Re: Re: Is this C&D? I am always learning. Ben Franklin once said if you're not learning, you whither and die. Note that I never spoke down about the methodology you use. I am sure we have similiar tactics. I just try to look at it from every angle and work on my feet. Ranger training was incredibly helpful for thinking outside of the box. So was War. Here's another thread to start the neophyte off: http://creditreportrights.com/forum/viewtopic.php?t=374
Re: Re: Is this C&D? Have I checked out the link you gave? Yes, a little bit although I have to load Internet Explorer to do it. Netscape only produced a totally black screen no matter how many times I reloaded (refreshed) it. IE loaded it just fine. Lots of interesting stuff to read there and I will get to it as soon as possible. I must say I am a bit surprised at your usage of FOIA on original creditors to say the least.
Re: Re: Is this C&D? I just now checked out the second link you gave me. I do have a question I would like your answer on if you please. I noticed in one post there that you mentioned Spears v. Brennan and I'd like to know just what you find in that case that interests you and that you found useful? Also, can you explain the differences between validation and verification to me?
Re: Re: Is this C&D? Wow, this thread turned into waaaay more interesting than I thought it would. I feel like a official member of Creditnet society, lol. With all that's been said, please read this post: What next? Please help! Just to recap: > OC charged off account, sold it to CA > CA is not reporting, but the OC is reporting debt (as paid) > CA has sent dunning letters > I asked for validation, what was sent to me was not complete validation > I sent 2nd validation request > The debt is now out of SOL The $64 question: If I send a C&D to the CA, and for some reason the account is given back to the OC, could I negotiate for deletion (or at least a revised tradeline)? Being that the debt is out of SOL, they can't sue, so anything they get would be profit. Whad'ya think, guys?
Re: Re: Is this C&D? Just like you can sue for just about anything you can also try to negotiate for anything but I would not hazard a guess either pro or con as to what your chances of success might be. If you believe that you may be in for a very loud wakeup call. They can sue on an out of SOL debt. No problem and it is done sometimes. If they do you would have to prepare an answer in writing to the court and go to court to argue the point or they can end up with a judgment although the judge does have the option to dismiss the plaintiff's case upon reading your answer to the court. If you don't know how to prepare your answer you will probably need to hire an attorney to do it for you and that's not likely to be real cheap.
Re: Re: Is this C&D? What would be the likelihood that they would sue for a $500 debt that they sold to the CA for $10?
Re: Re: Is this C&D? When they sell a debt they no longer have any right, title or interest in the debt and therefore cannot sue for that which they do not own. Once an asset is sold the original owner of that asset can not make any decisions regarding that which he sold. Anything that happens is strictly in the control of the new owner.
Re: Re: Is this C&D? This I know. What I am saying is that if the CA returns the account back to the OC, what are the chances of the OC (technically the 3rd owner at this point) suing AFTER they have gotten the account back from the CA (which bought the debt from them for $10 in the first place)? Are you saying the OC loses they right to sue if they sell a debt and then buys it back?
Re: Re: Is this C&D? Why would an OC buy the debt back? They could care less if the CA can collect or not?
Re: Re: Re: Is this C&D? Would it make a difference if it was given back to the OC? I know I am stretching it but just want to cover all the possibilities.
Ok, its a stretch LOL, but IMHO, if the OC buys it back, they are again the owner of the debt, and could sue if they wanted.
That's what I thought. What are the chances of a judge granting a judgment for the full amount if I can prove that they sold the debt to the CA for $10-15?
Well, if they sued, the judge would probably allow them the full amount (assuming they won). Any business is allowed to make a profit, heck, thats why they are in business. Buying it for pennies on the dollar, and then collecting the full amount is just smart business. Basically, if they can prove you owe the amount, they will award it.
For the sake or arguing, lol... The debt was sold, thus they marked it paid on credit reports. If they did not refund the amount that they got from the CA they sold it to, essentially the debt is still settled, I would think. That would be double-dipping if they kept the $15 and wanted the full amount from me, wouldn't it?
Re: Re: Is this C&D? They are not very likely to buy the debt back. In all liklihood the CA would want more money back from the creditor than he paid the creditor for the debt in the first place by quite a bit. After all, the CA would feel that they had put time and money into the account and would want to make a profit on the debt no matter how small the profit. So the chances that the original creditor would buy back the debt are extremely small indeed.
Re: Re: Re: Is this C&D? So then there's the possibility of the CA selling it to another CA instead, eh?
Re: Re: Re: Is this C&D? I think we both know the answers here. Although It's Indiana court, it provided a precedent of what validation actually is. Valdation: The process in which you request information from a creditor proving the debt is yours. Typically done under FDCPA act, but It can be done under FCRA and FCBA (FBA). Verification: a process in which the typical CRA lies about calling the CA or OC to ascertain correct information on two of three things: SS #, Adddress and name. Rather easy for them to do, however they seem to avoid doing like the plague. A source of very easy deletions when you catch the CRA not doing whay they're supposed to.
Re: Re: Re: Re: Is this C&D? Not if you do it correctly. I typically send a validation with a C+D. They cannot continue collection activity until they provide factual information that the debt is yours. If they continue collection activity, like selling the debt to someone else, then you have a nice pat law suit.
Re: Re: Re: Re: Re: Is this C&D? Under the FDCPA, the CA only has these options available to them once they receive a C&D demand: (1) to advise the consumer that the debt collector's further efforts are being terminated; (2) to notify the consumer that the debt collector or creditor may invoke specified remedies which are ordinarily invoked by such debt collector or creditor; or (3) where applicable, to notify the consumer that the debt collector or creditor intends to invoke a specified remedy. I understand that a 'specified remedy' is a legal action. Is that right? Nevertheless, there is no room here for the CA to sell the debt whatsoever, even if it was being sold back to the OC. Am I reading more into this than what is there?
