new to the boards, but not to credit - 10 years as mortgage lender and self credit repair. anyhoo - heres the moral situation and i need advice. medical collection on CR (validated), offered settlement contigent on removal from cr, not selling balance, offer of settlement not admitting fault or liability etc etc. also stated in settlement that if they cashed the check it legally bound them to the above terms. they returned check declining offer, HOWEVER (and this is the moral part), they stamped the back of the check for deposit. i'm thinking of dropping the check off at their bank and letting it clear binding them to the terms. i am soooo torn...this company has been hell to work with (insurance should have paid - long story) i am more or less offering settlement to move on...want to buy new house soon and this is all that is holding me back. any opinions are appreciated.
Be moral about the moral things ... Be practical about the practical things ... Play dumb and drop the check. Being in the collecting business is not a moral job in the first place. Especially in the last two years of economical colapse. JMO
thanks for replying. i think its obvious i want to drop the check, simply because i think that is what they would do if the roles were reversed. another question (and i should know the answer but i don't): if i send documentation to the credit bureaus, does it still take 30 days to "verify" something if i am sending the proof they need to "verify"? for example, they are showing a chargeoff on a account that was included in bankruptcy and i send them a copy of the banko papers, will they change it right away or do i have to wait a month? i have never been able to figure that one out and maybe its because one should never validate their own poor credit! anyone know?
jenz, even if you pack the president of the bank and send him to them FEDEX overnight, the applicable law (FCRA) gives them 30 days to reinvestigate. [color=0066FF]§ 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i] (a) Reinvestigations of disputed information. (1) Reinvestigation required. (A) In general. If the completeness or accuracy of any item of information contained in a consumer's file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly of such dispute, the agency shall reinvestigate free of charge and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer.[/color] So you have no choice but wait. Send it CRRR, get the green card and count 30 days from that date. If they don't respond after that, or if they don't put a "notice of dispute" for this account, well ... come back here and we'll take it from there ... Meanwhile, read the board and welcome to the jungle ...
thanks, i've been reading here for awhile, but just now decided to post. i hope with my experience i can help others with advice and guidance. btw, that whole 30 day thing SUCKS. everyone knows all they do is verify the debts via automated system - the only time it isn't verified is if its a CA, the line is busy, or there is a computer problem (or maybe people don't know that). if you can't get a debt removed via "not mine" dispute (thanks to automation), try disputing the payment history - then they actually have to call or write to verify the debt. and validation doesn't work unless you do it with the original creditor... which leads to my next btw item...occ regulates banks keep originals on hand for only 5 years from original application. if you ask for proof (original application) at 6 years, they won't have it and have to remove any and all reference and they can't collect. this works with judgments also.
Hello jenz! I am in the process of writing my settlment offers right now, thought I'd check the board one more time... good thing! Does it work much better to send the settlment offer check with the offer letter? I was just going to send a letter with my terms X$ if they remove account from CRA's, and then wait to hear if they accepted it. What else do I need to know? Thank you so much!
Here is a sample, in case you need it ... [color=0066FF]«Your Name» «Address1» «Address2» «City», «State» «Zip» «Company» «Address1» «Address2» «City», «State» «Zip» «Date» Re: Account Number [insert account number] To Whom It May Concern: This letter is an offer to amicably settle the above account. It is not to be construed as an acknowledgment of my liability for this debt in any form. I will pay your company the amount of $[insert amount] as full settlement of this account. If you accept this agreement, I will send you a money order or certified cashiers check for the settlement amount of $[insert amount] in exchange for a full deletion of all references regarding this account from my credit profile and full satisfaction of the debt. This agreement is binding and will be void should you not hold up to your end of the agreement. Furthermore the debt will be deleted from my credit profile at all three credit bureaus or the bureaus your company regularly reports to in the course of doing business. If you agree to the above, please acknowledge with your signature and return a copy to me. Upon receipt of this signed acknowledgment, I will promptly send you a money order or cashiers check in the amount stated above. Notice: This agreement is restricted. This is not a renewed promise to pay but rather a restricted settlement offer only. By not signing below, you agree that the debt has not been renewed nor has any concrete written agreements been exchanged. Creditorâ??s Authorized Signature: _____________________________ Date:____________ Name Title: Sincerely,[/color] Notes to the writer: Do not sign or date letter (this is necessary to avoid renewing the debt, should the creditor refuse to agree.) Be sure to not use a personal check if they agree to pay.
Re: Re: ca goof up; should i....? Thank you! I do need a letter. I the quote above, isn't it supposed to read "By signing below..." ?Additionally, what do you think about revising the letter to actually include a check on the first round? That they are bound to my terms if they cash it? Thank you for the advice!
I'm assuming you are in a state which considers such agreements, and that you sent everything via CRRR. If you can assertain what their account number is from the stamp I'd do it. Have someone else (other than you) fill out a deposit slip), stick it in an env. and drop it in the night deposit window, so nobody sees you. But then get ready to sue cause you'll probably have to. I like the way you think (g). Welcome aboard Jenz. .
Re: Re: Re: ca goof up; should i....? Oops ... sorry, you're right. Even more - change the last paragraph to "[color=0066FF]By signing below, you agree that the debt has not been renewed.[/color] And yes, modify it the way you want - this is just a sample to stert from ...
Here is something about the ethics from BayHouse.com ... [color=0066FF]Morality, ethics and doing the "right thing" Whether to discharge debts through bankruptcy, enter a credit counseling program, pay debt negotiators or just do nothing and ignore the collectors is a BUSINESS decision. It has NOTHING to do with morality and ethics. Morality and ethics are a 2-way deal, to be applied to PEOPLE who would hopefully also act according to those same morals and ethics. Institutional creditors, i.e. banks, finance companies and national stores are corporations WITHOUT morals or ethics. They will hound people for past due payments even if on the death bed or if someone lost their job and is desperately trying to feed the kids and avoid eviction. These corporations have no feelings. They do NOT keep promises, they lie, they cheat working Americans out of their pensions and medical benefits, they rip people off on a daily basis with deceptive and misleading ads and lots of small print people can't even read.[/color] HTH
Be careful if you think that nobody will see you...banks do have survellance cameras; be sure one ain't pointed at ya! Also Jen, you mentioned that banks only keep records 5 years??? And one can legally ask for validation for a judgment and they have to show more than the judgment itself as proof???
on any debt, when you ask for validation from a bank, they have to provide you with the original paperwork in order to enforce the judgment or collection. if they can't prove it and won't remove it, you can sue for defamation of character. make sure you get it in writing that they can't find it. i just got a judgment removed this way because the judgment is 3 yrs old, but the original application date was 6 yrs old. the paperwork to vacate is at the courthouse right now getting it removed - all because of the letter they sent saying they cannot verify the debt. the occ regulates banks to keep original verifying information (applications, copy of dl, etc) for 5 yrs. due to the amount of business they receive, once it hits that mark - its gone! (fyi, we are passing the check through the bank in the city where the business is - a friend is going to drop it...i dont' tjhink i will have to sue, i send green card, letter and copy of cancelled check not only to CRA, but to OC as well...they don't have a leg to stand on...if they want to battle, i will also nail them on fdcpa violation of not notifying me of the debt - have documentation - i found on credit report and had to contact them ) its fun being me....
Re: Re: ca goof up; should i....? Hi Jen, This was an auto repo, later reduced to judgment. If this OC had placed the debt with a CA, and that CA attorney filed the judgment, would you say it's really the same the way I should handle the validation request? The debt is from 1998 repo, judgment is from 2000 and the application would have been at least 1996-97; I am unsure cause it's been so long.
