I have an account that is reported by Collect America, but managed by Cambece Law Firm. Cambece is an affiliate in this network of law offices. Cambece settled for less than full and a written statment that they would remove any negative information. I have paid it off, but it still shows a balance. I called and the lady at collect america told me that it was reporting correct with a balance because I settled for less than full. Is this correct? My common sense tells me no.
Dear Guigs, Please give us more detail on your situation. Did you get this written statement BEFORE you paid? etc. etc.
I'm just starting out and learning but I know a couple of things about settling for less. I know the CAs have to report zero but in addition they have to put wording to the effect that it was settled for less than the original amount. I have heared of cases of settlements for less that the CA would still report the remaining balance as a chargeoff. Your case sounds like to me that they are still reporting the full amount as owed which is not fair credit reporting and violates the Federal regulations. If you have correspondence regarding the settlement agreement, it should be your weapon in threatening to sue their a...s. Good luck!
That is their idea of "removing any negative information." What you needed was the entire account deleted. Did they promise you that? They are tricky, that's why you don't talk to them on the phone, and let someone check everything before you agree to anything or pay anything.
I got the letter faxed to me before I paid it. I read it and still have the letter with the collection dept managers signature. Every time I call him he says the folks over at Collect America should update it. I call them and they say that they dont own it-yet they report it. I have had it paid for several months now and have written several letters to Collect America requesting validation. They never sent me anything. I still however get letters from Cambece Law Firm stating that I owe them money. Got a letter today. I am ready to sue these pigs and get some of my money back. They are in Denver and Masuchussetts, I live in Oklahoma. I was going to let this go after paying them, but as always they will not keep their word. I just need to now who to sue. Collect Amercica or Cambece law firm. They are incahoots...
Yes, you can sue them both. If one doesn't own the debt... how can they report anything against you??? If the other owns it but isn't controlling the trade line, why are they sending you letters confirming they'll settle with you... settle with you... then continue collection efforts??? Morons one and all. On the one who settled, that's breach of contract to continue collection efforts... I'd send the ones reporting validation letters and quickly go to demand letters and sue them both... they're nicely violating your rights. You can make some money off this one. Congrats
By the way, the normal method is that, when you settle for less than the full amount, the account balance becomes 0 and there's a notation "settled in full" For any collection company... any trade line left sucks. You want a full deletion because the very existence of a collection account in and of itself is negative in nature... no such thing as a neutral or positive collection agency account. On the original creditor, it can be neutralized but it also should show a 0 balance. basically, they agreed to take a percentage of the due as payment in full... meaning: you owe nothing else. That's great that you got it in writing first, as otherwise they say "thanks for the payment... not the rest is still due"... anyway, go after both.
well I have been carefully documenting everything. Letters are sent to CA CRRR and I have a long list. I have disputed with equifax 2X, both verified. I have sent intent to sue and they just ignore. I will go file the lawsuit against both of them. I have recently re-financed my truck and got a pretty high interest rate, but I also have other things on my report. I know how to calculate damages, but will the other stuff hurt me when in front of the judge?
You can also sue them for breach of contract in small claims, and ask for damages due to harming your credit report, that you have been denied credit, etc. However, depending on the judge, you may get that "is this your debt" question which may lose you your case on the "morality" issue.
I have an account that is reported by Collect America, but managed by Cambece Law Firm. Cambece is an affiliate in this network of law offices. Cambece settled for less than full and a written statment that they would remove any negative information. I have paid it off, but it still shows a balance. I called and the lady at collect america told me that it was reporting correct with a balance because I settled for less than full. Is this correct? My common sense tells me no. guigs ========================== No it is not correct:Sue them for breach of contract before they sell the balance to another CA and you're stuck with paying that too!
You can also sue them for breach of contract in small claims, and ask for damages due to harming your credit report, that you have been denied credit, etc. However, depending on the judge, you may get that "is this your debt" question which may lose you your case on the "morality" issue. CredtQuest =============================================== How can it be his debt when he paid it? How does someone owing a debt give the other party the right to break the law?? Where does it say in the FDCPA that a CA is permited to violate the act or break the law if a debtor happen to owe any money???? lb
