Re: Re: wonder what % chargeoffs sell for How do you tell if an OC sold the debt or assigned it to the CA? The OC won't tell me anything. Also, if you settle for removal can the CA also remove the tradeline from the OC on a credit report?
Re: Re: Re: wonder what % chargeoffs sell for What? Sorry but I am not sure what you mean. I was asking a question that I thought had to do with what the whole thread talked about.
Re: Re: Re: wonder what % chargeoffs sell for The bst way would be to look at the OC's trade line in yoiur CRA file - it it says "Account Sold or Transferred" it was sold. It should show a zero balance. If the accoiunt has been sold, the new owner of the account cannot speak for the OC as far as removal of the TL is concerned. If the CA is working the account on commission, they can bind the OC under the laws of Agency.
I understand completely what you mean, but I have to point out that I did actually get to somone with authority to settle. After I dealt with many 'no authority' twits along the way, I finally got to someone (in a completely different state) who agreed to settle for 1,000.00 but wouldn't agree to delete the TL. I got a fax on letterhead, signed, outlining the settlement terms, so I'm pretty sure it was legit. The only sticking point was deletion. So the choice for Sears was: 1) delete and get 1,000 bucks, or 2) dont delete, get nothing from me, and get maybe a few hundred bucks from a debt buyer. Why would a company look at those choices and even need to think about it? seems like a no-brainer to me. Are they just that vindictive? maybe they're afraid if they allow one person to settle for deletion they'll have to start letting more people do it? anyone have any theories on this? oh, and after an account is sold, can the OC still sue me? and if so, what would the judge think if he's made aware of the fact that i offered to settle twice before chargeoff and that sears sold it for way less?
Re: Re: Re: Re: wonder what % chargeoffs sell for So if you are looking to settle for deletion it would almost be better if the OC didn't sell the account and just assigned it to the CA. Does this sound right?
You summed it all up with one word "Sears". Yes, they're just that vindictive ;-). On the other hand, probably the easiest TL to get removed, is a paid collection. With Sears, you're probably sitting at the best you'll get - and you'll have the entire thing behind you 60 days and two CRRR letters fro now!
Re: Re: Re: Re: wonder what % chargeoffs sell for But didn't you say above that if the account has been sold the new owner cannot speak for the OC to have the TL removed? The new owner then can only speak for the account they are reporting?
Re: Re: Re: Re: Re: wonder what % chargeoffs sell for Correct. Let's say Sleazy Loan sells a charged off acount to Slimy Collections. Sleazy properly reports the account as "Charged off, sold account to different lender". Slimy correctly reports as "Charged off account belonging to Sleazy Loan". You negotiate payment for removal with Slimy. Slimy's line is removed. Slimy cannot speak for Sleazy, and the Sleazy line will stay.
Re: Re: wonder what % chargeoffs sell for Now that this has been charged off....and they wouldnt agree to delete....I can assure you...no matter what...THIS account will never become a 'paid collection.' It will remain UNPAID for 7 years. It may hurt my credit profile for 7 years, but it wont hurt ME. My husband buys me anything I need, lol. I dont need good credit....I have access to plenty of CASH, lol. Hubby has great credit now (thanks to me) and i have only one negative--sears. I dont work so i cant be garnished. I will take my name off the checking/savings accounts so they cant be attached in case of a judgement. There is no way I will give those bastards a dime now. <end rant>
Re: Re: Re: Re: Re: wonder what % chargeoffs sell for oh, and after an account is sold, can the OC still sue me? crowmom ================ Sue you! For What????????????? THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Re: Re: Re: wonder what % chargeoffs sell for When we (Re CA) make the purchase or servicing transaction, we receive a power of attorney that gives us the inherit rights under the original cardholder agreement. We have the ability to "bind" the original creditor in certain situations. This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. WestCap =========================== Some one was asiking a while back about getting the oc to delete in addition to The CA. Don't know who the poster was or on what thread they posted but here is your answer!! This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS.
Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for If I knew the CA could remove his TL and Sears's, I'd pay in exchange for deletion. If not, they wont see a dime. crowmom ============= This is your leverage. IF the CA wants the money bad enough they will find a way to convince the OC to delete. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for for what (they think) i still owe them of course.
Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for well, i DO still owe them money, even tho its not as much as they claimed. Now that its charged-off they wont (or cant) come after me with a lawsuit? I guess I sound pretty stupid, but I really figured they'd sue me for everything they could get. i just never imagined they'd give up like they did. I'm glad I dont have to deal with Sears anymore, but I'm really upset about the chargeoff that will be on my reports now.
Re: Re: Re: Re: wonder what % chargeoffs sell for 1*the OC has NOT been satisfied. You lost me. (which isn't really all that hard to do) 2*I have a charge-off Providian account with a balance of $3,400. 3*I called Providian to find out who had it, she told me that it was sold to Arrow, even told me that it sold for $82.00. 4*It means that the original creditor Cross Country Bank has sold the account to the collection agency, therefore, the debt was transferred into a charge-off account and written off of the profit statement and then sold to the collection agency for a loss. 5*Your new creditor is the collection agency, unless for some unforeseen reason, Cross Country Bank will buy the debt back from the CA. Not likely to happen. ====================== ********************** ~~~~~~~~~~~~~~~~~~~~~~~~ 1*It's quite simple. The sale of the account satisfies the seller. 2-3* Did you validate with Arrow? 4* 5*
Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for This CO issue has always mystified me in terms of reporting and collecting. If an OC sues a consumer for a charged off amount, shouldn't any mitigating factors like sale of the debt and tax benefits be considered in the final amount owed to the OC? And if that final amount is the legal amount owed, why isn't it reported as such? Instead, the OCs report the entire CO amount. Is that amount disputable?
