Cavalry Investments, LLC just bought a 6 year old debt, and now say I owe them $5000.00. I just got there first letter today and it's not on any CRAs yet. What should be my plan of attack?
It's a repo ... I live in Florida and I believe the SOL is 4 years. How does this sound? November 15th 2002 Cavalry Investments, LLC P.O. Box 27288 Tempe, AZ 85282 Re: Account # xxxxxxxxx Cavalry Investments: I request that you CEASE and DESIST in your efforts to collect on the above referenced account. I do not believe this is my account and the Statue of Limitations for this debt has expired. This is notice that your claim is disputed. Under the Fair Debt Collections Practices Act (FDCPA), I have the right to request validation of the debt you say I owe you. I am requesting proof that I am indeed the party you are asking to pay this debt, and there is some contractual obligation that is binding on me to pay this debt. 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. Below are a few questions to answer, which may help you to resolve this mistake. In addition to the questionnaire below, please attach copies of: · Agreement with your client that grants you the authority to collect on this alleged debt · Agreement that bears the signature of the alleged debtor wherein he agreed to pay the creditor. · Any insurance claims been made by any creditor regarding this account · Any judgments been obtained by any creditor regarding this account You should be aware that reporting of invalidated information to credit bureaus constitute defamation of character, as the negative marks on my credit report will harm my credit and prevent me from enjoying all the benefits of good credit. Sincerely, Me Debt Validation Form Questionnaire to be returned to me for Account # xxxxxxxxx Original Creditor's Name: Name of Debtor: Address of Debtor: Balance of Account: Date you acquired this debt: This Debt was assigned: purchased: Please indicate any credit bureaus to which you have reported negative marks: Experian ______ Equifax ______ TransUnion ______ 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.
Beware-- if they show up on your report, they are a bugger to get off AND they are one of those CAs that believe it is "morally" wrong to settle for deletion. (NOTE: My tradeline used to be listed under First Credit Solutions, and switched to Calvary a few months back. Idon't know if they changed their name OR if Calvary bought them.) Step 1: SEND VALIDATION ASAP!!
The SOL for installment loans is not the same as the SOL for deficiency balances of repos. IF they followed every single law in your state while repossessing and selling the vehicle (they probably didn't), they have 2 years to collect the deficiency balance. After that THEY are SOL. That is why is has been sold - it is uncollectable.
Is this true for Florida? I bought a vehicle in 11/2000. Part of the "agreement" for me to purchase that vehicle was for me to trade in my "open loan" (my other vehicle due to me being over-extended...needless to say, they took a paid off vehicle as trade in, so I could keep my car, and get the truck - it was for my b/f at the time - no preaching - I am in enough of a mess) - my last (and only) pmt was made in 12/2000 - 1 payment a month later. They repoed it in March of 2001. If this is true about the SOL being 2 years on a deficiency repo, does that mean that Calvary has no right to collect? The OC sold it to Calvary at some point. I did a validation - gave Calvary 30 days - they responded 2 months later with the info. Do they have any legal recourse to sue me for the $ they want? I have tried looking them up in FL for their licenses, etc, to see if they're up to date, but I can't find the stuff. I'm not real computer literate, I guess.
