licensed to practice law in your jurisdiction and will not pursue any legal action in the state or federal courts. In the event that an award is ultimately obtained (blah blah)... It is my sincere hope that we can reach a mutually agreeable resolution to this matter and, I encourage your call in that regard. We will assume the debt is valid unless you dispute the validity of thee debt or any portion of the debt within thirty days after receipt of the notice. Verification of the debt or a copy of a judgment against you will be mailed to you if you notify us in writing within thirty days of receipt of this letter that the debt or any portion of the debt is disputed. If you make a written request within thirty days after receipt of this notice, we will provide you with the name and address of hte original creditor, if different from the current creditor. (NOTE: This is listed in my credit report as First USA bank, not Bank One... I'm assuming they merged? Could this be significant?) MY QUESTIONS: 1) Can I still ask for validation from the OC? (Note that I don't even know who the heck it is, though from impulse I thought I knew) (Letter date is May 12, so I have to act quickly if I want to, as I hve 30 days.) OR is this just wasting time on my part? 2) Is this law firm permitted to pull my credit report? They did this the DAY AFTER my stupid call, I suppose to see if I'd been looking for credit -- are they allowed to snoop like this? 3) What does Arbitration mean? Of course I know normally, but is it something to avoid altogether in terms of a debt? If they prove the debt is valid, I would like to settle... NOTE: I own a business and my gains vary widely from month to month. I can and would like to settle this... could I do this for 40 or 50%?????????? THANKS IN ADVANCE FOR YOUR ADVICE!!!
Ooooops! I see now that First USA is Bank One company. But I still suspect I should ask for the original contract if they're making a claim to arbitration. BTW, I live in NJ and am not aware of any particular laws in my favor...
I would ask for vaildation. An attorney is a third party collector and is bound by the laws of the FDCPA. Go ahead and disputed the claim. How old is this debt? Have you checked to see if this debt is still with in the SOL for your state? The OC is bound by the laws of the FCRA and FBCA. You can send them a vaildation letter stating under section 623 that you dispute the amount owed and they will have to investigate. Be sure that you read up and understand what full vaildation is. Wish you the best of luck. Vanna
QUOTE: I would ask for vaildation. An attorney is a third party collector and is bound by the laws of the FDCPA. Go ahead and disputed the claim. How old is this debt? Have you checked to see if this debt is still with in the SOL for your state? The OC is bound by the laws of the FCRA and FBCA. You can send them a vaildation letter stating under section 623 that you dispute the amount owed and they will have to investigate. Be sure that you read up and understand what full vaildation is. Wish you the best of luck. Vanna END QUOTE Vanna, Thanks so much for your feedback. Account began 5/99 Last Activity 8/02 I ALSO WONDER that if it gets tied up in dispute, might I then qualify because I (at least temporarily) have a higer FICO score? Or is this a "trick" that mortgage lenders try and sniff out? It's complex stuff, but I definitely will read up on validation -- I've read Butch's thread (with additions from Mr. Bauer), but these guys go fairly deep, which necessitates some serious research. I HAVE BUT A FEW MONTHS (as I want to get a few incorrect things taken off my report) --> that's the rub!!!
After several attempts to validate a Bank One account I sent a Intent to Sue and they responded with a copy of the application. This is not proper validation, but they still have a copy of the application. The account was opened in 1993 and charged off in 2001. Don't be suprised if they have a copy of the application. However, it's still not proper validation.
QUOTE (bigmon) After several attempts to validate a Bank One account I sent a Intent to Sue and they responded with a copy of the application. This is not proper validation, but they still have a copy of the application. The account was opened in 1993 and charged off in 2001. Don't be suprised if they have a copy of the application. However, it's still not proper validation. QUOTE Hi Bigmon, Thanks for the input -- you're answer only makes me wonder how the matter ended? Could you tell me? I had a real hard time communicating with them -- they refused all talk of a settlement from the first day to the last...
Fatman, I'm still figuring out my strategy on this. I have 2 years to go on the SOL. Not sure whether to fight them in court for violations or run out the clock on them by sending paper back and forth then fight after the SOL is up. Any advice is appreciated. Debt is about 9k.
1*(NOTE: This is listed in my credit report as First USA bank, not Bank One... I'm assuming they merged? Could this be significant?) 2*I have to act quickly if I want to, as I have 30 days.) OR is this just wasting time on my part? 3*are they allowed to snoop like this? 4* I definitely will read up on validation -- Fatman 1*Has no significance as they are one and the same. 2*You are only limited as far as what they can assume concerning the 30 days. There is no time limit on your right to demand validation. Also once they receive the val.letter either before or after the 30 days they no longer have a rite to assume anything.It's not wasted time 3*Yes. 4*Just click on the validation -- links in my signature below. """""""""```~~~```'"""""""""
Don't be suprised if they have a copy of the application. However, it's still not proper validation. bigmon ============= What does an App. show?Is it a b or c below? A* Applied for something B*Received Something C*Owe for something
APPLYING FOR CREDIT IS... 1) CREDIT CARD 2) LOAN NOT A CA!! NOT INSURANCE!!! NOT INTEREST RATE REDUCTION EITHER!!!
I had a real hard time communicating with them Fatman ================ This is the way it usually goes on the phone-hince the reason for doing everying by mail CRRR. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
I'm new to this board and getting quite an education. I got the same exact letter. The law firm is Mann Bracken out of Atlanta.
Do the validation letter. If they can't come up with your signed contract you're not liable for a thing, including arbitration! Lesson learned... huh. Hope they didn't record you or keep it ! Don't ever admit in any way that you said that.. Learn the phrase, "I'm sorry, I can't recall that event"
