I just received a letter yesterday from RMA stating "As you are aware the above debt has been purchased" 1. I was NOT aware of this (Visa) debt being purchased. 2. After reading up a little bit about GBLA wasn't I supposed to receive an opt-out letter from original creditor? 3. Wasn't I supposed to be notified by original creditor of the sale of my account ? 4. Wasn't I supposed to be given an oppurtunity by original creditor to pay what they were selling my debt for? Hence, the opt-out letter ? This account was one slated to be contacted and hopefully settled with this month, however, this RMA has already added 8% interest onto what they have as the balance due. Of course their settlement is for 50% of "original " debt plus 8%. Or am I reading GBLA wrong ? One more quick thing , when most of you who have successfully made settlements , what was the average % settled for ? and did you negotiate on the origianl amount owed or the amount due by the time you had the money to make the offer ?
My goal would be for 100% of the amount owed, maybe plus damages and attorney fees and court costs if I had to sue them to get it. It is they who always need the money, not I. Not going to negotiate about that.
vazq--you need to read and study these 3 threads found at the top of each page The END ************************* LB 59 ==================== PsychDoc 19 1733 04.08.2003 @ 16:25 INTRO: PsychDoc's Credit Repair Primer PsychDoc 62 12555 03.31.2003 @ 07:43 INTRO: Unofficial CreditNet Board FAQ Nave 28 13510 03.31.2003 @ 07:41 INTRO: Creditnet Glossary you need to read and study these 3 threads found at the top of each page The END ************************* LB 59
I settled w/ RMA in 12/2001 - the original debt amount was $954. RMA was trying to collect $1296, we settled for $805. They were a pain - kept sending me statements showing a balance for 6 months after settlement was paid - had to keep after them.
Just read all first 3 threads. Very helpful. I can see were that should be ones first stop. Now that took care of my settlement vs debt owed question. What I didn't see on there was anything pertaining to GBLA. I want to take care of this account, however now it looks like I will have to deal w/ RMA rather than OC. I still thought OC was supposed to give me an opt-out letter, which should have informed me of them selling my account also. Am I misreading GBLA? The following is off of another informative site: But can the original creditor sell and successfully transfer his right, title and interest in the debt to some other party? It is clear that he can under law. It is his equity and he can do with it as he pleases. Provided that certain conditions have been met. The first condition is that provision for such a transfer has been made and agreed to by the debtor and that the debtor is first contacted and given notice of the upcoming sale and an opportunity to purchase the indebtedness at the same price that the creditor is willing to accept from the purchaser of the debt. If these conditions are not met then the transfer is illegal in the first place and the contract is rendered null and void upon it's face. And since the collector claims to have a contractural obligation with the debtor, the debtor then has the right to demand his opt-out rights under GLBA Sorry so long, But again I ask shouldn't I have notified? and if not doesn't that make the sale null? Thanks,
RMA harrassed me for a $255 debt. Sent them the intent to sue letter after they failed to respond to validation. Next, I get a letter from them stating this account will be deleted from the credit file. Keep after them, they lie, cheat, steal, and carjack.
Did they also tell you that if God didn't approve of the sale they lost the right to collect too? I'll bet they even forgot to tell you that all the King's men really did put Humpty-Dumpty back together and that he married Snow White and her 7 little Dwarfs and they all lived happily ever after too, didn't they? Think I'm being funny? Well think again. If they will try to feed you that kind of tripe as that which you claim they told you then its probably just about all false fairy tales. That is exactly right. And the debtor has defaulted on the contract and there isn't any "provided" to it. Baloney. Pure baloney! And pray tell just how one voids a contract twice? Only in Grimm's Fairy Tales could that happen. The debtor broke the contract and saying that once the debtor broke the contract it can be broken yet again is like saying the King's men put Humpty Dumpty back together again. Yes, he does, but what is it that he can opt out of? Not the original contract. And the collector claiming he has a contract with the debtor is also well provided for in Cinderella. I think you can find it in Pinocchio as well. If the debtor pays the 3rd party collector any money then some say he creates a contract with the collector of sorts but haven't ever seen that proven in any court of law either. All he can opt out of is the passing of certain personal information, not the obligation to pay. Sure is sad how people can go find themselves some hot website full of all this great information that will suddenly cure all that ails them and then come up believing that the "information" is slicker than snot on a doorknob and the site is the greatest place since the pyramids. Now then, let me attempt to teach you the sad facts of life. You borrowed the cash money and got the benefit of the merchandise it purchased. There is in truth nothing on the face of this earth that can wipe out the fact that you owe it and you should pay it back. It don't even make any difference that the creditor or his agents might do you the most terrible of injustices or how many laws they might break you still owe the money. Not even bankruptcy can change that fact of life. And you kicking the bucket and going on to your final reward don't even change it. There are a very few things that do act to disenfranchise the creditor and remove or block his right to collect. One of them is you filing bankruptcy. That puts a legal hurdle they can't easily leap. Another is in situations where they defrauded you by not delivering the goods or services or in some cases delivering totally defective or dangerous products There are lots of legal hurdles that can operate to cancel the debtor's obligation to pay but GLBA's opt out provision sure isn't one of them. And the fact that the collector has no contract with the debtor is also meaningless. I've seen that argument tons of times and I'd love to believe it. And I will believe it when I see it ruled on by the United States Supreme Court too, but not much before then. An appellate court maybe too. But we only have one court in this land with pleniary power and all the rest are courts of inferior jurisdiction whose rulings can and often are overturned by the Supremes and they even reverse themselves from time to time. What you need to learn to do is quit being so gullible and start asking a few questions like "Where did you get that?" and "Where can I find the court ruling that backs that statement up?" And above all, learn to do your own homework and your own research instead of just accepting all those good news bears fairy tails. And no, I didn't misspell that word. I spelled it that way on purpose. And before you try to tell me I'm wrong about GLBA you need to go to the FTC website and look up the law and try to understand it for yourself. I did that more than a year or so and I've also read the opinions of legal experts who are attorneys and who have also researched the law and written articles for publication in major newspapers and law journals. Those kinds of people don't make mistakes all that often. Everybody got all agog over the opt out provisions of GLBA but the real meat was in the sections that defined 3rd party collectors and the collection of hot checks and a few more things. But opt-in and privacy got the public's attention.
But can the original creditor sell and successfully transfer his right, title and interest in the debt to some other party? It is clear that he can under law. It is his equity and he can do with it as he pleases. Provided that certain conditions have been met. The first condition is that provision for such a transfer has been made and agreed to by the debtor and that the debtor is first contacted and given notice of the upcoming sale and an opportunity to purchase the indebtedness at the same price that the creditor is willing to accept from the purchaser of the debt. If these conditions are not met then the transfer is illegal in the first place and the contract is rendered null and void upon it's face. And since the collector claims to have a contractural obligation with the debtor, the debtor then has the right to demand his opt-out rights under GLBA vazq ================= Any comments on what VAZQ States Above? The END ************************* LB 59
Whoa. I in no way shape or form am trying to get out of my obligation for this debt. I stated in my original post - I have this account that was slated to be taken care of this month. Funds are there and I'm willing to pay. My original question was in a nutshell about who owns this debt ? , I just recvd a letter from RMA stating they purchased my account "as you are aware" NO, I wasn't aware, nobody notified my of the sale of my debt. Also in a space of days they added 8% interest onto the what the balance was from the original OC. All I wanted to know is if I should have been given the chance to pay up my debt w/ the OC before they sold it. I was already in contact with the OC trying to come to an arrangement that would be suitable for both of us when I recvd this letter. I'm not looking for any loopholes in the law , however if I have xx amount of funds to pay creditor A, why would I want to pay creditor B 8% more if I don't have to? That is why I posted my question. To see if I understood it correctly, and if not then maybe someone here could explain it in layman terms. Since most individuals seem to have this thing down pat. Appreciate how kind you are to someone asking a question, really makes a person want to come back and ask more. FYI- the informative website I was referring to was creditwrench.com
Please send me the link to the page you saw that on. Some things on my website are very old and were put there before I learned better. Then I forgot about them being there so if that's what I said way back when I most definitely need to go back and look at the page and the context it is in and see if it needs changing or whatever. That is something that happens to all of us as we progress in knowledge and experience. There was also a long period of time when I could not get into my website because they had changed the dns numbers and had not notified me so I could not even access my own website. Now I can.
My original question was in a nutshell about who owns this debt ? , 1*I just received a letter from RMA stating they purchased my account 2*All I wanted to know is if I should have been given the chance to pay up my debt w/ the OC before they sold it. 3*maybe someone here could explain it in layman terms vazq ================= 1*There is your answer. 2*No they do not have to do that. 3*Here is what you need to do as your first step. Send RMA this validation letter by CRRR mail. Here is the Val. Letter you want to send. Don't make any changes on it and don't hand sign it. Your Name Address City State Zip Company Address City State Zip Date RE: Account #_________/Original Creditors Name Dear Sir/Madame: Thank you for your recent inquiry. This is not a refusal to pay, but a notice that your claim is being disputed. This is a request for validation made pursuant to the Fair Debt Collection Practices Act. Please complete and return the attached disclosure request form. Be advised that I am not requesting a "verification" that you have my mailing address, I am requesting a "validation;" that is, competent evidence that I have some contractual obligation to pay you. You should also be aware that sending unsubstantiated demands for payment through the United States Mail System might constitute mail fraud under federal and state law. You may wish to consult with a competent legal advisor before your next communication with me. Your failure to satisfy this request within the requirements of the Fair Debt Collection Practices Act will be construed as your absolute waiver of any and all claims against me, and your tacit agreement to compensate me for costs and attorney fees. Sincerely, Your Name don't sign - - - Include the following on a separate sheet of paper - - - CREDITOR DISCLOSURE STATEMENT Name and Address of Collector (assignee): _________________________ Name and Address of Debtor: ____________________________________ Account Number(s): ____________________________________________ What are the terms of assignment for this account? You may attach a facsimile of any records relating to such terms. Have any insurance claims been made by any creditor or assignee regarding this account? YES/NO Has the purported balanced of this account been used in any tax deduction claim? YES/NO Please list the particular products or services sold by the collector to the debtor and the dollar amount of each: Upon failure or refusal of collector to validate this collection action, collector agrees to waive all claims against the debtor named herein and pay debtor for all costs and attorney fees involved in defending this collection action. ________________________________ Authorized signature for Collector Date_______/_______/_______ Please return this completed form and attach all assignment or other transfer agreements that would establish your right to collect this debt. Your claim cannot be considered if any portion of this form is not completed and returned with the required documents. This is a request for validation made pursuant to the Fair Debt Collection Practices Act. If you do not respond as required by this law, your claim will not be considered and you may be liable for damages for continued collection efforts.
Well, I see you've updated your site since last night when I copy and pasted my post. It was under FAQ then -this beginning GBLA discussion- That's neither here nor there now. I appreciate the feedback, but I guess the bottom line is I need to deal with RMA. OC totally out of the picture now. I just thought it was kind of not right for the OC to sell the debt when I was in contact with them to settle it and not even mention that was occurring. Not that they had to. But, I guess it wasn't right when I defaulted either, regardless of the reason. Live and learn. I try to learn from my mistakes.
All of us do. That's part of what gets some hot under the collar is they know in their own minds and hearts what they did, what they do and what they plan on doing in the future. If they got enough intelligence to turn on a computer and get on the internet and come to some website like this one or mine or MSN or any other one then they got to have enough intelligence to want to do better. They might not be the best financial planners in the world but they know what their goals are and some "preacher" looking down their noses at them isn't likely to win the Nobel prize for popularity. At least not on this board and not on lots of others either.
