Back in the late 90's I obtained a credit card from Chase Bank; a Shell MasterCard. In October 2000 I received a letter from a company named First Financial indicating they had acquired my old Chase MasterCard account which was in default. According to a recent credit report that I obtained in my name it indicated that this account had been charged off as a bad debt. I consulted an attorney who told me once the debt had been charged off; I wasn't required to pay it; although it would have an adverse effect on my credit rating; which it has. That was in late 2000. Today I receive a letter in the mail from an attorney claiming to represent a company named Credigy Receivables, Inc. who the attorney says Credigy purchased my defaulted account from First Select and the attorney representing Credigy wants to collect. Can they do that or is it true that once a default account is charged off as a bad debt; that's considered to be the end of the matter and after such time nobody can attempt to collect that discharged debt from you? By the way; who is Credigy? I couldn't find anything on the web about them. Finally; what should I do; write this attorney and inform him the debt was charged off and to cease further attempts to collect this charged off debt from me? Comments anyone? sburch2 End Of Message 09/07/03
The attorney was just plain wrong. Charging off most simplistically, is really just an accounting mechanism. They can collect. http://www.credigy.net/credigy/en/index.asp Do not send a cease and desist - that is an invitation to be sued. First off, you said "late 90's" what was the date it was charged off, and what state are you in?
I have a copy of my credit file report which is dated June 18, 2003. The report is by Equifax who I plan to contact tomorrow; Monday; September 08, 2003 to translate for me all of the numbers listed by my account; I don't know exactly when the account was charged off. I live in Mississippi. Let me ask you this; if my charged off account was purchased by this company called Credigy; why is it that I never received any correspondence from them first about this matter; nothing; all I have received is a collection letter from a law firm based in New Orleans, Louisiana. By the way once my original Chase MasterCard account was in default and was acquired by First Select Financial I received only one; (1) statement from First Select Financial; no more correspondence from them; that was back in October 2000 and suddenly out of the blue I receive this collection letter yesterday from a law firm out of New Orleans, Louisiana. When First Select Financial aquired my defaulted Chase account; my balance was $7,817.95; the balance in the letter that I received yesterday from that attorney now indicates a balance due of $10,158.12. So you say that I shouldn't write this attorney a letter informing him not to contact me anymore? What about this company named Credigy? By the way; if they did attempt to sue me; I guess all they would be able to do is take a judgment since I have no assets to speak of and my only source of income is an SSI check which Social Security informs me cannot be garnished. If you have anymore comments concerning this matter; I'd like to hear them from you. sburch2 End Of Message 09/07/03
1*I consulted an attorney who told me once the debt had been charged off; I wasn't required to pay it; 2*Credigy wants to collect. 3*Can they do that 4*is it true that once a default account is charged off as a bad debt; that's considered to be the end of the matter and after such time nobody can attempt to collect that discharged debt from you? 5*By the way; who is Credigy? 6*should I ; write this attorney and inform him the debt was charged off and to cease further attempts to collect this charged off debt from me? sburch2 |~~~~~~~~~~~~``` **************************************** 1*What cracker jack box did this guy get his lawyers license from? 2*That's what CAs do - No surprise there. 3*Yep if they have their way. 4*The cracker jack lawyer is wrong? Also a charge off does not forgive a debt therdore the debt hasn't beend discharged. 5*A CA. 6*Soulds like a plan for getting sued. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
1*I consulted an attorney who told me once the debt had been charged off; I wasn't required to pay it; 2*Credigy wants to collect. 3*Can they do that 4*is it true that once a default account is charged off as a bad debt; that's considered to be the end of the matter and after such time nobody can attempt to collect that discharged debt from you? 5*By the way; who is Credigy? 6*should I ; write this attorney and inform him the debt was charged off and to cease further attempts to collect this charged off debt from me? sburch2 |~~~~~~~~~~~~``` **************************************** 1*What cracker jack box did this guy get his lawyers license from? 2*That's what CAs do - No surprise there. 3*Yep if they have their way. 4*The cracker jack lawyer is wrong? Also a charge off does not forgive a debt therefore the debt hasn't bend discharged. 5*A CA. 6*Soulds like a plan for getting sued. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
1*why is it that I never received any correspondence from them first about this matter; 2*So you say that I shouldn't write this attorney a letter informing him not to contact me anymore? What about this company named Credigy ? 3* By the way; if they did attempt to sue me; I guess all they would be able to do is take a judgment since I have no assets to speak of and my only source of income is an SSI check which Social Security informs me cannot be garnished. sburch2 ^^^^^^^^^^^^^^^^^^^^^^^^^ 1* Because they don't have to notify you. 2*Right and same goes for Credigy. If you do this you leave them no choice but to sue you. 3*While this may be true it's not the point. Point is do you want a judgment added to the collection already being reported ? I take it you're not out to see how many derogs you can collect on your reports. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Well from the tone of your reply it certainly sounds like you work for a "CA" as you call it. I consider myself basically judgment proof; I have no assets; my only source of income is a $368.00 a month SSI check so if they want to sue me; sue me; my credit has already been shot straight to H**. Who is this outfit Credigy anyway that didn't even have the courtesy to write me a letter informing me they had purchased my charged off account from First Select Financial who by the way I couldn't locate on the web. Is First Select Financial still around? Like my grandma use to say; "You can't get blood out of a turnip". I don't even have a turnip to draw any blood out of so if they want to sue me; let them sue me. What do you think they'll be able to gain out of me financially speaking if they attempt to sue me? Probably a judgment against me; so sue me. If you have any other comments to make concerning this matter; please feel free to do so. sburch2 End Of Message 09/07/03
Re: Re: Credigy Receivables, Inc. Well, if you don't mind being sued, then send a C & D. There are better options. You credit may be shot to hell now, but in a few years that collection will fall off, judgments start off as a new TL that is there for another 7 years. CA's are known for being discourteous. They don't have to notify you. If you want to spend some time making these people go away, you could look in the Hall of Fame Postings (stuck to the top of the board), and read the What is Validation post? And another validation post by Humblemarc. On Equifax, the Date of Last Activity is an all-important date. You didn't mention what state you are in. Since it was the late 90's its conceivable that this is out of the SOL for collection and is an affirmative defense to a lawsuit. The SOL starts counting from the date of last activity. sburch2 End Of Message 09/07/03 [/B][/QUOTE]
Re: Re: Credigy Receivables, Inc. I mentioned in an earlier post that I am from the state of Mississippi, I am a resident of Biloxi, Mississippi. Taking a closer look at my June 18, 2003 Equifax credit report; the date of last activity that is listed next to my defaulted Chase MasterCard account is February 2000. At the end of the chart; the date this information was reported to Equifax is listed as September 2000. It was in October 2000 when I received a letter from a company named First Select Financial that they had acquired my defaulted account from Chase MasterCard. After I received that letter I received only one; (1) statement from them and that was it. I then wrote them a C & D letter in late October 2000 and never heard anything else from them again concerning this matter until yesterday; Saturday; September 06, 2003 when I received a letter from an attorney out of New Orleans, Louisiana informing me that he represented a company by the name of Credigy Receivables, Inc. According to the attorney's letter; Credigy Receivables had recently acquired my defaulted account from First Select Financial; it didn't state in the lawyer's letter when; the letter went on to say that they were in the process of attempting to collect from me the defaulted account amount which back in October 2000 was less than $8,000.00 and now has mushroomed up to $10,158.12 according to the lawyer's letter which I received yesterday. Finally in your post you mention the term SOL; what does SOL mean? I would like to read any other comments that you have concerning this matter; if you please and thanks for the reply. sburch2 End Of Message 09/07/03
Re: Re: Credigy Receivables, Inc. Finally in your post you mention the term SOL; what does SOL mean? sburch2 End Of Message 09/07/03 ======================== Statue of limitations I.E. the number of years a person has to legally sue and collect a debt from you. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""''' P.S.You need to click on the following links . It will help you to better understand what's going on. ------------------------------- http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=350770#post350770 http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=314910#post314910 http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=352826#post352826 THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Credigy Receivables, Inc. STATE: MISSISSIPPI INTEREST RATE Legal: 8% Judgment: amount in contract if no contract amount court decides STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 3 Written Contract: 3 UCC: 6 Domestic Judgment: 7 Foreign Judgment: 7 (3 if resident)
Re: Re: Credigy Receivables, Inc. 3 years, and you defaulted in October 2000. That explains why they crawled out of the mud. End of October they are SOL because the SOL is up!
Re: Re: Credigy Receivables, Inc. Butch: First of all; thanks for the reply and if I understand what you're saying; does UCC mean unsecured credit card debt? If so the statute of limitation is 6 years? Since the date of last activity on my defaulted account was February 2000; according to an earlier post; I am by no means out of the woods yet; I would have 3 more years to go. Is that all correct? If it is; what would you recommend that I do next? Write a validation of debt letter to the lawyer representing Credigy? Others in this forum have already stated for me to "NOT" write a C & D letter to the lawyer; that's an invitation to sue. Any other comments that you have to share concerning this matter would certainly be appreciated and thanks again for your reply. By the way; where did you find all of the information listed in your post; what website if you please? sburch2 End Of Message 09/08/03
Re: Re: Credigy Receivables, Inc. UCC - Universal Commercial Code Credit Card (Secured or Unsecured) = Open Acct = 3 years in your case. Now if you are positive the DOLA is FEB 2000, you are in the clear. Send a C & D, tell them it is out of SOL and to take a long walk off a short pier. (You also could send validation to see what they have and make sure the DOLA is correct). Caveat - I would google "debt" "statute of limitations" and check with a few sources. I don't know where Butch got his for sure, but we have seen errors on various websites.
Re: Re: Credigy Receivables, Inc. First; thanks for your reply. I have in my hands a copy of a recent credit report in my name from Equifax; this report is dated June 28, 2003 and in this report; my defaulted Chase Bank Shell MasterCard account is listed; details below. Date my CC account was opened - 11/1993 Date of last CC account activity - 02/2000 Account status - R9 Account has been charged off by Chase Bank Date account was charged off by Chase - N.A. Date Chase reported info to Equifax - 09/2000 Could 09/2000 be the date that Chase charged off my account? Why I ask is because in October 2000 I received a letter from another company named First Select Financial informing me that they had just acquired my charged off account from Chase so September 2000 could very well be the date that my Chase account was charged off by Chase; could it not? So what do you suggest that I do next? Some in another forum have said for me to "NOT" write a C & D letter to the attorney attempting to collect this debt; they said if I do; I'm offering the attorney an invitation to sue me. My only source of income is an SSI check in the amount of $368.00 a month. Can the attorney garnish my SSI check? If you have anymore information to share concerning this matter; by all means; please do so and once again; thank you for your comments. sburch2 End Of Message 09/08/03
Re: Re: Credigy Receivables, Inc. 1*Date of last CC account activity - 02/2000 2*My only source of income is an SSI check in the amount of $368.00 a month. 3*Can the attorney garnish my SSI check? sburch2 End Of 09/08/03 Message 1*If sol is 3 years on this it expired on Feb. 2003 2*An Attorney told my MIL that her SS Check was exempt from garnishment. 3*Neither the Attorney nor the Creditor can garnish your check for the following reasons. a * SS checks are exempt from garnishment. b * They haven't sued you. c * They haven't Won a suit against you. d * They haven't been awarded a judgment by the court. e * AND THE BIG ONE: The debt is beyond the S O L ! THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Credigy Receivables, Inc. Dear IBrown59: Based upon what you told me in your most recent post; should I respond with a letter to the attorney representing Credigy Receivables who is attempting to collect from me $10,158.12 and if I can respond; which form of a letter should I use? A validation of debt letter or a C & D letter? If what you are telling me is true; that the SOL has already run out on my old CC debt; then why would an attorney bother sending me such a collection letter? Does the attorney think I'd be scared into admitting that the debt was mine and I would begin to pay it back immediately as they requested? Finally at the bottom of the attorney's letter they state that Credigy; who by the way never sent me "ANY" letters concerning this matter; but anyway; Credigy is willing to accept 50% of the $10,158.12 past due CC debt if I agree to send to the attorney $10.00 a month for the next 6 months then agree to send in $50.00 a month from that point on; until 50% of the debt has been paid. Can you imagine how long that would take to pay back? If the SOL are on my side; why did the attorney even bother? Did he think he would scare me? Did he think that I wouldn't at least run this matter by someone else first for an opinion? If you have any more comments to share concerning this matter; I would like to receive them. By the way; I have learned a lot just recently in this forum. Are you aware of another forum; a legal one where I could ask questions concerning an estate matter; probate and such? I am in a bitter dispute with my brother over our deceased mother's estate; matters still haven't been settled; and I do have an attorney but I'd really like to get some feedback from others in another forum concerning my present legal situation; if such a forum is out there in existence somewhere on the internet. If you know of one; please let me know and again; thanks for your comments. sburch2 End Of Message 09/08/03
Re: Re: Credigy Receivables, Inc. Based upon what you told me in your most recent post; should I respond with a letter to the attorney representing Credigy Receivables who is attempting to collect from me $10,158.12 and if I can respond; which form of a letter should I use? 1*A validation of debt letter or a C & D letter? If what you are telling me is true; that the SOL has already run out on my old CC debt; 2*then why would an attorney bother sending me such a collection letter? 3* Does the attorney think I'd be scared into admitting that the debt was mine and I would begin to pay it back immediately as they requested? Finally at the bottom of the attorney's letter they state that Credigy; who by the way never sent me "ANY" letters concerning this matter; but anyway; Credigy is willing to accept 50% of the $10,158.12 past due CC debt if I agree to send to the attorney $10.00 a month for the next 6 months then agree to send in $50.00 a month from that point on; until 50% of the debt has been paid. Can you imagine how long that would take to pay back? 4*If the SOL is on my side; why did the attorney even bother? 5*Did he think he would scare me? By the way; I have learned a lot just recently in this forum. 6*Are you aware of another forum; a legal one where I could ask questions concerning an estate matter; probate and such? 7*I am in a bitter dispute with my brother over our deceased mother's estate; sburch2 End Of Message =================== 1*If sol is past you could use either or both A validation letter or a C & D letter? 2* To sucker you into paying happens to thousands of people daily. 3*Yep. 4*See No, 2. 5*No doubt. 6*No but perhaps someone else will chime in. 7*Post something about it. Might be someone who can help. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=370638#post370638
Re: Re: Credigy Receivables, Inc. Based upon what you told me in your most recent post; should I respond with a letter to the attorney representing Credigy Receivables who is attempting to collect from me $10,158.12 and if I can respond; which form of a letter should I use? 1*A validation of debt letter or a C & D letter? If what you are telling me is true; that the SOL has already run out on my old CC debt; 2*then why would an attorney bother sending me such a collection letter? 3* Does the attorney think I'd be scared into admitting that the debt was mine and I would begin to pay it back immediately as they requested? Finally at the bottom of the attorney's letter they state that Credigy; who by the way never sent me "ANY" letters concerning this matter; but anyway; Credigy is willing to accept 50% of the $10,158.12 past due CC debt if I agree to send to the attorney $10.00 a month for the next 6 months then agree to send in $50.00 a month from that point on; until 50% of the debt has been paid. Can you imagine how long that would take to pay back? 4*If the SOL is on my side; why did the attorney even bother? 5*Did he think he would scare me? By the way; I have learned a lot just recently in this forum. 6*Are you aware of another forum; a legal one where I could ask questions concerning an estate matter; probate and such? 7*I am in a bitter dispute with my brother over our deceased mother's estate; sburch2 End Of Message =================== 1*If sol is past you could use either or both A validation letter or a C & D letter? 2* To sucker you into paying happens to thousands of people daily. 3*Yep. 4*See No, 2. 5*No doubt. 6*No but perhaps someone else will chime in. 7*Post something about it. Might be someone who can help. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""
