|
1099c
Written by amgood49 on 2006-01-16 The truck was repossed, and resold by citibank, then wells fargo bought the loan, they never contacted us until we found it on our credit report, we asked them to remove it and they did, but now we have the 1099c from irs for the 5000 that was left owed. this is what i didn't under stand is how they could with a loan that was this old. 96 or 7 and the 1099c is for 2003. is this normal. or legal.
thank you
|
RE:1099C
Written by cat101 on 2006-01-17 Wells Fargo doesn't buy bad debt (to our knowledge), however, they have have underwritten/backed the original loan. Therefore, Citigroup got their money and that left Wells Fargo holding the bag (debt).
1099c's are created when a bank removes a loan from it's books. I believe it's a banking rule. This may occurs years later, but normally they are trying to collect the balance at the same time. So, yes it is possible for the 1099c to come much later.
It may of been that you moved shortly after the truck was repossed & they had no way to contact you. Any time a car, home, etc. is repossed, the individual continues to owe the deficiency - the difference from what the item sold at auction and the balance due.
That is why we always recommend, prior to repossession or giving up the item, that the owner try to sell the vehicle/home on their own. Then you get to control what it is sold for & know what the deficiency will be.
We know of cars that sold for a $1 at an aution, with a balance due of $4,000. It was a wet, cold day on the steps of the courthouse.
It's possible that Wells Fargo didn't know where to issue the 1099 to until you requested it be removed.
I would suggest you also pose your questions to your tax preparer. They maybe able to shed more light on how 1099c's work. |
kent
Written by Guest on 2006-01-19 Can you tell me if a creditor has the right to call me at my work place to inquire about my loan (s)? Can I insist that they do not have permission to contact me at my work place? I have never given a particular creditor the phone number of my place of work, yet they insist on calling anyway. Their calls may jeapordize my employment. |
Re: Kent
Written by Guest on 2006-01-19 Kent,
Please register with our site as it assists us in reponding to questions.
The Fair Debt Collection Practices Act does allow collectors to call your place of business. They have the right to speak with your manager or the owner for the sole purpose of tracking you down. They also have the right to contact you directly but they lose that right if you inform them that your employer does not want you to receive these types of calls at the office.
To stop them from calling, you can simply tell the collector that he is not to contact you at work because your employer objects. I would also follow that up in writing with a letter to the colloection agency. This should be sent via certified mail, return receipt required (note: this is to start building a paper trail, just in case you need it). State very plainly in the letter that they are not to contact you at work for any reason.
If you don't want them contacting you at all, you can state that too. They must comply with such requests within 30 days.
It is important to note that getting a collection agency to stop contacting you does not make the debt go away. It won't stop you from getting sued, and it won't prevent harm to your credit report. It will simply stop any attempted direct contacts with the agency.
It should also be noted that, depending upon where you live, you may have additional rights. For instance, in California if a collector violates the California FDCPA, you can sue the collector personally, as well as the collection agency. So if the collector continued to contact you at work after learning that you job was threatened, and you subsequently lost your job due to these contacts, both the collector and the agency could be sued. Different states have different rules, so it pays to check. |
Fix
Written by Guest on 2006-01-19 I got injured at work place. I was hopitalized and company's insurance was supposed to pay my bills. Company's insurance paid some of the bills but they didn't pay 1 bill, Hospital kept on sending me Bill and I kept on giving bill to my employer and my employer kept on sending that bill to Insurance company. 1 day I got a mail in which hospital said we have reported Collectors to collect your dept. Now my credit is damaged, I don't understand who is responsible for it , me , my employer or Hospital . Can u tell me who is responsible for it , and how to fix my credit .
Thank you |
RE: Fix
Written by jmalmberg on 2006-01-19 Provided that your companies insurance is up to date, then it is up to the insurance company to make payment. That comes with a big however though.
HOWEVER, it is your responsibility to follow up with your insurance company. You can do this in a couple of ways. First, you should speak with your company's benefits administrator. Find out if the insurance is up to date and if the company has made any inquiries with the insurer to determine why your bill has not been paid. After you get this information verbally, try to get something in writing from your employer that says that the insurance company, or the employer was actually responsible for the bill.
Next, call the insurance company yourself. Have them tell you why the bill was never paid. Normally, insurance companies will send out status notices to you when they don't pay a bill. A lot of people ignore these. That is a very dangerous practice. Make sure that you read them and understand them. If you don't understand them, call the insurance company and have them explain them to you.
I would also call the hospital and find out if they have actually sent your bill to collections yet. If not, tell them that you will get to the bottom of the problem quickly and ask them to hold off. They need to know that you are working on the issue. When you talk to them, if they agree to hold off on send your bill to a collection agency, set a date to follow up with them and then make sure that you stick to the date. Even if you have not been able to solve the problem by the follow-up date, you should at least be able to tell them what you have done so far, and then set another follow-up date. Whatever you do, don't miss a follow-up call.
After you get the matter resolved, check your credit report. If you find that there is a negative report on it for this incident, then try to get things in writing from your employer and the insurance company that will mitigate your role in this. These can then be submitted to the CRA's. While you are ultimately reponsible for the bill, either your employer, the insurance company or both also dropped the ball on this. |
Fix
Written by Guest on 2006-01-19 Let's suppose its not my fault , then is it fixable ? |
Re: Fix
Written by jmalmberg on 2006-01-19 Please register with our site as it assists us in responding.
I hate to be vague but that really depends on the circumstances and the players. I'd start by contacting the hospital directly and see if you can head them off in sending you to a collection agency.
If you have been sent to a collection agency, then you need to check your credit report and get as much documentation as you can to show that you are not responsible. That data can then be sent to the CRA's.
The CRA's will investigate. They will ultimately make the determination about how legitimate the report against you is. If they find in your favor, the item will be removed. If they find against you, it will remain for seven years.
|
RE: Kent
Written by cat101 on 2006-01-20 Ops, Jim is talking about a third party collection agency, not a creditor.
Creditors can call you at work anytime they want, and no matter what YOU do or say... they can continue to call you.
The best thing to do for a creditor is to talk to them & explain that your company does not allow personal calls and if they keep calling you could lose your job. Then you wouldn't be able to pay them. All they want is their money, but no job=no money.
Then provide them a number and the best time to call you at it. Or arrange to call them back at a time when you are not working.
Sorry, Jim but the FDCPA ONLY applies to third party collection agencies. |
RE: Fix
Written by cat101 on 2006-01-23 I had that very thing happen to me.
The doctor's office sent it to a collection agency...and in all actuallity it helped get it resolved.
I provided to the collection agency with the information on who was responsible for paying the bill (the insurance company & AGENT's NAME & phone number & claim number). I let them duke it out. It was solve within 3 months of being with the collection agency...I had been trying to get it resolved for a year before that.
Aftter it was resolved, I checked my credit report & it wasn't on there. If it had been I would of disputed it & gotten it removed. |
Fix
Written by Guest on 2006-01-25 Is my employer responsible to fix it too ?
or I am the only one to fix it now ? |
PAYBACK OG LOAN CO.
Written by Guest on 2006-01-26 IF A PERSON HAS A LOAN WITH A CO. THAT IS NOT SECURED BY ANY PROPERTY OR ASSETS, CAN THEY BE MADE TO PAYBACK? |
RE:Fix
Written by cat101 on 2006-01-26 It is important that your employer keep pressure on their agenct too. Both you & the employer need to work together.
Every bill that I got at home, I brought into the office & gave it to my boss. I also asked what they had heard, etc.
This is like any other insurance, I believe complaints can be filed with the state insurance commissioner, too. |
RE: PAYBACK
Written by cat101 on 2006-01-26 Yes. |
Re: PAYBACK OG LOAN CO.
Written by Guest on 2006-01-26 Please register with our site.
Absolutely. Just because a loan is not secured doesn't mean that there is no way to force a collection. |
judgement on credit report
Written by amgood49 on 2006-01-26 I have recently found a judgement on my credit report, the company is no longer in business and there fore no one to pay. i have gone to the missouri state, and virgina state website and looked them up they are listed as disolved. terminated. how can i clear this up and get it removed has been 5 years. i went to pay it but was told not to pay it too the courts because they have no one to send it too. is this a fact also. |
Re: judgement on credit report
Written by Guest on 2006-01-26 If the company is disolved, and they didn't sell the debt to a third party, there may be nothing that you can do.
The good news is that the debt will fall off of your report in two more years. |
RE: Judgment on Credit Report
Written by cat101 on 2006-01-27 That is very unusually for the courts to say they have no one to send it too.
Normally courts send monies it to the attorneys, not the individuals/companies involved in the action.
The attorney then sends the money to his client.... |
Fix
Written by Guest on 2006-01-30 I have quit that job , I don't work anymore there . Are they (the company where I used to work) free now from putting pressure on the insurance company or collectors? or not? |
RE:Fix
Written by cat101 on 2006-01-31 That adds some complexity to the situation. They are still responsible for worker comp. situations. The insurance carrier was theirs. I would contact them, explain the situation, see if they can provide you with the claim number, the insurance carrier, the insurance agent and his phone number. You'll need all of this information to provide to the collection agency. Please PM us via "contact us" for any additional questions. |
Written by Guest on 2006-01-31 i went to the hospital last year and got a bill for $7,000. my insurance company paid only half of it and now the hospital turned my bill over to a collection agency. i am an international student here and i cant afford to pay $3,000. can anybody tell me what can the collection agency do? and how can i fix this if possible? |
RE: Hospital
Written by jmalmberg on 2006-01-31 First, please register with our site as it assists us in responding.
Do you know why your insurance refused to pay? I ask that because it may be critical to what happens.
Insurance coverage can vary from company to company. Some companies will tell you up front that you have to use hospitals within their network, and that if you don't, they will only pay a percentage of the bill. That could be what has happened here. Most policies like this will make exceptions for emergency care.
Other policies may only provide catastrophic coverage and have a very high deductible.
Before you panic on this, I would look at several things. First, read your insurance policy. Second, find out why the provider only covered half of the bill. For instance, if you had to be hospitalized for an emergency, but the hospital was not in your insurance company's network, you may still be covered since it was an emergency situation. The only way for you to know for sure though is to read the policy and then talk to your insurance.
I've also seen cases where clarical errors can stop an insurance company from paying, so make sure that all of the paperwork you and your doctor did was correct.
If it turns out that your insurance company is right in withholding payment, you should probably try to work out a repayment plan. |
RE: Hospital
Written by cat101 on 2006-01-31 When talking with the hospital, also see if you would qualify for any charity discounts.
Many times students, with no income, may qualify.
Due to new regulation, hospitals, that are associated with charities, are currently under tremendous pressure to "make good" on this commitment to the communities. |
FIX
Written by Guest on 2006-02-03 who should I contact to ?
support services , director , webmaster , newsletter manager ? |
RE: Fix
Written by cat101 on 2006-02-03 Support Services |
Written by Guest on 2006-02-05 if i ask a collection agency if they are a 3rd party collection agency do they have to tell me? I have a collection agecny calling me 3-4 times a day and I wanted to verify if they were 3rd party, the first response I got was "something like that" and the second was we don't have to tell you. |
RE: Collection Agency
Written by cat101 on 2006-02-06 Once an agency verifies that they are speaking with the correct individual, they can tell you who they are. It's strange that they aren't disclosing that to you. Usually, if they are trying to collect they have to tell you where to send the money...which is usually to the agency.
HOWEVER, some collection agencies do first party collections. It maybe called "early out" or "outsourcing." In those situations, they are representatives of the original creditor & they DO NOT have to follow FDCPA laws. Who are they collecting for? What is the creditor's name?
Also, please register with our site, it makes it easier for us to ask questions via PM. |
Cancellation of Debt - 1099c
Written by Guest on 2006-02-06 maybe you have answered this question but if so I could not find it. We purchased our first program with a program that basically "lent" us the money we needed for closing for maybe a week (at the most) before and we paid it back via check at closing. It was then rolled into our mortgage. Now I am getting a 1099c, can they do that?! They didn't cancel the debt! I paid them back and am currently paying interest to my mortgage company for it!! Help please! |
Re: Cancellation of Debt - 1099c
Written by jmalmberg on 2006-02-06 First, please register with our site.
If I understand your question correctly, you borrowed money from someone that you paid back when your mortgage closed, and the amount your borrowed was coverned in your mortgage. Am I correct?
You should know that only financial institutions can issue a 1099c. And they can only do that when they have given up on all colletion efforts.
What you are describing doesn't sound like a loan from a bank. Furthermore, it doesn't sound like there was anything to forgive, if the loans was paid back.
Do you have some proof that you paid the loan? A cancelled check perhaps, or some reference in your mortgage docs? If so, I would dig that information out and provide copies to the creditor. It may simply be a mistake that you can correct with a call. If not, you need to dispute the item with the CRA's and you should notify your attorney general.
Whatever you do, do it quickly as the IRS will be looking for you to pay income tax on the amount shown on the 1099c. After you have a better idea of what the problem is and how long it will take to fix, you should contact the IRS to let them know that the 1099c is being disputed. |
Cancellation of Debt - part II
Written by Guest on 2006-02-06 yes I borrowed money from a place called Lenders Solutions, Inc and I have no idea if they are a bank or not, in the amount of around $18k.
I wrote a check and can request a copy from my bank as they keep them, and I do have record of it coming out of my account.
As far as correcting it with a call, I do not have the company's number. I am trying to find it through the BBB if I can since I have their address and CREDITOR ID number as provided on the 1099c they sent to me.
Who is CRA and after what I have said do I still need to call the attorney general if I am unable to find LSI contact information?
I knew the IRS would be looking into it and yes I will call them to discuss the fact that this form is in dispute. |
CRA
Written by Guest on 2006-02-06 sorry thats Credit Report Agencies |
Re: Cancellation of Debt Part II
Written by jmalmberg on 2006-02-07 Get a copy of the cancelled check and then submit it to the CRA's as a disputed item. The three big CRA's are Trans Union, Equifax and Experian. You can find their contact information in our Links area.
They have to investigate your claim and either remove the debt from your credit report or substantiate it as a legitimate debt. That's your first step.
In the mean time, try to get your hands on the contact info for the company that issued the 1099. You need show them the cancelled check and get them to issue an updated 1099 showing no income.
If you can't reach the issuing company, contact the IRS. Explain your situation and offer to provide them with a copy of the cancelled check. They may be able to provide you contact information for whoever issued the 1099. |
RE: Cancellation of Debt - 1009C
Written by cat101 on 2006-02-07 1. If you are having trouble finding Lender's Solution, Inc. You should be able to check with the Secretary of State from the state that is on the 1099c. They can provide the registered agent for the company. You should be able to get contact information from him. Many states have this information available via the internet - "Corporations & Business Entity Checks"
2. If you don't currently use an accountant to prepare your taxes, you may want to do so. I would look for a CPA. Their cost to prepare taxes is about the same as businesses like H&R Block, but CPA's have more indepth knowledge.
3. Check your credit report. Is there anything strange... |
credit card
Written by Guest on 2006-02-07 can a collection agency trying to collect on credit card debt retrieve my income tax return information and can they have a sheriff's sale on my personal belongings |
Re: Credit Card
Written by jmalmberg on 2006-02-07 Please register with our site.
It sounds like you are being sued. Am I correct?
If that is the case, your tax records can be subpoenaed and yes, if there is a court order, your assets can be sold.
On the other hand, if a collection agency is threatening you with this kind of action, they are violating the law unless they intend to actually go through with filing suit.
|
RE:Credit Card
Written by cat101 on 2006-02-08 It is also possible without being sued. If the credit card company had a secured lien on your assets, then they can have the sheriff pick them up - it's call a reposession. The sheriff will then sell them & you will owe the deficit. ALSO, depending on what the agreement with the credit card company said, it maybe possible for them to "verify" your income through your tax returns.
So, yes, they can and without you being sued. |
my insurance agent doen't return my cal
Written by Guest on 2006-02-24 I have tried to contact my insurance agent regarding a claim for soot damage to my home. I have only lived in the home for 17 months. I am at wits end. The painter, cleaners and flooring agents all say, contact your insurance rep. However, she rarely calls back. I do not want to anger her for fear that I will get bad service. What can I do? |
Re: my insurance agent doen't return my
Written by jmalmberg on 2006-02-24 Please register with our site. Also, any donations you can make will be greately appreciated and are tax deductible.
This topic is a little out of the relm of credit or privacy but for what its worth, it already sounds like you are getting bad service so I don't know that you have much to worry about.
Is it your insurance agent that is the problem or is it an insurance adjuster? If it's your agent, then there are a couple of things you should consider.
First, I'd get ahold of the actual insurance company, tell them your dilema, and demand to have a new agent assigned. If they won't agree to that, then track down the president of the company. Most insurance companies are publicly traded. Go to Google and enter the name of the company and then the following phrase:
"company profile" (include the quotation marks). You'll should get a financial profile from Yahoo Finance as one of the results. This should give you the names of the executives, their phone numbers and fax numbers. Make a call to them. You'll be surprised at the response you get.
Second, insurance companies and their agents have to register with the state. You may want to consider contacting your state insurance commissioner. If you do this, you'll probably get a quick response from your agent. The Insurance Commissioner has the power to pull her license. No license, No job!
Hope this helps. |
Mortgage
Written by Guest on 2006-03-07 After 30 years I finally pad off my mortgage. I have a letter from the lender that releases the lien. Should I go file at the recorders office and get an official title to the property? |
RE: Mortgage
Written by cat101 on 2006-03-08 The release should of been filed at the recorder's office. I'm not aware that there is an "official title" for homes. But the recorder's office would know that.
Congratulation on such an accomlishment.
|
info in detil bout severics rendered by
Written by Guest on 2006-03-12 i have been reptored by a hospttill to a credit angancy and they disclosed to them what branch and what servies i got there there in detil is this legal? becuse after i called then up to ask how to relsove this thay told what servis i had been billed for and treated with disrespect becuse the type of severses i was geeting at the hosptilal |
RE: info in detail about services
Written by cat101 on 2006-03-13 Most 3rd party collection agencies have a "professional relationship" with medical business. So yes, they may have access to your personal information. HIPPA explains how this relationship is to work. No violations there.
As for the disrespect, that maybe just how they handle all collection accounts. It maybe nothing personal at all.
Disrespectful behaviour is not harassing as defined by the Fair Debt Collection Practices Act.
I would contact the hospital regarding the agency that they are using. Most hospitals are very concerned about public relations & want their collection agency to represent them well. |
re: hospital
Written by Guest on 2006-03-18 as long as they are only releasing the information to YOU then it doesn't matter what they tell you but its hard to imagine that someone was told all your personal information with the new laws about HIPPA (health information). If someone else can call about the information and get it, then you might have grounds for a complaint with the various agencies that accredit the hospital such as JCAHO etc and possibly a lawsuit but if you have money for that you should pay the bill. |
Tennessee
Written by poohpotta on 2006-04-27 Question. I was in Kansas City and had to go to an urgent care center. Urgent care center send bills and I make $50 payments for several months. After 90 days they send it to a collection agency, didn't ever recieve a notice that it went to collections (occured on 12/05). I have credit monitoring and get an alert in April 2006 that a change was posted to my account. Collection agency in Kansas City posted a collection for a $172. I contacted collection agency and asked why I was not informed by phone or mail that they had opened a new account and I was not given the opportunity to pay in full. I was informed that it was illegal for them to call or send letters because Tennessee was a "no contact" state?!?! So since they couldn't inform me of the account it sat for several months until they decided I was in default and reported it to the credit buerea. What to do!?!?!? |
Re: Tennessee
Written by jmalmberg on 2006-04-27 Did you ever contact the Urgent Care facility to work out a payment arrangement? Had they agreed to take $50 per month from you for payment? Many creditors will agree to this type of arrangement without reporting you to the CRA's or sending you to a collection agency. Unfortunately, that does not appear to have happened here and there may be little that you can do.
If you didn't work out a payment plan directly with the facility that helped you, then it is probably their policy to send bills that are 90 days past due to a collection agency and to file a report with the CRAs.
If you pay the bill in full, it will still show up on your credit report but it will have less impact over time if it shows that you are paid up.
As far as Tennessee being a "no contact" state, that appears to be misinformation. Tennessee does not have a fair debt collection practices act of its own, but their law referrs to the federal law. The FDCPA clearly spells out what a debt collector can and can't do. They can contact you directly until you tell them to stop. And the urgent care facility can contact you even if you tell them to stop since they probably still own the debt.
There are a couple of things that you may want to look into. First, Tennessee requires that debt collectors be licensed to operate in the state. The collector is required to cary anywhere from a $15,000 to $25,000 bond, and pay a licensing fee if they have an office in the state. Out of state agencies must also have a license unless they are located in a state with "reciprocity" with Tennessee, and they meet all of the licensing requirements.
You should check with your State Attorney General's office to see if this collection agency is either (a) licensed in Tennessee or, (b) operating in a state with reciprocity with Tennessee. Either way, you should also find out if the agency meets the state's licensing requirements. If it falls short in any of these areas, file a complaint with the Attorney General's office. |
RE: Tennessee
Written by cat101 on 2006-05-02 Jim is correct. Tennesse is NOT a closed state.
The states that are closed are: AK, AR, AZ, CO, CT, DE, HI, LA, MA, MD, MN, MS, NJ, Buffalo NY, PR, TX, UT, VA.
It is very possible for an individual to incur a debt and then move to a closed state and never get a notice. The fact that you never got a notice does not invalidate the debt. |
date opened n/a
Written by sactownbear on 2006-05-02 I have a collection account showing on my credit report. It was originally with Pacific Bell but now appears that it has been purchased by Asset Acceptance LLC. In the field for "date opened" it displays "n/a". There is another field showing "last activity" as 8/2000. If this balance is from that long ago I would assume it should be falling off soon. However, when I call the colleciton agency they tel me it will not. Who is correct? Also I have some inquiries on my report that are more than 2 years old. Shouldnt they have fallen off by now? |
RE: Date opened n/a
Written by cat101 on 2006-05-03 This information is in our FAQ area.
Negative information stays on for 7 years, bankruptcy for 10 yrs.
As for inquiries, you maybe looking at account reviews - which only you see- or marketing inquiries - which only you see.
Regular or hard inquiries stay on for two years. |
credt reports
Written by alink on 2006-05-05 I have several instances on my credit report where a debt buyer has posted the delinquency on my report. My question is, if my debt is sold and bought numerous times, can this same debt appear on my report several times both by the original creditor and the collection agency? |
re: credit reports
Written by cat101 on 2006-05-05 Yes. Each creditor can report, and only report, their history with you. However, in the case of debt buying, old creditors and original creditors, should show "transfered to another lender" or "Sold to another lender" or something similiar.
Your credit report should only have one account shown as open and owing. |
re: re: credit reports
Written by Guest on 2006-05-05 so basically they can just keep selling it forever and it will never come off unless I pay it? |
collection agencie fishing in CRA
Written by jsz10 on 2006-05-07 I am having a problem with two collection agencies. After working hard to pay off all my debts and remain debt free, I found two agencies had added items to my Credit report at different times. The 1st said I owe $20,000 and listed an address I never lived at. I told the CRA this was not mine and the Collection agency #1 reaffirmed it. I wrote to CA#1 and ask how they could associate the debt with my SS# especially since the address was not mine. They have not responded, nor has the CRA, but when I checked 3 weeks later, the item no longer appears. I have yet to receive information on this item. Then after I paid for a 2nd credit report, Collection agency #2 reports 2 items I did not incur. I disputed this with the CRA and wrote to the CA#2. They send me a bill for someone with the same name, but no SS#, no Drivers Lic#, and a phone # and address that is not mine. In addition, 1 of 2 of the disputed items have not disappeared from the CRA. I have yet to receive any information from the CRA. I think they just looked for someone with the same name and city and reported as being owed regardless of the SS#. Is this type of fishing legal? What is this call and what actions can be taken against them? My home of residence is Texas, but I am presently working overseas. |
re: re: credit reports
Written by cat101 on 2006-05-08 No, the original delinquency date can never change, despite being sold. Therefore, they will all fall off at the same time. |
RE: collection agencie fishin
Written by cat101 on 2006-05-08 Regarding CA#1 - you will not receive anything from them since they oviously have now determined that it wasn't your bill.
Why did you pay for a second credit report? If you dispute something on your credit report, by law, you are to receive a credit report showing any update.
How does this happen? It happens all the time and for numerous reasons. Sometimes it is how the CRA's match information from the creditors/collection agencies. Usually there has to be three things that match, name & address & phone. Or former address & phone. Or SSN or wife's name or city...the list can go on.
There is nothing "illegal" about what occurred. If you have a common name, like Smith, it may occur again and again. If you have a generation in you name like Sr or Jr or III, etc it may occur again.
Regretfully, today's credit reports rely on computers for matching/information. It use to be that individuals personally prepared reports & usually knew the people that they were preparing the report on...and there were 99.9% accurate. But those days are long gone.
The only thing we can do is..when you find a mistake dispute it quickly. |
credit liens
Written by philgood on 2006-05-24 Can a credit card company thats sold your 3800.00 account over to collections put a lien on your home? |
Re: credit liens
Written by jmalmberg on 2006-05-24 One thing that I forgot to mention in my previous response. You should read your original credt card agreement to make absolutely certain that you don't have a secured credit card. With this kind of card, the merchandise that you purchase can be reposessed.
Sears is the last company that I know of that was doing this but I don't think that they do it any more. |
Permissible Purpose?
Written by abbie1128 on 2006-06-01 I was in the market for a new car earlier this year. I applied online for financing with the car company's financial services and got approved for a [I]specific[/I] car, at a [I]specific[/I] amount, at a [I]specific[/I] dealership. When I went to the specific dealership to inquire about this particular car, they didn't have it on the lot. The salesman then brought my father and I back to his office and proceeded to check to see if the car was en route to the dealership. He found one similar and proceeded to ask me questions as if he were going to run my credit. I told him that was no necessary because I had already gotten approval through the car maker. He pulled up my application and approval and asked me to sign it. My father, sensing something was up, asked why I needed to sign it, and if in doing so, would he be running my credit [I]again[/I]. He replied a very clear "no" and I signed what I thought was my application. That's when things got tricky. The guy kept running back and forth to his boss and starts telling me that my approval didn't mean anything and there was no way I was getting the price or monthly payment I was quoted, even though it was for that very dealership! My dad and I left very frustrated and very angry.
A few days later, I went to another dealership, found a car in my price range and sat down to do the paperwork. When my credit check came back, the salesman told me I needed a co-signer. I asked him why because I had good credit and he showed me what my credit report said: ALERT: Too Many Recent Inquiries. The only inquiry that I knew of took place two months earlier in January when I applied for the first car. Then I look and see that the night I went to the first dealership, that they ran my credit. I was outraged! I did not give the first dealership permission to run my credit and the salesman said my credit would not be run. When I wrote the credit bureaus about it, they said that the dealership may have had permissible purpose. I contend that they didn't because I had already had credit extended to me through the car maker's financial company, and there was no need for the dealership itself to run my credit again. This is the only thing negatively affecting my credit score and it's driving me crazy!
I've written everyone from the 3 bureaus, to the reseller that ran my credit on the dealership's behalf, to the dealership itself to get it removed on the basis that there was NO permissible purpose, but I haven't gotten a satisfactory response or resolution. Was the law broken? What course of action do I have? Help!
|
RE: Permissible Purpose
Written by cat101 on 2006-06-05 We posted a response to this on our forum at http://www.agmcf.org/forum/showthread.php?threadid=32 |
Moving
Written by sekou on 2006-06-09 Pat A: I resided in New York. Relocated to Texas 4/06. The debt originated in New York. Am I governed by NY State Laws or Texas regarding what I am and am not protected by as far as the creditor collecting?
Part B: If My debt has been sold, what is the strength of the current agency collecting, especially if the current agency has closed the account? I've called to settle the account, but they tell me its closed and we'll call you back. Haven't heard a word. Can they re-open the account and collect? |
Re: Moving
Written by jmalmberg on 2006-06-09 How old is the debt?
You need to understand that even if the statute of limitations has passed, the debt never goes away. This means that whoever owns the debt can try to collect from you forever.
If the statute of limitations has passed, then you can't be sued for it. But be careful. Some states will allow the statute of limitations to start all over again if you admit that the debt is yours.
As for jurisdiction, you are subject to the laws of the state that you reside in. So a collection agency that is following Texas law would be ok in contacting you. The one thing that you should look into if a collection agency is contacting you is whether or not they are registered with your state. |
Moving
Written by sekou on 2006-06-09 The debt is within SOL in NY. I don't know the SOL for TX. I'll look that up. If the sol is passed, do I request that they not send me anymore collection notices? In other words, how do you make them go away (letters and phone calls). If they can't sue, then does it not become harrassment. |
Re: Moving
Written by jmalmberg on 2006-06-09 All the SOL means is that you can't be sued. It doesn't mean that you don't owe the money and they can continue to try and collect.
If its the debt owner that is contacting you, then requesting that they stop will probably not do anything. They wouldn't be covered by the Fair Debt Collection Practices Act. On the other hand, if its a third party debt collector, you can request that they stop contacting you.
You should know that as long as the debt is withing the statute of limitations, asking them to stop contacting you won't prevent a law suit. |
Rights
Written by sekou on 2006-06-13 What laws give a third party the right to sue, my debt is not with them? |
Re: Rights
Written by jmalmberg on 2006-06-13 It doesn't matter who your debt is with. Whomever holds the debt can appoint an agent through a power of attorney. This is all the authority that is required.
|
Last Question
Written by sekou on 2006-06-14 Credit Repair companies are swearing that they can get rid of debt that has been purchased from the original lender by another collection agency, how is that possible? If it is not possible, why are they claiming it as valid? |
Okay Really My Last Question
Written by sekou on 2006-06-14 My credit is not horrible but it can stand to be fattened up. I have no open lines of credit, and one negative report that is closed. Will adding me to my wife's open credit lines, she has impecable credit by the way, enhance my lack luster credit? |
Re: Okay Really My Last Question
Written by jmalmberg on 2006-06-15 Not having any open lines of credit will hurt you.
Adding your name to your wife's credit will positively impact you, but may negatively impact her. Instead, you may wish to open a credit card or two in your own name. Cary a small balance on them and make your payments on time, every time. This will improve your credit rating without risk to your wife's credit. |
RE: Rights
Written by cat101 on 2006-06-15 Normally, it is the "right of assignment", where they can assign what rights they have (like right to sue you) to a third party. |
RE: Last Question
Written by cat101 on 2006-06-15 How can they do this? Well --- some accounts are stale & they can get those removed, but you can do that on your own. They operate on the old saying "There's a sucker born every minute.."
You are correct, having your wife add you as an authorized user on her card with be a positive for you. AND there shouldn't be any negative affect on her unless you all don't pay the bills...then it affects your both.
You can also look at getting a gas car, low credit limit & usually required it is paid monthly...
Also, secured purchases can help, like purchasing a car (please search our site on everything you should be aware of when purchasing a car) |
Continuing Reporting and Last Date of Ac
Written by Guest on 2006-06-21 If one creditor has debt of the year 96 or 97, that creditor goes out of business in 2004, the debt should be deleted. Now a new creditor has taken over for them in 2004 and even though the origional date is 96 or 97 is showing a new date of 2004. Is this legal, can they keep updating debt that is over 10 years old? This is a debt of parking tickets. The report date s/b 96 or 97 not 2004. Especially since I have not done anything to it. Please advise. Thank you. |
RE: Date of Last Activity
Written by cat101 on 2006-06-21 Are you talking about a creditor, or a collection agency, or a municipality (parking tickets are issued by local counties)? |
CREDIT CARDS
Written by Guest on 2006-07-11 CAN CREDIT CARDS AFTER A SETTLEMENT SEND A 1099C TO YOU FOR INTEREST AND SERVICE CHARGES THEY ADDED AFTER YOU STOP PAYING THE CREDIT CARD AND WENT WITH A DEBT SOLUTION SERVICE? |
Re: Credit Cards
Written by jmalmberg on 2006-07-11 A couple of things before I address your question.
First, please register with our site as it assists us in responding.
Second, you posted the same question three separate times. Please only post once. As soon as you post, we are notified and will normally respond within 24 hours.
In response to your question, did you have a formal settlement agreement? If you do, then you should read it to see if it had a clause to prevent a 1099C. Banks will often agree to such a clause but only if you ask for it.
You should be aware that debt settlement companies receive a portion of their revenue directly from creditors. Although this is a conflict of interest, it is perfectly legal and is considered a standard business practice within the industry. Therefore you can't count on them to negotiate with your best interests in mind.
There are a few things that you should keep in mind. A 1099C can only be issued by banks or credit unions. The document can only be issued when the bank gives up all collection rights. This also means that the debt can no longer be sold.
The chances are that if you received a 1099C, that the bank was within its rights. Check any agreement you have with the debt settlement company and see if they mention trying to negotiate on this point. My bet is that they don't mention it. |
Credit Issues 
